Real estate market in Chennai is on the rise. If you are planning to buy a plot in Chennai, then you should keep certain things in mind that can help you in making an informed decision. These factors are floor space index, ownership of land, charges in the area, locality, and so on.

Buying plots for sale in chennai or any other city in India can cost a fortune. This is especially true when you look at the real estate statistics of Chennai, it shows a yearly growth of 8% (for residential property) in 2019. The COVID-19 pandemic brought a halt to the sale and purchase of property. However, property prices continue to rise year after year. This trajectory is not going to stop anytime soon. So, it is important to consider key variables that affect property rates in Chennai when you are looking for land for sale in Chennai.

Weigh all the pros and cons before investing in a plot in Chennai to secure your position. Starting with online research about the various factors that influence the real estate market is a good idea. Here are some of the important pointers that you should consider:

Floor Space Index (FSI)

The floor space index is a measurement that tells you how much space is available for construction once you buy it. You should strive for a higher floor space index area because it will allow you to experiment with construction and create open, airy rooms. If the FSI is less, then a huge chunk of land goes to waste. Investing in property with a low FSI is not a wise real estate investment decision.

Complete Ownership

The legal aspect of property ownership is the most crucial aspect if you do not want to make several trips to government offices in the future. The Chennai government has made it mandatory to own legal land and complete all the paperwork for complete ownership of the property. Verify all of the documents that are given to you, as many people bluff buyers and sell illegal land.

Location of the Plot

If you are investing in residential land, make sure to have a look at the locality. It is recommended to buy a plot in Chennai that has easy access to basic amenities such as schools, shops, and hospitals. There are many plots available in prime areas if you buy from authorized builders.

Don’t Buy Agricultural Land

Many of the plots that are for sale in Chennai are listed as agricultural land. These lands cannot be used for construction. Check the land papers to avoid being duped by fraudulent builders. The best idea is to choose a builder or construction company that has been in business for a long time and has proven its loyalty. Buying agricultural land is subject to a penalty.

Charges of the Area

Different areas of Chennai have different charges for services including water tax, land tax, and others. You should inquire about these charges in advance so that you can make an informed decision. It is important to note that these charges need to be paid at regular intervals (every year). So, invest in land in Chennai only if you can afford these charges.

Buying land in Chennai can be a profitable decision as the real estate market is on the rise.