Things To Consider For Buying A House
- Property Investment

10 Tips To Choose Wisely While Purchasing A New Residential Project In Chennai

When searching for a property, you are likely to come across several new residential projects in Chennai. So, how do you decide which one is the best for you? Well, there are some key factors you need to consider in order to select the right property. The right choice will also depend on your specific needs and preferences. To make things easier for you, here are 10 ways to select the right choice from new residential projects in Chennai.

#1. Select the right location:

This will depend on your specific needs such as proximity to your place of work, proximity to your child’s school, etc. In general terms, the right location would be a good neighborhood that’s clean, green, and peaceful. The residential project should have good connectivity to major roads and other modes of transport such as train, metro, etc. The area should have the required social infrastructure such as schools, colleges, shopping and entertainment centers, hospitals, public parks, etc.

#2. Look for a property within your budget:

You should define an upper limit for the amount of money you are willing to invest to buy your home. This will make it easier for you to select the right choice from new residential projects in Chennai. You will be able to quickly shortlist projects that are within your budget and ignore the ones that are beyond your budget. If you don’t have a specific budget in mind, you will just get confused with the various options available and not be able to take a decision.

#3. Verify project approvals and legal status:

One way to define the right residential project is that it should have all the necessary approvals and its legal status should be clear. You should ask the builder to provide you copies of all such documents, so that you can verify everything on your own. You don’t want the project to get involved in legal tangles or get delayed due to lack of approvals from government agencies. Once you have checked all project related documents, you can buy your home with confidence and peace of mind.

#4. Check amenities:

What are you looking for in your new home? Swimming pool, tennis court, gymnasium, coffee shop, children’s play area, jogging track and what else? Does the residential project have all these amenities? If yes, then you can go ahead and book your property. If not, you may have to keep exploring other residential projects in the area. The right choice would be a residential project that has all the amenities you want.

#5. Compare prices:

To select the right choice from new residential projects in Chennai, you need to compare prices of similar projects in a specific area. It is possible that a builder may be offering more space or better amenities within the same price. By comparing prices of different projects, you can identify the best deal available in the market. It can also help you to save significant amount of money.

#6. Scout for special offers:

When buying a home, you should always be on the lookout for special offers, discounts and freebies being offered by builders. Builders make such offers from time to time to attract customers. Such offers are usually launched during the festive season or when the real estate market is witnessing a downtrend. If you can identify such offers, you can get a good deal and save lots of money.

#7. Learn to bargain:

Good properties usually command a premium, but if you can bargain in a professional manner, you can buy the property of your choice. If the property you like is a few lakhs more than your budget, you can use your bargaining skills to convince the builder to make an exception in your case. You have to be very genuine in your approach and use the right words and gestures to get a discount on the property.

#8. Check builder reputation and track record:

You need to do some research to find out the builder’s reputation in the market and their track record. Choosing a reputed builder makes sense since they would have proper experience and expertise in the construction business. However, that does not mean that you should completely avoid first time builders or those that are relatively new in the residential real estate business. As long as the legal documents and regulatory approvals are in place, you can choose any project you want, irrespective of whether the builder is new or experienced.

#9. Check finance options:

A good residential project usually has partnership with top banks and other home loan providers. If you can identify such a project, it would become easier for you to secure the home loan. As the project will be pre-approved, you won’t have to face any problems in getting the home loan sanctioned. Residential projects pre-approved by leading banks and financial institutions works as assurance that the project is legally tenable and safe to invest.

#10. Take inputs from friends and colleagues:

If you have identified a specific area in Chennai to buy your home, you can take inputs from your friends, colleagues or relatives living in that area. They will have better knowledge of the area and can share the ground realities of the neighborhood. Their inputs and feedback will help you select the right choice from new residential projects in that locality. Buying a property is a big investment, so make sure you take your time and avoid hasty decisions. Also, crosscheck and verify facts from multiple sources, so that you can be assured that you have the right information about specific projects. If you follow the above instructions, it will become easier for you to select the right choice from new residential projects in Chennai.

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