How to Buy a New Residential Project in Chennai, India?

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The real estate sector in India has been witnessing a lot of movement leading to short termed ups and downs in various cities. The recent years have seen a lot of investment from foreign investors as well as domestic players, reflecting a promising future. Government?s policy reforms such as demonetisation and RERA (Real Estate Regulatory Authority) have led to this spur in NRIs investing in the country. Though the specific details of the real estate market?s overview vary in different states of the country, but if we look at the overall picture of the industry, it seems like a good time for people who have been longing for buying a residential property. This trend is absolutely giving good momentum to the government?s focus on affordable housing.

The real estate market in Chennai has been constantly booming with a lot of new residential and commercial projects, high investments, and rising demand of land/plots in the region. The positive changes being witnessed in the region in the form of better accountability, transparency and compliance systems is attracting more buyers to invest in residential projects in Chennai.

In the past few years, Chennai has become a very sought after destination for many, including IT companies opening their branches in the city. With this, the influx of people has also increased who work for these companies, and so has the demand for residential apartments have risen. In case you too are looking to invest in any residential projects in Chennai, below is a checklist that you should definitely keep in mind while buying.

#1. CLARITY OF REQUIREMENT AND BUDGET:

Before directly jumping to the final stage of closing the deal, one should think thoroughly about one?s own requirement in terms of size of the property. This becomes a very crucial aspect because even a slight change in the size (like adding or removing a room), can lead to huge variation in the property price in Chennai.

Secondly, one should also determine the budget that they want to invest, and then choose the locality accordingly.

#2. CONNECTIVITY:

This is the first thing that one should be cautious about before going to deal in residential projects in Chennai. The buyer should evaluate the location of the property and its proximity from important places like the airport, railways station, bus stand, and distance from the expressway or the bypass. Moreover, there should be availability of few other facilities as well, such as, hospitals, etc.

If you are an office-goer, connectivity becomes all the more crucial for you as it is something that you would have to deal with daily. Do check out places that are closer to your office so that you might even spend on travelling expenses daily.

#3. OWNERSHIP:

The residential project that one is going to invest in, should be clearly examined with regards to its current ownership. There have been many cases of fraudulent activities that take place owing to wrong papers that are shown to the buyers. Hence one should be cautious about these things. It is always advisable to deal with big and renowned real estate players while purchasing, rather than falling a prey to local agents.

#4. ENCUMBRANCE CERTIFICATE:

This document would certify that there is a complete ownership of the property without any monetary or legal liability.

#5. RESEARCH ABOUT THE SELLER:

Once you shortlist a property, you should do a little homework to check about other properties of that specific builder. One should take feedback from the market about the quality of the builder?s previous project, cases of delayed delivery, etc.

#6. CHECK THE ACTUAL SITE RATHER THAN BEING WOOED BY THE BROCHURE:

All the builders have very attractive miniature copies of their projects on display in their office, or on the brochures. However, in most cases, the actual project has stark differences.

#7.?ACTUAL SIZE OF THE PROPERTY:

In the brochures that we get from the builders are misleading in most cases. You should always ask for the actual built-up area of your residential project, rather than the super built-up area mentioned in the brochure. The super built-up area is misleading because it includes the common areas also such as lifts, staircase, lobby, etc. As per research, the actual built-up area of a property is almost 30% less than the super built-up area. So always ask the seller of the property about the carpet area of your flat, or the built-up area.

#8. HIDDEN COSTS:

The rate that you first get to hear from the builder is just the basic amount, to ignite your interest. But when you actually finalise the deal, they tell you about the hidden charges. So to save oneself from the last minute trauma, check for the final costing from the builder including additional charges, developmental fees, etc.

#9.?PAYMENT OPTIONS:

There are a variety of options in the markets when you buy a residential project. Some of these plans include down payment plan, flexi loans available through banks, construction/possession-linked plan, etc. Thoroughly go through each option and chose the most suitable one for you.

#10.?SAFETY:

The safety concerns become a vital point here as you are dealing for a residential project. Just because you are getting a good and cheap deal in a relatively outskirt area, don?t fall for it. Though initially one might feel that it is going to be a super saver deal, but the threat of risk/danger would keep haunting you thereafter. Ensure that there are other residential complexes and buildings nearby and that the area has well-equipped security team working 24×7.

In the wake of recent reforms introduced by the government, there has been scope of better transparency in the real estate ecosystem, and Chennai being no exception. Previously, the sector had been grappled with the black market practices and significant commission being charged by the middlemen, which led to soaring of the property prices for the customers. These high property rates have always led to a negative sentiment among the buyers making them postpone their dream of their own house. However, with better clarity and clear information channels, some of the bottlenecks would definitely be eradicated.

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