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With the growing real estate sector, the demand for flats for sale in Chennai tends to increase every day. Yet, it is significant to understand that buying flats in Chennai can get tiring as you have to look out and verify various essential criteria. However, narrowing down those criteria and identifying only the important ones will help you proceed with the purchase. This blog will help you identify the important factors necessary to find your dream apartment.
Benefits of Buying Flats in Chennai
Buying flats in Chennai reaps various benefits. Some of the key advantages of buying apartments in Chennai are,
- With the booming real estate industry in Chennai, there is a significant and consistent appreciation in property values.
- Chennai is a land spread with a wide range of amenities across the city. It has various popular colleges, schools, hospitals, shopping, and entertainment centers.
- The ever-growing educational hub and academic institutions present a wide range of opportunities for students, pushing families to relocate to urban areas.
- Chennai also has excellent infrastructure with better connectivity, offering a seamless living experience for the residents.
- The development and emergence of new IT and tech parks offer residents a wide range of job opportunities, enhancing their career growth.
- The new smart city initiatives also enhance the lifestyle and quality of life for its residents.
Things to Look for While Buying an Flats in Chennai
Buying an apartment is a big commitment that has to be planned and thought through carefully. Making an informed selection is essential to ensuring that your investment fulfills your requirements and expectations, regardless of expertise level. Here is an overview of the important things to think about while buying an apartment:
Identify the Right Location
If you are looking to buy apartments for sale in Chennai, it is essential to consider the location of the apartment. The location is significant as it must encompass all the essential amenities. It is also necessary to check if it has better connectivity to all those amenities. In addition to this, the livelihood of the locale is also an essential factor, as it will impact the lifestyle of the residents.
Budget Determination and Financial Planning
Identifying and understanding your budget is one of the crucial steps in purchasing an apartment in Chennai. This way, one can look for apartments that suit their budget and preferences. An evaluation of income and expenses while taking savings and debts into consideration will offer a better understanding.
Look Out for Amenities and Facilities
It is essential to check if the apartment has all the essential amenities and facilities for a better living experience. Some of the basic amenities that the apartments must have are parking spaces, lift facilities, guest lounges, proper ventilation, laundry, and walking trails. Other high-end amenities include swimming pools, clubhouses, indoor and outdoor gaming areas, swimming pools, and recreational spaces. It must also have better access to educational hubs, hospitals, shopping, and entertainment areas.
Consider Property Appreciation and Resale Value
Property appreciation and resale value should also be taken into consideration while buying flats in Chennai. Before deciding on a location, do some market research to understand the property’s potential for growth. Look out for apartments available for sale in localities with a consistent appreciation. Some of the factors to be taken into consideration while assessing the property value are the scope for infrastructural developments and the demand and supply trends.
Reputation of the Builder
Builders play a crucial role in the overall quality of construction. So it is essential to check the reputation of the builder before buying an apartment in Chennai. Having a look at past projects will give you an idea about them. It will speak for their reliability and commitment. Furthermore, taking a glance at customer reviews and testimonials will also offer better insight into their previous works, which will help understand their style of work.
Document Checklist
Verifying all the essential documents before purchasing an apartment will guarantee a safe and secure purchase. This is one of the fundamental steps involved in real estate transactions, irrespective of the city. Some of the legal documents include the title deed, completion certificate, sale agreement, possession letter, building approval certificate, power of attorney, patta, encumbrance certificate, and tax receipts. In addition to this, some of the documents might be required during the time of registration.
Check Legal Aspects
Legal due diligence is essential while buying an apartment in Chennai. Check the ownership title of the property to ensure the legitimacy of the seller. Checking the sale deed and encumbrance certificate will help identify any existing liabilities and will also help validate the purchase. It is crucial to all these legal factors, as a small error in this will affect the resale value of the property and might also cause legal complications in the future.
Examine the Construction Quality
The quality of the construction impacts the property value appreciation and longevity of the flats in Chennai. To assess the construction quality, identify the previous works of the builder and evaluate them. This will help you understand their craftsmanship. Checking the apartments for materials used, finishes, fittings, and so on will help get a deeper understanding of the overall structural integrity of the apartment.
Scope for Future Development
Check the scope for infrastructural developmental plans in the locality of your choice. Analyze how it can add value to your lifestyle. It is also essential to examine its significance in impacting resale value and property value appreciation. The infrastructural developmental plans can include amenities, road infrastructure, and new community developments.
Best Places to Buy Flats in Chennai
The real estate market in Chennai is constantly on an upward trend with value appreciation. So, while purchasing apartments in Chennai, it is essential to consider all the factors mentioned above. This will make sure that one finds an apartment with the lifestyle of their choice. Considering all these, the top localities to buy apartments for sale in Chennai are West Mambalam, Ambattur, Vanagaram, Besant Nagar, Vengaivasal, KK Nagar, Valasaravakkam, Chrompet, Avadi, Poonamallee, and Tambaram.
In addition to encompassing the factors mentioned above, these localities offer excellent connectivity via public and private transportation. They are located in close proximity to various educational institutes and employment hubs, making them the first choice of homebuyers. These neighborhoods are also known to be the priorities of top builders in Chennai, like Casagrand Builder Pvt. Ltd., Puravankara Limited, Brigade Groups, Prestige Groups, and more. With these top builders on board, these localities have a wide range of apartments tailored to meet the needs of every individual.
These guide will prove helpful for real estate developers and investors as it offer insights into the factors to be considered while buying an apartment and the best places in Chennai to buy apartments for sale. Find an apartment you love with this guide. For further information, visit roofandloor.com.
Frequently Asked Questions
1. Where can I check the guidance value of an apartment?
The guideline value of an apartment is set by the Tamil Nadu government and is also popularly known as the ready reckoner rate, circle rate, and more. These values can be checked through the online portal of the Tamil Nadu registration department. https://tnreginet.gov.in/portal/
2. What are the stamp duty and registration charges to buy an apartment in Chennai?
While buying an apartment in Chennai, it is mandatory to pay the stamp duty and registration charges. The stamp duty and registration charges are 7% and 4%, respectively. These charges remain the same for all genders.
3. How do I check the resale value of an apartment?
The resale value of an apartment is calculated as follows,
Resale value of an apartment = worth of the undivided land share + depreciated value of amenities and buildings + value of expenses, overheads, and promoter’s profit.
4. What is the average lifespan of an apartment?
The approximate average lifespan of an apartment is between 50 and 60 years. However, this might differ based on the construction quality, material used, the rate of depreciation, and more.