All About Buying Apartments in Chennai

Are you planning to move to Chennai but don’t know much about the city? If yes, then you don’t need to wonder anymore as we are here with an article on buying apartments in Chennai. Chennai is one of the fastest-growing metropolitan cities and one of the busiest cities in India. The city has been growing rapidly to meet the new demands of the growing population. Settling down in Chennai is one of the best decisions that one could take as the city serves a great benefit. In terms of education and professionalism, there are a handful of great opportunities there. 

So, let’s look at the top benefits of buying studio apartments in Chennai.

Benefits of Buying Apartments in Chennai

1. Flourishing IT and other job opportunities

2. Growth of the city

3. Smart and clean city initiatives

4. Booming real estate sector

5. Multiple amenities

6. Great places to visit and cultures to absorb

Now, as you have got to know the benefits of buying a 1rk apartment in Chennai, let’s now understand the factors to consider before buying a one. 

Factors to Consider While Buying Apartments in Chennai

1. Sale deed

2. Construction clearances

3. Land use certificate

4. Construction planning

5. No Objection Certificate (NOC)

6. Check the credibility of the builder

7. Decide- buy or rent?

8 The right payment plan

9. Size of the apartment

10. Location

Top Localities to Buy Apartments in Chennai

For those homebuyers who are interested in buying an apartment in Chennai, a few localities stand out. These localities in Chennai saw an increased interest from homebuyers across all age groups. The list of top localities in Chennai involves:

• Perambur
• Madipakkam
• Ambattur
• Velachery
• Kolathur
• Mylapore
• Porur
• Medavakkam

Out of these locations, localities like Velachery and Madipakkam have been popular for decades. Hence, for all the real estate investors who are willing to invest in Chennai real estate in 2022, these are the best localities to look forward to. 

Steps for Finding the Right Apartment in Chennai

Before you plan to buy an apartment in Chennai, make sure you follow the guidelines below to make the right choice:

Step 1: Create a checklist of specifications

Creating a checklist of the requirements you have gives you a clear idea of what you are searching for on the basis of your living standard and priorities. The list must include essentials like preferred locality, price range, preferred amenities, etc. It’s important to note that the higher the requirements, the more will be the price range of the studio apartment in Chennai.

Step 2: Scrutinise your find

Once you are done preparing the checklist, the next step is to get into the legal side of it. Make sure to conduct thorough research of the background of the builder and make sure they have obtained NOC and Property Development Agreement from the Municipal Corporation and other local authorities. You can also opt for a legal check to ensure that the apartment has clear titles.

Step 3: Research thoroughly on new projects

While investing in apartments in Chennai, homebuyers generally book apartments at the pre-launch of upcoming projects. While it is beneficial to buy property in the pre-launch phase, make sure the property builder has received the development agreement from the owner of the land. In short, make sure you have received all the documents for a secure and safe transaction. 

Step 4: Register your apartment 

Once the deal is finalised, it’s mandatory to get the apartment registered at the relevant local office with the corresponding service tax and proper stamp duty. Apart from the agreement, you can call yourself the property owner only if you have paid the due stamp duty. 

Buying apartments in Chennai has always brought a sense of price to the homebuyers. The booming real estate market in the city has led to a considerable increase in the number of homebuyers resulting in a handful of new localities that one can consider while buying a dream home. So, what are you waiting for? Prepare the required funding and get ready to own an apartment in Chennai.