Everyone dreams and wishes that their house feels great to leave and even better to return. This is the great feeling we all want when looking for our dream house. Unfortunately, choosing or buy house in Chennai at the right place for an individual is not easy! Especially for a first-time house buyer, it may look and feel more complicated and researchable in Chennai! Chennai, Tamil Nadu’s capital city, is one of the fastest-growing metropolitan cities in India.
Chennai is also renowned for many things, such as its rich cultural heritage, thriving economy, and urban lifestyle; it’s no surprise that many people want to buy house in Chennai. House ownership is increasingly familiar in urban areas of Chennai, with some localities experiencing significant growth in real estate value.
If you’re considering to buy house in Chennai, it can be challenging if you are unprepared. This guide will walk you through the process, helping you make informed decisions while navigating the property market.
Why to Buy House in Chennai?
In recent years, Chennai’s infrastructure development has rocketed. With well-connected roads, metro trains, international airports, and expanding IT arenas and hubs, the city’s growth shows no signs of reducing. It also has a thriving real estate market, with options ranging from budget flats to luxurious villas. The growing demand for residential properties confirms that buy a house in Chennai is a vital and holistic asset.
Traditional blend and modernity also play an essential role in Chennai’s development, which offers a significant lifestyle. Despite the heavy heat exposure and pollution, the coastal location in Chennai provides a relatively milder climate than other southern cities. So, there is no downgrade lifestyle going to happen in Chennai; instead, there are many advantages for prospective house buyers in Chennai.
You Should Know Some Key Insights Before Buy House in Chennai
Here are some essential factors to know before you buy house in Chennai:
- Budget Planning
Establishing a realistic budget is an essential and primary factor when buy house in Chennai. The cost of houses varies greatly depending on the location, type, and amenities offered. Consider your savings, income, and loan eligibility to determine your financial capacity. In addition to the cost of the house, consider additional expenses like documentation costs, stamp duty, legal registration fees, and the cost of house loans.
- Location
Choosing the right location is also critical and mandatory when buy house in Chennai. It affects not only your daily routine but also the potential resale value of your house. Whether you work in a tech park or business hub, look for houses with easy access to major roads or public transportation. Similarly, proximity to educational institutions, hospitals, and markets should factor into your decision. Look for areas that are likely to see growth in the future. Localities surrounding public transportation facilities, like bus stands, railway stations, airports, etc., have rapidly developed in recent years. Confirm the area has good infrastructure, such as water supply, electricity, and connectivity. Chennai’s Metro rail expansion has improved access to many neighbourhoods, making them more attractive for long-term investments.
- Property Type
Many types of properties are available in Chennai, each with pros and cons. Here are some options:
- Apartments: A familiar choice for urban living. Apartments in Chennai are available in various sizes, from 1BHK to 4BHK, in standalone buildings and gated communities with amenities like gyms, swimming pools, and parks.
- Independent Houses: If you prefer privacy and space, independent houses are ideal. These properties generally offer more room for customization and expansion.
- Villas: Chennai’s villas can offer both luxury and exclusivity if you seek them. Many are in upscale gated communities, offering clubhouses, landscaped gardens, and 24/7 security.
- Plots: Some buyers purchase a plot of land and build their dream house. While this provides greater flexibility, it also involves additional effort and costs in terms of construction and permits.
- Legal Due Diligence
Before finalizing any property deal in Chennai or buy house in Chennai, conduct full legal due diligence. Verify the following:
Ensure the property has complete title ownership and no legitimate disputes. Check with the local sub-registrar’s office or a property lawyer. Confirm that the property has the mandatory approvals from local authorities, such as the Chennai Metropolitan Development Authority (CMDA) or the Directorate of Town and Country Planning (DTCP). Verify that the property is free from legal liabilities, including pending loans or litigations, and finally obtain that certificate, which is called an encumbrance certificate. If you are buying a house, confirm that the builder has obtained approval from the relevant authorities for the building plan.
- Financing and House Loans
Most house buyers in Chennai purchase their property through a house loan. The process of securing a house loan involves the following:
If you want to buy house in Chennai with loan option the you have to determine eligibility, banks and financial institutions assess your age, income, employment status, and credit score. House loan interest rates in India range from 8% to 10%, and the rates may vary based on your loan tenure, amount, and the lender’s policies. House loans generally have a repayment period of 10-30 years. Choose the suitable loan tenure that fits your financial plans, keeping in mind that a longer tenure reduces your monthly EMI but increases the total interest paid.
- Finalizing the Property Deal
After the sale, you must officially complete the registration process to transfer property ownership.
Stamp duty is an essential tax paid to the government during property registration. In Tamil Nadu, the stamp duty rate is typically around 7% of the property or market value, whichever is higher. The sale deed must be registered with the local sub-registrar’s office. Both parties (buyer and seller) must be present during the registration process, along with valid identification and other required documents.
Conclusion
Ultimately, buy house in Chennai can be an exciting yet challenging process, but proper planning and research can also be a rewarding experience. If you’re looking for a modern apartment, a spacious independent house, a luxurious villa, or an affordable plot, DAC Developers offers something for everyone. By understanding the local real estate market, setting a realistic budget, securing the right house loan, and conducting thorough legal due diligence, you can make your dream of owning a house in Chennai a reality. Remember to conduct due diligence, seek professional suggestions where necessary, and always be patient. Happy house-buying!
Frequently Asked Questions:
- What is a great time to buy house in Chennai?
The best time to buy house in Chennai is during the festival season, between September and December, when sellers offer discounts, deals, or special offers. Also, the real estate markets tend to be less competitive during these months.
- How do I ensure that the property documents are legal?
Verify the property documents, which tend to be more legal and official, and confirm that the property title is transparent and without any disputes. Check the Encumbrance Certificate (EC) to verify that there are no pending legal or financial claims on the property. Additionally, ensure all essential approvals like CMDA or DTCP approval are for the property.
- Which one is better to buy, an apartment or an independent house in Chennai?
It depends on the buyer’s wish, budget, and preference. Apartments in Chennai are suitable for people who are more affordable and like to come with amenities like security, parking, and gyms, especially in gated communities. Independent houses offer more privacy and space but may have higher maintenance costs and less security.
- How long does it take to finalize the house-buying process in Chennai?
The house-buying process in Chennai generally takes 1 to 3 months, based on legal queries and checks, approval of house loans, and registration procedures. Time delays can occur if there are any issues with the property documents or you are waiting for house loan approval.
- What are the common mistakes to avoid when buy house in Chennai?
Several common mistakes occur when buy house in Chennai, include not properly verifying property documents, rushing the property purchase without researching the market, refusing future resale value, and neglecting the condition of the property or neighbourhood. Always confirm proper legal due diligence before closing a deal.
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