How to Buy a House in Chennai: Your Local Guide

Chennai city is famous for many things, and buying a home in such a popular city would be great. Buying a home in Chennai is beneficial while getting a view of the cultural capital of south India, also known as madras, and getting advanced amenities. Buying/owning a home is rapidly growing in the urban localities of Chennai. 

Some localities in the city have accumulated the real estate of Chennai have immense importance. The Chennai Real estate residential market record says the market growth is 21% YOY in the first six months of 2022. 

The data gathered by knight frank India, India Real Estate: H1 2022 (January-June 2022) The new house launches grow by 40%. 

Chennai sales record said: In the first half of 2022, housing units 6,951 side by side, and 5,751 housing units got sold in 2021. According to the 40% increase, housing units in the first half of 2022 will be 7,570, up from 5424 in the first six months of 2021.

How To Buy A House In Chennai?

Local guide for home buying in Chennai

Requirements

Requirements

What Are Your Needs In A Home?

What thoughts come to mind when you consider purchasing a new home? Do you visualize your ideal home in your mind? That’s great. Let’s put all of that knowledge to use and make your home-buying dream a reality. Chennai is a metropolitan city with extensive commercial sectors. Chennai has developed a thriving real estate market. A prospective home buyer would have little trouble finding various sorts of property in this city.

 Whatever home type you are looking for, whether it is a flat, or an individual house, you will find every type of property here it’s just you have to be clear in your choices. Before making any decision you should know that every type of property has its own set of advantages. Some basic Needs you can consider

• A kitchen with good space 
• bathrooms with toilet, sink, shower, and/or bath (one or two as per your BHK) Bedrooms 
• Storage space 
• Utilities 

B – Research the home-buying process 

You should always research before investing money. Home buying is not like buying clothes, you can not make instant actions. Buying a home is quite a huge process. If you can not go physically everywhere, so research online so that you can have an idea of the pricing, and course you have to make a final deal through a physical visit. We have 500+ verified properties. You can connect with our property experts for a hassle-free home-buying process.

C – Research About Fresh Projects/Localities

Booking properties/apartments before the launch date of the property are mostly ordinary everywhere as well as in Chennai real estate. Under-construction or pre-launch projects have benefits, but you have to investigate before making a deal into such a project so that you can be aware of scams. Research if the builder is gaslighting or stating facts. 

• Check whether the builder has a development agreement from the landowner. 
• Check if the builder has a document that shows common terms and conditions of building a property have been agreed upon by both parties. 
• Check if the approved plan is showing on the construction site.
• If the property project is complete, then ask the builder if he has the right to transfer the property or not, for this you will need to check the allotment letter. You must receive all documents for a secured transaction.

2 – Finance

A – Check Your Affordability

Can you afford it? no, it is not just about home buying costs, including other costs as well. Before buying a home, you should be financially disciplined. Here are some costs that you should consider before buying a home.

• Stamp duty charges 
• Down payment (for loan) 
• Moving costs After moving expenses (Floor/painting, fixing utilities, and adding furniture) 
• Household expenses and needy items right after moving etc.

B – Set Your Budget

Make a budget especially when you are a first-time home buyer. don’t spend money on some unnecessary process, and don’t get confused after seeing lots of expenses. Make a budget beforehand when planning to buy a new home. 

You can start making a budget with a chart after that: 

• First, write down what is most needed. 
• Predict your expenses and write them down For example booking amount, stamp duty charges, home buying costs, utility fixing expenses, small-big household expenses, etc. 
• Stick to your budget, and you will eventually find the perfect home for you.

C – Check Your CIBIL Credit Score

Your CIBIL credit score will determine whether or not you are approved for a loan. Having a good CIBIL score will help you get loans faster and makes it less complicated. It is not like if you do not have a CIBIL score, you can not take the loan. 

When you borrow a loan for the first time it generates your cibil. CIBIL is the shorthand for Credit Information Bureau India Limited. It is a credit information company licensed by the Reserve Bank of India. 

How to check your CIBIL credit score? 

For checking your CIBIL credit score all you have to do is visit the cibil website and request your cibil report. You will have to provide personal details such as name, date of birth, gender, PAN number, etc. After completing the verification process, you can have your CIBIL report, but for additional information, you may have to make a fee payment.

D – Find A Right Home Loan

Home loans simplify the home-buying process and provide tax benefits. Who wouldn’t like to save money? To choose a bank with a cheap interest rate, look online. 

The following is a list of banks and their home loan interest rates.

• Check Eligibility 
• Check pre-approved loan offers 
• Execute the sale agreement Your Aadhar card, PAN card, passport-size photo, wage slip, and 6-month bank statement are the documents you must provide. 
• Fill out the home loan application. 
• Submit property documents 
• Preparing the sale deed Home 
• loan disbursement 

E- Secure Deeds/Documents

Secure your documents related to your home for no future trouble. Some essential documents and deeds that you must secure.

• Bargain And Sale Deed 
• Quitclaim Deed 
• Deed of Trust 
• Warranty Deed 
• Grant Deed NOC (No objection certificate) 
• Allotment Letter 
• Possession Letter 
• Khata Certificate 
• Payment Receipts 
• Property Tax Receipts 
• Completion Certificate

3 – Chennai Homes/Apartments Type

There are major four types of property categories of real estate which applies everywhere: 

• Residential Property
• Commercial Property
• Industrial Property
• Raw land Property

Prestige Windsor Park – Vanagaram, Near Poonamallee Chennai

4 – Your Local Guide For Chennai!

Chennai is the capital city of Tamilnadu known as the gateway of South India and is located in the coastal region along the bay of Bengal. It is also the economic activity center of southern India. From 2022 Jan to June, south Chennai accounted for 58% of the sales recorded. 

The south micro-market location OMR and GST road attract buyers because of the attractive and affordable locations such as Poonamalle, Porur, and Valasaravakkam. The supply and demand in the Chennai home market have been delicately balanced. Despite being a price-sensitive market with generally stable values, sales volumes have remained stable over the last 24 months.

” We all know how popular Chennai is for IIT, IT, and Industrial hubs as well as the availability of schools, colleges, and hospitals. These facilities have made areas like OMR and ECR top-tier locations for home/property buyers in Chennai. Other top-tier locations are GST road, Anna Nagar, Velachery, and Tambaram, where houses sell fast. 

Tamilnadu’s RERA and its rules and regulations 

In March 2016, the Tamilnadu Real Estate Regulatory Authority was established to ensure transparency and efficiency in real estate transactions. The TRERA has the authority to hear any disputes that arise between parties in both Tamil Nadu and the Andaman and Nicobar Islands. They also handle registration for new projects, agents, builders, and so on.