As the capital of one of the fastest growing states – Tamil Nadu, Chennai is one of the most attractive destinations for NRIs looking to invest in India. Chennai has a thriving culture and a vibrant economy with a strong industrial base comprising automotive, manufacturing, biotechnology, IT/ITES and healthcare sectors. Its promising future makes it the home to large corporates, research centers, educational institutions, and cultural landmarks.
There are a variety of options for real estate investors from Premium gated community plots to Trendy apartments in Chennai. Two of the key questions in the mind of NRIs looking for Properties in Chennai are –
- What to Invest in – Plot or Apartment
- What steps to follow to make home ownership hassle-free
- Where to invest in Chennai.
Read on for answers to these questions –
Plot or Apartment?
This would primarily depend on your budget and the purpose of purchase. If you are looking for a vacation home where you can live when back at home, the obvious choice are the apartments in Chennai located in thriving localities like OMR, Thirumazhisai, Guduvanchery which promise good appreciation and also have the right infrastructure for comfortable living. If you are looking at returns on a lower investment with a foresight of building your home on your piece of land, the obvious choice is a plot in upcoming locations in the city.
Tips for hassle-free property purchase in Chennai
- Do your research comprehensively – Understand the trends, the major neighborhoods and price points of flats of sale in Chennai and its various localities. Do your homework on demand and supply trends, legal aspects and tax implications.
- Get a pre-approved loan – Many banks offer NRI loans and this can help you get a better idea of how much you can afford, while making the buying process smoother. Be sure to shop around with multiple banks to ensure you get the best deal.
- Choose your property – Consider factors like the locality, neighborhood, access and connectivity, infrastructure, amenities on offer, track record of the real estate developer, quality of construction, design, area number of rooms.
- Verify the documentation – Perform a thorough review of the legal documents and statutory clearances, preferably taking professional help of a lawyer. Some of the key artifacts to be reviewed include – title deed, sale agreement, encumbrance certificate, tax receipts, building plan approval, occupancy certificate, completion certificate, and other relevant documents. You also need to ensure that the property is registered under RERA – Real Estate (Regulation and Development) Act, as it ensures improved transparency and better protection of buyer’s interests.
- Finalize financing and payment options – As an NRI, look for options with online modes like wire transfer and online transfer for better tracking and visibility. Remember that you need to factor in statutory costs like stamp duty and registration charges when you estimate the overall cost and arrange for payments.
- Take possession – Upon completion of all formalities, take possession of the property and get it transferred in your name by registering with a sub-registrar. During the handover of keys some items to look for include – payment receipts, invoices, warranty cards, maintenance manuals and other related documentation from the seller. Also get the utilities like electricity, piped gas, water, and broadband connection in your name.
Top Localities to invest in Properties in Chennai
Preferred Localities to buy Plots
- Thiruvallur & Neighbourhood – This place has witnessed exponential development in a short span of time due to its Industrial and infrastructure development. The appreciation of residential Plots here has been highly encouraging drawing the attention of many NRI investors.
- Thirumazhisai – Located just next to Porur this locality has become the go to place for those interested in residing in a green and serene environment and also enjoy good connectivity to the rest of the city. Metro Phase II expansion, industrial development and establishment of good educational institutions in the neighborhood, and the availability of Premium Gated Community plots has made this place a good locality for investment.
Preferred Localities to buy apartments in Chennai
Based on budget, preferences and purpose, here are some of the top areas for NRIs looking for apartments in Chennai –
- OMR – This is the IT hub of Chennai with offices of many MNCs creating a huge demand for housing and amenities in this southern area of the city. It has good social infrastructure and is well-connected by road to the other parts of Chennai.
- Madhavaram – A fast developing area in North Chennai, Madhavaram is expected to be transformed with the soon to be completed metro rail links to the rest of the city. With many schools, hospitals, markets, and temples in the vicinity, Madhavaram has numerous upcoming residential and commercial projects.
- Thirumazhisai – This fast-developing western suburb is close to numerous IT parks, SEZs(Special economic zones) and manufacturing companies. Thirumazhisai is close to the upcoming greenfield airport and property prices in this locality are expected to appreciate rapidly.
Chennai is a great place for NRI property investors and with the pace at which the city is experiencing infrastructure development like the CMRL Phase II work, and the development of futuristic real estate projects that promise Luxury Living like never before, the city has a lot to offer for the interested NRI investors.