New Delhi (India): Chennai is a major metropolitan city in India and one of India’s fastest-developing metro cities. Chennai has several major industries, including automobiles, software, and hardware manufacturing. Chennai has been the second home for real estate investment in India, and here are a few considerations while purchasing double-hand flats.
Discover the correct location :
Location matters a lot when it comes to buying used flats in Chennai. Some areas reached saturation, and some localities were where there was expected future growth. If you are purchasing for investment, please do basic locality checks before finalizing the locality.
Chennai Tambaram East zone has grown exponentially in recent years and is expected to grow big. Localities like Madambakkam, Mambakkam, and Ponmar are witnessing tremendous growth. Since Madambakkam is closer to Medavakkam, you can consider resale or new flats in Madambakkam or any gated community flats in Medavakkam, which will deliver good returns.
Present Condition of the Apartment :
The present condition of the flats is a critical consideration. You can bring in professional property managers to check for the state of the building, plumbing, electrical fittings, and any ceiling leakages. If purchasing the topmost floor, please remember to check for the terrace.
You have to check the age of the building as well with the professionals.
Cross-check the size and layout:
You have to measure the flat and cross-check whether it matches the given floor plan in the agreement. It is super important to check this factor, and it will become complicated in the future even if you miss out on 50 sq ft in the measurement. If the apartment has a private terrace, please ensure everything is mentioned in the agreement with sizes and drawings.
Check for Resale Value :
You may want to resell the flat in the future, so please consider whether the locality has a resale value and whether the apartment will withstand at least another 30 to 40 years. If not, please check for the flat’s UDS ( Undivided Share ); this determines your resale value even if the building becomes weak. The higher the UDS value, the more resale value you get in the future. UDS value is directly proportional to the land value in your locality.
The builder’s reputation is also super important when considering second-hand flats; this determines the quality of the construction. You can research the builder and get feedback from the existing dwellers. The resale value of the property depends on the quality of the building.
Legal Documentations :
Ensure that all the legal documentation related to the flat is in Order. This includes ownership of the apartment, Encumbrance certificate, Registration papers, EB card, floor plans, and any other relevant legal documents. Please verify all the pieces with the respective property legal advisors/lawyers.
While checking the documents, please check for the accessibility to amenities within the premises and the allotted car parking if it is a gated community apartment.
Finalize the budget :
You can easily find the ongoing price per sqft in any locality by doing little research on any property portals. You can also take help from the property managers or consultants to negotiate with the owner. If you are going for a bank loan, checking for eligibility before sitting for negotiation is advisable.
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