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Things To Consider Before Buying Property In Chennai
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Undoubtedly, Chennai is a home to a thriving international community but now-a-days, the circumstances do not favor sellers as properties in Chennai market is apparently down. Property prices are low and this low price gives an edge to all prospective buyers. Chennai real estate is the market for long term investment but it does not guarantee high profits fir buyers. However, it means that there is a glut of Chennai properties for sale and all the prospective buyers have an opportunity to pick out the best home according to their demands at cheap price. The operative word here is "demand" that you must keep in mind before finalizing any home or apartment in Chennai. It is because many times people overlook several necessary things to consider just because the asking price is too cheap.
In the following article, few points are given that prospective buyers must consider before finalizing a specific home or property in Chennai.
The living costs of Chennai are reasonably high for the region but at the same time the infrastructure is excellent with outclass. However, investors can only buy properties in freehold areas of Chennai and in specific developments. Properties are also available for them on leasehold basis. Loans are also freely available from banks and financial institutions but experts advise to buy on cash, otherwise you might end up paying approximately double the actual price of the property in Chennai.
Know about developers!
It is quite important for prospects to get the background information about the developers of property. Some of the questions you need to ask about the developers before investing in Chennai real state are:
* What are their past developments?
* What was the quality of properties handed over?
* Did they deliver the previous development in time?
* Is the developer registered with?
Verify the registration of the developer from the Land Department or contact different Chennai real estate agents to help you find a suitable property of the reliable developers in the market.
Know the difference between gross or net area!
Know what are you paying for before you pay. Ask your developer or real estate agent to clarify that you are going to pay for net or gross area. Developers and sellers usually give you misleading variables as they sell at gross area basis and in some cases, the net area is what less than the gross area. If you are paying for net area and the developer makes some changes in the layout or design without prior notice, you have the right to accept or reject the property. Make sure the measurements are correct before signing any kind of contract before buying a home or apartment in Chennai.
Reliable real estate firm!
There are numerous agents who deal in Chennai properties but make sure you pick a real estate company that is registered with and has professional property agents. If you find a company that has both of these things, still it won't mean that they will provide you with complete information without asking and verify every property before handing it over to you but the chances of striking a good deal in Chennai increases several times when you pick a reputable realtor or company. It is your duty to verify complete information and point out every little detail before signing the contract. You may take an expert with you to verify every possible claim of the developer before receiving the keys of your home or apartment.
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