The business of Real Estate involves the buying and selling of property, residential or nonresidential for occupation by a family or by a firm. In India, real estate is considered a lucrative investment option since the land value appreciates over time. Depending on the area and the surrounding facilities, real estate prices will differ. In some countries it is an organized sector while in others, it is not organized; so anyone can broker a real estate deal and get a small percentage as fee for services rendered. The business goes through periods of high and low depending on economic conditions. According to a real estate consultancy firm, the Real Estate in Chennai has risen by 1.5 percent in the last four quarters.
Real estate developers in Chennai come in a wide range targeting both mid and high value customers. CRISIL Real Estate Star Ratings helps buyers benchmark the quality of projects by rating them. So before choosing to invest in any property, the investor should also know the kind of questions they need to probe before making the big leap. It is most likely that you will make an investment based on word of mouth, but this is not enough. Here are a few questions to consider, when interacting with property developers in Chennai, for example:
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- You must verify with the property developer the location of the proposed construction and the type of construction they are into.
- Next, confirm the total land area, number of blocks that will be constructed and if the development will be phased out. Find out if they have completed other projects which you can look at to get a sense of their work.
- Ask for the plan and verify the common facilities that will be provided including parking facilities such as open parking, covered or stilt parking. Confirm if these will be charged separately and documentation confirming ownership will be provided.
- Confirm if there is a differential policy in pricing depending on the floor or the view.
- When you meet the property developer, ask for the detailed plan with payment schedule and go over each of the phases in detail such as the date of hand over, compensation from the buyer due to delays and so on. For your part as the buyer, you must research your rights and ensure you are covered.
- Usually the builders will have tie up for home loans with specific financial institutions that will take care of all the formalities for you. You must check the reputation and background of the financial institution in question before signing on the dotted line. Also, clearly identify the documentation that you and the builder will have to provide the bank in the event of a loan.
- Get a written confirmation that you do not have to pay apart from the costs approved for the property.
- Once the construction has been completed, check if it has been constructed per the approved plan. Also, look up the Chennai Metropolitan Development Authority (CMDA) for more guidelines.
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