Chennai is the 4th largest metropolitan city in India located on the Coromandel Coast. Thanks to rapid industrial development, a thriving education and IT sector, lucrative job opportunities and excellent commuter links Chennai is witnessing a robust demand in the real estate segment. In fact, the city is a much sought-after destination for investors looking to purchase a plot of land for sale. If you too are planning on the same line, check out this step-by-step guide for the buying process.
Acquiring a Plot for Sale in Chennai, popularly referred to as the gateway to the South is no easy task. The undertaking in the elite city with its real estate activities and posh housing projects can be a mammoth. The systems and protocols involved can leave one dazed and disillusioned. To ensure your investment dream in the capital of Tamil Nadu materialises, consider these valuable pointers.
- Research: For starters do some spade work and check out the area, the amenities, facilities and the location of the plot. All these factors can play a pivotal role in determining the returns you will get on your investment when you sell the plot further to a developer.
- Soil Test: For assurance that the Plot for Sale in Chennai meets the criteria for the construction purpose, get a soil test. This will rule out the odds of any toxic elements. Also, a survey can be undertaken by a civil engineer to eliminate other doubts about the quality of the plot.
- Encumbrance Certificate (EC): Once you have shortlisted the plot get an EC from local sub-registrar office to help ascertain that the seller is the rightful owner of that land. The EC also throws light on important details about how the plot was acquired, previous dealings, etc. If the seller is not the actual owner of the property, then he should have the “Power of Attorney” to sell the plot.
- Patta: The next step is to substantiate the Patta, a land registration document with particulars about the property size, history of ownership, proportions of length/width, etc. You can get the Patta, by filing an application at the Village Administration Office (VAO). The document is dispatched to the Taluk office, and the procedure of registration typically takes a couple of months.
- CMDA Approval: Before purchasing the plot, it is important to make certain it has proper approval from the Chennai Metropolitan Development Authority (CMDA). Also, certify that the plot is for residential purpose and can be used to develop apartments. All this will avert any potential problems at a later date.
- Legal Scrutiny: Get all the documents scrutinised by a legal expert to ensure they are authentic and not tampered by someone. This will help you sidestep the odds of being scammed or getting embroiled in litigation hassles in the future.
- Loan: Once satisfied that the chosen plot is indeed good, you can approach a bank or a private financial institution with all the necessary papers for a loan.
Procuring a Plot for Sale in Chennai is a wise move that will reap huge profits. However, it is also a big step. The above guidelines can direct you towards the right path in your land buying venture.