Many apartments are up for sale in Adyar, Thiruvanmiyur, Kotturpuram, and other neighbourhoods in Chennai. But you should know that investing in a residential property is a crucial decision that is going to have an impact on your future. Hence, it requires years of saving and planning. You should look into factors such as budget, location, amenities, water and power supply, etc. Other than this, furnishing and renovation costs, if any, finding a reliable builder, getting a CMDA-approved property, and making sure that the carpet area is as mentioned in the documents are key aspects to keep in mind. It is important to make a list of all these things so that you do not miss out on anything. Here are some parameters that you need to consider while purchasing a flat: -
1. Property Price
Whether you are buying luxury flats in Chennai, the first step is always to fix a budget. It makes shortlisting a house easier since you have an idea of how much you are willing to spend on it. So, compare the prices of different properties in locations that are favourable for you. Select on the basis of location and check if the builders are reliable or not. Some of the sources where you can look for options are portal listings, brokers of the area, online forums, and newspaper listings.
2. Carpet Area
You should check the carpet area of your apartment, which includes the area within the walls of the flat. The super built-up area includes elevator space, shafts, stairs, the thickness of walls, etc. But carpet area is the area covered by bedrooms, living room, balconies, and washrooms. You can get a private technical assessor to check the carpet area before buying a flat.
3. Land Record
It is recommended to check if the flat that you are planning to buy has proper official documents of land records. While researching, you should also attain information about the soil quality and topography of the land on which the building was constructed to avoid any issues in the future. You should also note if the builder has registered the property. Along with this, verify the title deed as it gives details on the rights, ownership, and obligations towards the property.
4. Legal Check of Property
Make sure that you check that the builders have approvals and NOCs from the Regional Development Authority, Water and Sewerage Board, Electricity Board, and Municipal Corporation. However, if you take a home loan, the concerned lender will validate that property for you.
5. Resale Value
It is vital to look at a residential property as an investment. This is because it can become your passive income and give you a stable cash flow in the future. You can get an understanding of the resale value of a residential property by doing a comparative analysis.
You may also have to consider getting a loan for a home but make sure you do not exceed your budget so that the monthly instalments can go smoothly out of your pocket.
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