Steps to be followed while buying a land in Chennai
Chennai being the favourable metro city in India to own a second home many local and other state investors are looking to own a piece of real estate in Chennai. Here we are jotting down a few points that could help potential buyers to find perfect and safe properties.
- Research the location: Look for a location that has good connectivity, access to amenities, and potential for appreciation. Corridors are always popular and appreciable in Chennai. Last decade OMR corridor has given multifold returns for the investors , today many similar corridors are booming in Chennai specifically the demand for Pallavaram Thoraipakkam radial road projects and for plots in Kelambakkam Vandalur road. These two corridors are witnessing many infrastructural developments in recent times.
- Check the title: Make sure the title of the land is clear and there are no disputes or encumbrances. You can check with the local authorities or hire a lawyer to verify the title.Make sure the plot is CMDA approved. If you are buying from the direct builder/plot promoters they will make sure all the approvals are received.
- Consider the type of land: Determine the type of land you want to buy (residential, commercial, agricultural, etc.) and ensure that it is suitable for your intended use.
- Get a survey done: It’s a good idea to get a survey done to confirm the boundaries and dimensions of the land. This can help avoid any disputes in the future.
- Check the zoning regulations: Find out if the land is zoned for the type of use you have in mind. Some areas may have restrictions on the type of construction that can be done.
- Negotiate the price: It’s important to negotiate the price of the land based on factors such as location, availability of amenities, and demand. Either you can consider hiring a real estate agent to help with the negotiation process or find ongoing land prices in any real estate portals.
- Get a loan: If you need financing to buy the land, you can consider getting a loan from a bank or financial institution. Make sure to compare rates and terms from different lenders to find the best deal. Nowadays few banks are offering loans upto 100% based on the CIBIL of the buyer. We would suggest you approach the bank first to check your eligibility and then plan for buying the land. So that you will know how much you have to do down payment.
- Review the documents: Before finalising the deal, carefully review all the documents related to the land, including the sale agreement and any other legal documents. You may want to consult with a lawyer to ensure everything is in order.Hiring a lawyer for document verification is advisable.
Post Covid the real estate trend has changed across the country, millennials are more inclined to invest in plots than in apartments. It is just 2-3% returns in the rental market whereas the returns on Commercial property is around 7- 8% and the capital gains while reselling the plot is much higher.
It’s wise to own a piece of land in any fast growing metro cities.