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Checklist For NRIs For Purchasing Property In Chennai

Checklist For NRIs For Purchasing Property In Chennai December 23, 2017Leave a comment

3-bhk-apartment-in-omr-chennai

Indian property market is now a buyer’s market and NRIs are keen to make hay while the sun shines. The government’s smart cities project has spurred the growth of integrated townships nationwide. In metros too, townships located along the suburban hinterland are widely sought after because they are ideally located with the best connectivity and have all the conveniences.  Take for instance L&T Realty’s Eden Park in Chennai. This smart integrated township apartments is located quite close to the IT hub on the OMR, a place that is well-connected to the urban centre and yet quietly tucked away in a silent greenbelt. NRIs are eager to explore the potential of investing in such townships—not just for speculative reasons, but for settling down as well. However, some of the most common concerns are holding them back.

Let’s look at this checklist on how NRIs can remove their property concerns:

  1. Land should have a clear title, check with the Sub Registrar office and get a copy.
  2. Insist on getting a completion certificate and a map with the sale deed.
  3. If purchasing land, you need to establish how the land was acquired by the seller.
  4. Before buying vacant land, you must get a copy of plan approval from the local authorities. Although the seller should be able to provide this, it is up to you to verify the credibility of these documents.
  5. Zoning is a problem now, so do not buy residential property for commercial use. Although regularisation drives do take place, it has become quite common for civic authorities to demolish structures.
  6. You need to be very careful when buying property from sellers who have a power of attorney status. It would always be best if the owner is the one actually selling the property and there are no legal disputes for ownership of the property.
  7. Get the Agreement of Sale registered as per Registration Act.
  8. When buying re-sale properties, make proper inquires and ensure that the property is built legally. Remember, to not rush and close deal if price is too low.
  9. When buying a new property, it is important that you check the builder’s reputation. Check out on the previous developments, delivery timelines, etc. In fact, even your bank in India should be able to provide information on this aspect.
  10. When buying from builders, read the contract carefully. In fact, get it vetted by your lawyer. Some builders even increase prices after you make a booking, citing some clause in the paperwork. So, get a good lawyer to help you go through the sale agreement before buying a property in chennai.
  11. Maintenance charges today can burn a hole in one’s pocket. Some builders say that they will take a hefty one-time maintenance charge and that interest of the deposited money will be used for maintenance expenses. Do not believe it until you get it in writing and verified by your lawyer.

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