Jun 12, 2023

Tips to Buy Property in Chennai

by Godrej Properties Limited

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Mastering the Art of Plot Purchases in Chennai

Major cities like Chennai are leading the way in rapid urbanisation and industrialisation. For real estate investors and homebuyers, Chennai has evolved into a desirable investment choice. There are a number of plots for sale in Chennai and a significant increase in investor interest.

However, it can occasionally be difficult to identify the best investing possibilities. Here are some excellent tips for making a risk-free investment in plots in Chennai.

1. Do Thorough research

Thorough research is mandatory before you make any decision. You must be aware of the plot's surroundings, accessibility, geography, availability of water and electricity, local laws, and more. You should also check ongoing commercial or residential projects in the neighborhood. For instance, the residential plots in Chennai's OMR, Thaiyur, and Radial Road have attracted investors' interest and are considered to be the hotspot for upcoming real estate projects. 

 2. Check the Quality of Land

You must evaluate the state of the land which includes topography, drainage, the community's gated plots, and environmental considerations. Another important factor is getting a go-ahead from local regulatory bodies like the Directorate of Town and Country Planning or Chennai Metropolitan Development Authority.

3. Choose Only Certified Residential Projects

Before buying land in Chennai, be sure an accredited and authorized residential developer is selling the property. Chennai is a great city to buy plots in. These real estate developments may occasionally be extensively publicized or not, but they must all have DTPC and CDMA approval. These developments feature residential plots in the already well-known neighborhoods of OMR and ECR to both investors and end users.

4. Select the Financing Option

It is crucial to carefully select financing options that align with your long-term or short-term goals when making a significant financial commitment to purchase a land block in Chennai. Financing is a minor worry if the residential project is well-known and accredited. They give us financing choices or put us in touch with banks that will finance the investment.

5. Verify the Facts

In 2023, investing in land is undoubtedly a wise decision. However, before proceeding with the purchase, it is essential to conduct thorough due diligence. This includes verifying the seller's identity, confirming accurate land measurements, and ensuring they possess a clear title to the land.

Final Thoughts

Investing in land is a subject of debate, but with careful planning, it can yield significant returns. However, by following these 5 tips for buying plots in Chennai, prospective buyers can make informed decisions, mitigate risks, and secure a valuable asset for the future. Hence, purchasing land in Chennai offers a high potential for profitable investment.

 

Frequently asked questions

1. Which certifications are recommended for the residential properties in Chennai?

Ans: It is recommended that residential sites in Chennai must all have DTPC and CDMA approval.

2. What verifications should be made regarding property sellers in Chennai?

Ans: Verify seller's identity, land measurement, and clear title, and conduct thorough due diligence before purchasing property in Chennai.
 

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