HOME? NO! FLAT.
Having an own house is a dream of every individual and couple a few years back. Slowly time passed by, technology boomed, trends changed and the mindset of people became more materialistic. As a result of this, people felt that opting for a premium 2BHK or 3BHK apartment which was readily available and cost-effective than building an individual home. These apartments come with all the amenities which were satisfying for people from all walks of life. Parks are built-in spaces inside the flats which encourage kids to play outdoors, gyms and indoors games are added to ensure entertainment, and other facilities like swimming pools, mini theatres are also common in flats these days. So indeed it is a better option if you think about it. But one cannot blindly buy any flat that comes their way, here are a few things you should check before getting your hands on one:
1. Know your Suburb
To buy a flat in Chennai, be it a 2BHK or 3BHK, the area in which the flat is located is a basic factor to consider. Few things about the location should be checked, like:
- The history of the site should be checked as to whether any lakes were located in that site earlier. As this can cause rainwater stagnation in the apartment and during the floods, those sites can get worse.
- Check if all the necessary amenities like schools, supermarkets, police stations, hospitals, bus stops, metros, are nearby.
2. Beware of the fake ads
Ads are the medium through which the real-estate agents reach peoples who are looking for flats. Go for the ads which are published in a branded print or visual medium and do not fall in the trap of fake ads that are circulated through SMS and emails. Prefer the real-estate brand that has done more projects that meets your requirements.
3. Check for Pet compliance
If one has pets then make sure you mention it to the concerned real estate person. Some apartments don’t give permission to have pets. It is due to the inconvenience which may cause to the fellow flatmates. In such cases, it is recommended to have the priorities precise before negotiating. More than 80% of the apartments are pet- friendly in Chennai.
4. Check for surrounding facilities
One should be clever in choosing the location of the flat as well as the infrastructure it is surrounded by. If the flat you select is well surrounded by some stunning infrastructure, then this can yield you profit in the future. And if you select a low-key, and a silent neighbourhood this can get you affordable flats. If one has to buy the flat within a specific budget then don’t choose the location where the infrastructure is sky-high. Prefer the location in which the infrastructure is ascending gradually with all the necessary amenities.
5. Be legally updated
You can also check whether the project is approved/ financed by a banker, as bankers do a complete legal check before they approve. This is the best way to know that the project is free from any legal issues. Some of the best bankers that do a complete thorough legal check are SBI, HDFC, LIC, Vijaya bank, ICICI bank etc. These are some of the certificates your might have to keep handy during the verification check:
Commencement Certificate
It is the certificate issued by the govt. planning engineer after the inspection of the building foundation.
Landuse Certificate
Residential property should not be a commercial or industrial zone. This certificate holds the authorization of whether the property is legally verified as a residential zone.
No Objection Certificate
It is given by the govt. to verify that the building does not violate any terms and conditions of government laws.
This is not an exclusive list, and many more certificates are in the picture. Consult your legal advisor before making any sort of transaction.
6. Know your loan terms and conditions
More than 60% of the people who buy the flats in Siruseri, buy it after taking a loan. In such a situation, one has to consult the banks whether they offer the loan for the flat which one has planned to buy. The banks provide the loan based upon the individual’s credentials as well as the builders’ credential. Next process is to be narrowing down the bank which offers a lesser interest rate from the list of banks which offer the loan.
Chennai & Flats
In Chennai, one needs to be aware while buying & selling a flat or land. One single mistake from your part can cost you heavily and you might get stuck with something that you didn’t plan for. Don’t rush while choosing the property, take your time, plan it properly, have a clear view on how the property is now & how well it can ascend in the future and then make a decision. What else do you think is necessary to check while buying a flat?