What do we need to see if we buy a new flat in chennai?

Buying a Home in Chennai

What do we need to see if we buy a new flat in Chennai?

When it comes to purchasing a new flat in Chennai, there are many aspects to consider other than just the price of the flat. As there are so many options it can be quite confusing in the real estate market of chennai. Let us look into what we need to see when we buy a new flat in chennai.

What Are the Major Factors to Consider When Purchasing a New Flat in Chennai?

1. Location

First things first, let’s talk about location. It’s not always about the views of Marina Beach from the 10th floor. You should be ideally looking around for flats in Chennai that are close to essential facilities like schools, hospitals, public transport, and shopping complexes. For those on a budget, affordable flats in Chennai can also be found in convenient areas. And if you’re in a hurry to move in, consider ready-to-move flats in Chennai that meet your needs. And not to forget, always keep an eye out for upcoming residential projects in Chennai.

2. Builders Reputation

Next, look into the reputation of the builder. It’s very important to do a thorough check on the history and customer reviews of apartment builders in Chennai before signing on that dotted line.

3. Patta

Obtaining a Patta for your new flat in Chennai is a bottom-line essential. You have to ensure you get your patta to avoid former owners coming back and claiming their rights.

What questions should I ask while buying a new flat in Chennai?

Buying a new flat in chennai is not that easy. You need to carefully look into various aspects to know before purchasing

4. Price Related

When considering the purchase of the flat, it’s essential to obtain a complete understanding of the total cost such as the registration fees, taxes, and any hidden charges, in order to avoid unexpected expenses. Furthermore, be aware of any additional expenses such as maintenance fees, association fees, or parking charges. Lastly, obtaining a breakdown of available loan options and their respective interest rates enables comparison for the selection of the most suitable financing option.

5. Amenities

When assessing amenities related to the property, it’s vital to inquire about the existing amenities and any future expansion plans, as it highly influences your lifestyle. Ensuring 24/7 security and comprehending the security measures in place within the apartment is essential for safety. Familiarizing yourself with rules and guidelines for common amenities like the clubhouse, swimming pool, or gym can prevent conflicts.

Knowledge about dedicated parking spaces and associated costs is especially important in a city like Chennai. Reliable power backup provisions are important for uninterrupted power supply, and inquiries about water supply and sewage facilities, as well as accessibility to nearby essential services and any pet policies, should not be overlooked.

What are the additional costs while purchasing a flat in Chennai?

- Taxes

Additional costs like GST, TDS, and stamp duty can make your head spin faster than a fidget spinner. Ensure to calculate them in your budget.

- Maintenance

Remember the jingle – “Every shiny new thing comes with fine prints?” Well, it’s not just a jingle, darling. The maintenance cost of your new flat can have you pulling at your hair.

How can you examine Vastu before buying a flat in Chennai?

Examining Vastu before buying a flat in Chennai involves considering specific elements of Vastu Shastra, an ancient Indian system of architecture and design, to ensure harmony and positive energy flow. Here’s how you can examine Vastu when evaluating a flat:

1. Flat’s Entrance Direction

Ensure the flat’s entrance faces north, east, or northeast for positive energy. Avoid south or southwest, as these directions can bring challenges.

2. Room Placement

Place the living room in the northeast or north, the kitchen in the southeast, and the master bedroom in the southwest to maintain balance according to Vastu.

3. Balcony and Windows

Ensure balconies and windows face north or east for optimal sunlight and airflow, enhancing positive energy in your flat.

4. Toilet and Bathroom Placement

Place toilets in the northwest or southeast corners to avoid negative energy. Avoid the northeast, which is considered the most auspicious spot.

5. Shape of the Flat

Choose flats with a square or rectangular shape, as irregular layouts may cause energy imbalances according to Vastu.

6. Avoid Cluttered Corridors

Check that corridors and common areas are clutter-free and well-lit. Poorly lit or cramped areas can block energy flow and reduce positivity.

7. Check the Building’s Vastu Compliance

Look at the building’s overall Vastu compliance, including stairs, lifts, and parking, as they affect the energy balance of the entire property.

How can I acquire Patta for a flat in Chennai?

1. Check if the Land Has a Patta

Ensure the land on which your flat is built has a valid Patta. The builder or apartment association should confirm the status of the land ownership.

2. Land Title Verification

Before buying a flat, ensure the builder has transferred the Patta for the land to the apartment complex and the title is clear and free from any legal encumbrances.

3. Joint Ownership Patta

In flats, land ownership is shared among all flat owners through the apartment association. Ensure the joint ownership Patta arrangement is in place for your complex.

