Almost everyone nurses a dream of buying a plot of land to build the house they have always wanted or if not, just buy a property such as an apartment or condominium equipped with all the facilities. While some buy it as an investment to sell at a later date for a tidy profit, yet there are some who buy as an investment for their generation, or use it to procure loans. Given that it is an unregulated market with brokers who speak on behalf of the selling party, it is all the more imperative for buyers to do their homework before plunging into a purchase of residential plots in Chennai.
Chennai, reputed for its conservative mindset, has seen a real high in this sector. You will find many advertisements through various social media channels advertising for plots for sale in Chennai. As attractive as the offer to buy plots in Chennai may sound, you must exercise caution before taking such a huge step.
Verify that there is no ambiguity to the land title possessed by the seller, by having the documents reviewed by a lawyer who specializes in scrutinizing Land Titles. However the lawyer cannot represent you in the sale of property. The patta of the land must be in the seller’s name only, even if the property has changed hands numerous times prior to the current sale. Else, this could lead to a huge risk of loss and legal tangle trying to get the patta in your name.
DTCP and CMDA Appoval
Another critical factor is getting the necessary approvals such as the District Town & Country Planning Approval (DTCP) or Chennai Metro Development Authority (CMDA) Approval, Panchayat approval as required. This is non-negotiable if you want to buy a valid piece of land. For example, if the property falls within city limits, then the CMDA approval is mandatory. You can ask your builder for a copy of the approval number as first step. Have the document verified to rule out any discrepancies or violation of rules. Further, the value of your plot will be influenced by your surrounding areas and development activities. A DTCP approval is mandatory should your property reside within a layout outside the Chennai metro limit. Approved layouts are critical since it implies that the plot is well within the specified standards that apply to road width, public spaces and so on. There are many unapproved plots for sale and if you do not watch out, you could be holding a land that you are not entitled to.
Read also: Facts about DTCP Approved Plots That Will Blow Your Mind
Panchayat Approval
A Panchayat approval can be applied for rural plots as long as the patta is in the buyer’s name. For the Panchayat, they benefit since taxes from the property is an additional revenue source while for the buyer this approval is mandatory to avail basic amenities such as electricity connection. Don’t forget your No Encumbrance Certificate attesting there are no loans or pending dues on the property followed by a Possession Certificate to ensure your lifelong entitlement to the property.
Wisdom Properties 