Chennai is a well-developed urban hub. There is no dearth of good properties to buy in this metro city. You can find a perfect property here whether you are planning to move to Chennai or are someone who lives in the city and wants to get a new home. Chennai is also a prudent destination for people on the lookout for real estate investment opportunities. Investing in villa plots in Nemam Chennai, and other flourishing areas near Poonamallee can fetch you a high ROI over the long term.
With regulations to protect the interests of property buyers in place in the form of the RERA Act, now would be a good time to buy a property in Chennai. However, property purchase requires a significant investment. Hence, you need to be systematic in your approach in order to identify and invest in the right property.
Establish Your Budget
Before buying any property, you need to establish your budget. Doing so would not only streamline your search and save time but also prevent potential disappointments. You first must evaluate your income, expenses, savings, and debt obligations properly to predict a budget. It is also imperative to carry out extensive research on the current real estate market trends in Chennai. This would help you to gain a good understanding of both property prices prevalent in the city, as well as potential future appreciation rates.
Establishing a practical budget would allow you to focus on properties that align with your financial means. If your budget is limited, you can always consider buying villa plots in Nemam Chennai, and other emerging areas. Plots are priced much lower than other types of residential properties. You can choose to buy a plot of land now, and build a house on it over time, after accumulating more funds.
Determining the Size of the Apartment
If you are planning to buy an apartment, you must determine its size, as per your needs and preferences. Chennai boasts having a thriving real estate market. A wide variety of apartments are offered in key areas of the city like Poonamallee by leading real estate developers. To select the right apartment size, you need to consider your family size, lifestyle preferences, and budget constraints. For most families, a typical 2BHK tends to be ideal. You must also list the amenities you may want in the apartment, like multiple bathrooms and parking facilities, beforehand. This will make your property search process much simpler.
Research the Localities
Location is arguably the most important factor to consider when planning to invest in a property. You should try to find a property that is located near the public transportation hubs, shopping centres, workplaces and educational institutions. Such a property would provide improved convenience and accessibility to the residents, and make their daily life more manageable. The demand for strategically located properties usually keeps rising with time. Hence, investing in such a property now would fetch you a high ROI in the long run.
You should consider buying properties in areas like the Poonamallee belt, which is popular for its excellent connectivity. Housing a number of educational institutions, shopping complexes, and restaurants, this neighbourhood provides residents with a convenient and vibrant lifestyle.
Choosing the Right Builder
You must make sure to buy a property offered by a real estate developer in Poonamallee or some other locality of Chennai, based on your preferences. An experienced and reputed developer is more likely to use superior materials, follow best construction practices, and adhere to safety standards.
You should carry out thorough background checks on a developer before investing in their property. This shall include their experience and track record. You must assess the portfolio of past projects. Doing so will help you understand the quality of work they deliver and subsequently determine whether they possess the expertise that you need. You may even choose to explore the client testimonials and reviews of the developer to gain insights into their ability to meet deadlines.
Verifying Property Titles and Ownership
Verifying property titles and ownership is one of the key steps in real estate transactions. It would guarantee the legitimacy and authenticity of the transferred property. This process shall involve carrying out thorough research and investigation to examine the chain of title, along with any existing liens or encumbrances on the property.
Each and every real estate project comes with its unique set of considerations. This would include its location, amenities, construction quality, reputation, documentation and more. When buying property in Chennai, you must thoroughly analyze these details beforehand before making an investment. This would help you to determine the value and viability of the investment. Properly doing your research would allow you to make a well-informed purchase decision that aligns with your preferences and long-term goals. As real estate is an expensive investment.