4. Apply for Patta Transfer

To transfer Patta for your flat, apply with the sale deed, encumbrance certificate, and identity proof at the Chennai Corporation or Tamil Nadu Revenue Department’s office.

5. Visit the Taluk Office

Submit your Patta transfer application with documents at the local Taluk office or apply online through Tamil Nadu’s e-services portal. The Tahsildar’s office will verify your application.

6. Follow-Up and Approval

After document verification and inspection, the Taluk office approves the transfer. The Patta for your new flat in Chennai will then be issued in the joint ownership of all flat owners as part of the association.

What documents are necessary in Chennai to purchase a flat?

This is as important as breathing, folks! I mean, you’d no sooner forget to breathe than forget to check the list of important documents when buying a flat.

1. Sales deed

This is the daddy of all documents. It’s like the one ring that ruled them all!

2. Building approval plan

Remember how when you play UNO, if you don’t have the required card, you’re toast? Well, if the building plan isn’t approved by the Chennai Metropolitan Development Authority, your dreams of a new flat might hit a roadblock.

3. Completion/Occupancy Certificate

Ensure that the builder hands over the Completion Certificate (CC) or Occupancy Certificate (OC). Trust me on this one, receiving a CC or OC from your builder is a lot more satisfying than receiving an acceptance letter from Hogwarts.

Buying a new flat in Chennai is like going on a grand adventure – full of mystery, intrigue, and lots of paperwork. But by keeping the above points in mind, you can ensure the journey is less “Lord of the Rings” trilogy and more a fluffy rom-com. Now, go forth and conquer the Chennai real estate market.

Things to Check Before Buying a Flat in Chennai

When buying a flat in Chennai, it’s essential to make an informed decision to ensure that your investment is safe and worth every penny. Here are key things you should check:

1. Location & Connectivity:

Chennai is a rapidly growing city with a variety of locations to choose from. Ensure the flat is in a location that suits your lifestyle, work commute, and proximity to essential services like schools, hospitals, and grocery stores. The area should have easy access to public transportation, such as buses and metro stations, to avoid traffic congestion.

2. Legal Clearance & Documentation:

Always verify the legal documents of the property. Check if the builder has obtained the necessary approvals from local authorities, such as the Chennai Metropolitan Development Authority (CMDA) or Directorate of Town and Country Planning (DTCP). Ensure that the land title is clear, and the property has no legal disputes. Key documents to review include the sale deed, encumbrance certificate, and approval plan.

3. Flat Layout & Vastu Compliance

Make sure the layout of the flat is well-planned with optimal use of space. Many buyers in Chennai prefer homes that are Vastu-compliant, so if this is important to you, check the flat’s orientation and room placement according to Vastu principles. This can add value to your property in the future.

4. Amenities & Facilities

Review the amenities provided by the developer, such as parking space, power backup, security, and water supply. Gated communities in Chennai often come with amenities like gyms, swimming pools, and children’s play areas. Check if these meet your lifestyle needs.

5. Pricing & Hidden Costs

Buying a new flat in Chennai is like going on a grand adventure – full of mystery, intrigue, and lots of paperwork. But by keeping the above points in mind, you can ensure the journey is less “Lord of the Rings” trilogy and more a fluffy rom-com. Now, go forth and conquer the Chennai real estate market.

In conclusion, purchasing a new flat in Chennai involves careful consideration of various factors to ensure a smart investment. Understanding key aspects, asking the right questions, and budgeting for additional costs are essential steps in your home-buying journey.

Acquiring the necessary documents, including Patta, is crucial for a smooth transaction. Additionally, choosing flats with amenities can greatly enhance your living experience. With the Chennai real estate market continuously evolving, being informed and diligent will help you find a home that meets your needs and aspirations, offering both comfort and value for the future. Partnering with a reputable builder like Vijay Shanthi Builders can further enhance your experience, as they are committed to delivering quality homes that cater to modern living.

FAQs:

Is it worth buying a flat in Chennai?

Yes, buying a flat in Chennai can be a worthwhile investment due to the city’s growing infrastructure, diverse job opportunities, and increasing demand for housing.

How much does it cost to build a flat in Chennai?

The cost to build a flat in Chennai typically ranges from ₹1,500 to ₹3,500 per square foot, depending on factors like location, materials, and design.

How to calculate the resale value of a flat in Chennai?

To calculate the resale value, consider factors such as the flat’s location, condition, market trends, amenities, and recent sales of comparable properties in the area.

What are the documents required for a new flat purchase?

Essential documents include the sale deed, mother deed, encumbrance certificate, building approval plan, occupancy certificate, property tax receipts, KYC documents, NOC from society (if applicable), home loan documents (if financing), and the agreement to sell.

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