Real estate in India is one of the biggest attractions from an investment perspective across the age divide. It is considered a form of security for the returns it will fetch after a few years when the property value appreciates. It is also considered a measure of social pride. Every metropolitan city has its own real estate value. Living in Mumbai is considered akin to living in New York because of the real estate prices. Chennai is famous for its well-connected transported system, affordability in comparison to other cities, and a good sense of security for women. Real estate investment is not just about buying villas or apartments, but also extends to include buying plots.
Today it is not uncommon to see many attractive options on the market by land developers across locations you may have never considered. If you choose to buy a plot, then there are several considerations you must factor in before going for the deal. This is largely an unorganized sector, and there have been numerous issues related to real estate properties. So here are a few basic things to keep in mind before you buy a plot in your favorite city of Chennai.
A Guide to Buying A Plot in Chennai
First and foremost, check the land patta. The patta should be in the name of the current owner and not the previous owner. Sometimes, sellers will try to convince you that the transfer can be easily made, but never make the mistake of paying an advance and then realizing that the plot may be rampant with history of issues. The history will come up on the plot’s encumbrance certificate, which will show all previous transactions pertaining to the land. It will show how many hands have changed over this plot including loans. Do not miss the basic checks such as verifying the true identity of the buyer and seller. Both should have valid background checks and clear ownership and authentication to buy or sell the land. You have the right to ask for valid identification issued by the government such as PAN card, Aadhar card, Passport copy and similar.
Hire a lawyer who specializes in real estate ventures and contracts even if it comes at a price. It is worth spending every dime for a property that will fetch you ten times more in the future. Ensure that the location where you intend to buy the land has the potential to raise the value of the property by virtue of being close to basic amenities like highway, well connected to other places, availability of good schools and provisions, including medical facilities. You must get over the idea of buying plots purely on cost considerations even if it is placed in the city outskirts where you also find it difficult to keep an eye on the plot.
Look for CMDA approved plots which are authentic and have minimum requirements for road width and public spaces. Verify the dimensions of the plot and have it recreated as a drawing by the local village surveyor in the Field Map Book. Ensure that this also authenticated with the official seal.