How to Buy Property in Chennai?
Chennai being the capital of TamilNadu, was formerly known as Madras.
It is a fast growing Information Technology centre.
If you are looking to buy, sell or rent a property in Chennai, then it is good news for you because the rates are mostly based on square feet.
Chennai is a highly populated city but it is well equipped with utilities like 24 hour hospitals, pharmacies, police, hotels, restaurants, banks and ATM centers in most of the localities.
There is a continuous demand for residential properties in Chennai.
Average buyers concentrate more on the suburbs as they cost much lesser than in the city.
Commercial property is always on demand due to aggressive growth of the Information technology and 'Business Process Outsourcing' companies.
Property prices are less when compared to other metropolitan cities in India.
There are numerous financing options offered by banks for property loans.
It is every individuals dream to buy property in the place they reside and hence a lot of care needs to taken before selecting the property.
This process involves a lot of paperwork and to understand these proceedings, the buyer needs a lot of patience.
So you need to make sure you know some terms before you buy property in Chennai.
The property card or Title report is the most important information you need to know.
This card is not a certificate, but it is a detailed report prepared for the seller by his or her lawyer.
You should always choose a genuine lawyer well versed in real estate dealings.
The lawyer should check this report on your behalf.
The seller should posses the title report, property and should also have the right to transfer the property.
The property should be approved by the land development or planning authorities.
Seller should have purchased the property with his or her own funds and it should never have been mortgaged.
A 'No objection certificate' is to be obtained by the builder or society.
Property tax bills, water bills and electricity dues need to be cleared.
A clear decision has to be made by the buyer and seller of who will be paying the 'society transfer' charges.
You should make sure your lawyer gets all these documents explained to you and hands it over to you.
It is a fast growing Information Technology centre.
If you are looking to buy, sell or rent a property in Chennai, then it is good news for you because the rates are mostly based on square feet.
Chennai is a highly populated city but it is well equipped with utilities like 24 hour hospitals, pharmacies, police, hotels, restaurants, banks and ATM centers in most of the localities.
There is a continuous demand for residential properties in Chennai.
Average buyers concentrate more on the suburbs as they cost much lesser than in the city.
Commercial property is always on demand due to aggressive growth of the Information technology and 'Business Process Outsourcing' companies.
Property prices are less when compared to other metropolitan cities in India.
There are numerous financing options offered by banks for property loans.
It is every individuals dream to buy property in the place they reside and hence a lot of care needs to taken before selecting the property.
This process involves a lot of paperwork and to understand these proceedings, the buyer needs a lot of patience.
So you need to make sure you know some terms before you buy property in Chennai.
The property card or Title report is the most important information you need to know.
This card is not a certificate, but it is a detailed report prepared for the seller by his or her lawyer.
You should always choose a genuine lawyer well versed in real estate dealings.
The lawyer should check this report on your behalf.
The seller should posses the title report, property and should also have the right to transfer the property.
The property should be approved by the land development or planning authorities.
Seller should have purchased the property with his or her own funds and it should never have been mortgaged.
A 'No objection certificate' is to be obtained by the builder or society.
Property tax bills, water bills and electricity dues need to be cleared.
A clear decision has to be made by the buyer and seller of who will be paying the 'society transfer' charges.
You should make sure your lawyer gets all these documents explained to you and hands it over to you.
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