Things To Keep In Mind While Buying Land In Chennai
Are you planning to buy land in Chennai? Great choice! The land is one of the most sought-after investment choices in India. Being a city undergoing major development, Chennai is an attractive investment avenue that offers a plethora of opportunities in the field of real estate, especially plots. This blog will discuss the things to keep in mind while buying land in Chennai.
Real estate is one of the biggest sectors in the Indian economy. It is one of the most significant contributors to the Indian Gross Domestic Product (GDP) and is expected to contribute around 13% by 2025. The market share is also expected to reach $1 trillion by 2030.
There are 4 main types of real estate: Land, residential, commercial, and industrial. While all four are collectively in demand, the land remains the favourite amongst Indian investors. The land is a plain parcel put up for sale without any development in terms of the construction of a property. Once a property is constructed on land, it is no more considered land. It becomes either a commercial, residential, or industrial property. So, what’s the best investment – land, villa, or flats? Read more about it here.
There are a few things to keep in mind while buying land in Chennai. Before we discuss that, let us take a look at the reasons why Chennai is the best place to invest in land. Read on!
Why Should You Invest In Land In Chennai?
Chennai is one of India’s major metropolitan cities and offers a balanced lifestyle, coupled with safety and accessibility to all essential facilities. The city has undergone some major infrastructural and industrial transformations over the past decade, and the quality of life has improved multi-fold. The following are a few reasons why Chennai is one of the best locations to invest in the land –
1. Lower cost of living: Chennai’s cost of living compared to other metros like Delhi or Mumbai is much lower. This is especially low considering the high quality of life that the city offers, including top-class education, healthcare, entertainment facilities, and more.
2. Quality education: Chennai is filled with A-class educational institutions – right from school through to the university levels – that offer comprehensive education to students. The city offers excellent education across various fields, including engineering, medical, arts & sciences, and more.
3. Advanced healthcare: The healthcare facilities in the city are state-of-the-art and effectively address multiple health issues. From heart and neuro-related issues to eyes and ortho-related issues, the city has multispecialty hospitals that offer care of the highest quality.
3. Friendly people: This is one of the best things about Chennai as a city. The people here are open to new people and offer them a warm welcome and a memorable experience. So, if you are new to the city, you do not have to worry about feeling lost and alienated. That will never be the case in Chennai.
4. Entertainment: Although Chennai is not a popular tourist attraction, it is not short of entertainment hubs. With a galore of malls, theatres, parks, cafes, and more, Chennai offers the best of entertainment as a metro city. In addition to this, the city is also home to Marina Beach – the second longest beach in the world!
These are a few reasons why Chennai is a great place to invest in real estate, especially land. With a real estate investment in the city, you are offering yourself and your family a great quality of life and an enhanced and advanced lifestyle. The next section will discuss the things to keep in mind while buying land in Chennai. Stay with us!
Things To Keep In Mind While Buying Land In Chennai
While the decision to buy land in Chennai is a great deal, actually getting in the process and registering a land is an even greater deal. There are a couple of things you must consider while investing in a plot in the city. A few of them are listed below –
1. Consider the location
One of the most important things to keep in mind while buying land in Chennai is the location. The city is constantly growing and changing, so it’s important to choose a location close to key amenities with good transportation links. There are many different areas to consider, depending on the type of plot you are planning to invest in. So, take your time to research each one before making a decision.
2. What type of land do you want to invest in?
This is also another important thing to keep in mind while buying land in Chennai. You must decide what kind of land you want to buy – if you want to invest in residential land, commercial, or industrial land. This must be aligned with your investment goals. Pro-tip: If you want better and more consistent returns, you can invest in land in a commercial area and develop it into a commercial property and reap attractive returns.
3. Do the pricing and your budget meet well?
Another important factor to consider is price. With the demand for land higher than the supply, you must ensure you are not being quoted a higher price. Always check the market rate of land before going ahead to make the purchase. It’s worth doing your research and speaking to a few different agents before taking up an offer on any property. In addition to this, you must also see to it that the land’s price is well under your budget. This is one of the most important things to consider while buying plots in Chennai.
4. How big or small is the land?
When buying land, size is also one of the things to keep in mind while buying land in Chennai. You need to make sure you’re getting a plot that is big enough for your needs. Again, this needs to align well with your investment goals. If you’re not sure what you want to do with the land, it’s worth buying a larger plot so that you have more options in the future.
5. Is your document checklist up-to-date?
Documents are extremely important in real estate dealings. Ensure both you and the seller are transparent and produce the right documents at the right time. Make sure you have all the necessary documentation in place before making an offer on any land. This includes things like title deeds, patta, encumbrance certificate, planning permission, and more. It’s also worth speaking to a lawyer to get expert advice on the legalities of buying property in Chennai.
6. Is it the right time to buy land?
The timing of your purchase is also important. Chennai is a rapidly growing city, so there is always a demand for land. However, prices can fluctuate depending on the market, so it’s worth paying attention to the trends before making a purchase. Once you have clarity on this as well as your budget, you can decide if it is the right time for you to buy land in Chennai.
7. Is the land promoter a reputed one?
This is one of the most important factors to consider while buying a plot in Chennai. The land business is vast, and it is important that you buy from a good land
By keeping these things in mind, you can be sure to find the perfect plot of land for your needs in Chennai. With a little bit of research and planning, you’ll be able to make a great investment that will serve you well for years to come.
If you are looking to buy a plot in Chennai, look no further than G Square! G Square Housing Pvt. Ltd. is South India’s largest and Tamil Nadu’s No. 1 real estate developer. We offer the best residential and commercial plots in prime locations that are sure to offer attractive returns on your investment. We are transparent in our dealings and are leaders in the field of promoting plots, thanks to our enriching experience in working on land deals with established industrialists and corporates. For details, get in touch with us here.