Apartments in Chennai. Check before your Invest

Investing in apartments in Chennai is a wise decision because the citypromises assured returns and massive growth potential. However, everyinvestment decision is tricky and must be taken only when you are completelycognizant of associated information. A number of elements form home purchasedecision from identifying the right Real estate builders to choosing your dreamproperty. Here are some tips to help you identify the property of your choice.

1. What are your requirements?

Requirements are personal and specific to every individual or family’s needs. Itdepends upon your budget, lifestyle and home preferences. Hence, the first thingto do before you think of investing in a property is to make a concrete list ofwhat you want and what you don’t want.

2. Stage of Property

You can choose to purchase or invest in an apartment at any stage. It could bea proposed project or one that is underway or one that is completed. In the caseof a property under construction, check for allotment letter and developmentagreement. The development agreement is drawn between the Real estatebuilders and landowners wherein the latter has permitted construction of projectson the proposed land. For apartments in Chennai that are completed, the buildermust own the title and possession and should have the right to transfer title andownership to the investor. All dues including property tax, water, electricity andothers must have been duly paid thus far.

3. Necessity of legal check

A proper legal check on proposed or chosen projects must be done. The Realestate builder must have necessary approvals and NOC (No Objection Certificate)from Municipal Corporation and other related boards. Property should have cleartitles. The loan processing bank often conducts legal checks on all documents forvalidity before sanctioning home loans. When a bank does legal check onproperties, investors can be rest assured that there are no problems or concerns asto the legality of papers.

4. Revenue & Registration

There are other components to purchasing apartments in Chennai or anyproperty for that matter. These include but are not limited to payment of stampduty and service tax. The local area office where the proposed property islaunched or is under construction must stamp the final sale deed. Service tax islevied on payments on projects under construction.