Quick Tips for Buying an Apartment in Chennai

1. QUICK TIPS FOR BUYING AN APARTMENT IN CHENNAI Are you planning to invest in an apartment in Chennai for yourself? Here’s a reminder check list that will help you make this life choice a successful one. 1. The budget and financing Make a good evaluation of your current income and the stability of source of income. Then pick the budget for your apartment based on that. Don’t get carried away by a builder’s hard sell. You don’t want to be stuck with a huge loan that causes you stress. No amount of luxury will relieve you of the tension of that. Research the banks that offer loans carefully looking into the interest rates and credibility of the lender. Also check to see if the rate of interest is fixed or floating. Other details such as penalty for pre-closure of the loan must be looked into. Know that home loans can be transferred from one bank to another at any point. 2. The Location The location of your home should be considered based on it’s proximity to your workplace or on the ease of travel to your place of work. However beautiful your home, a daily commute of an hour or more through heavy traffic will take its toll on your health and your happiness. Be mindful of the surroundings around the apartment you are looking to buy. A large public hall near the property can cause regular disturbances, or a garbage dumping yard nearby can be nuisance. Too close to the highway or being right on the main road can cause noise and air pollution for you. A good school nearby if there are children in your family and a hospital in the vicinity would be a great plus point. 3. Water Check to see if there is a good water table in the area where you are buying a flat. Having a well constructed apartment in Chennai with no water can be very frustrating.

2. 4. Amenities Many apartments these days come with wonderful amenities that make the apartment more self- sufficient including a grocery store, walking area and play area. A resident need never leave the apartment complex for simple needs. 5. Credibility of the builder Check the builder’s previous projects and their track record on completion of projects. Has the builder been uncompromising in the material used for the structure? Is the electrical wiring and plumbing up to the mark? 6. Building Approvals Basic documents regarding the apartment such as land documents, construction agreements, etc must be checked. The CMDA must approve the number of floors in a building and the space around the building. For a smaller plot the number of floors will be limited and there has to be some basic space between the whole apartment complex and the compound walls. Many rules are flouted but for a resident the space around a building gives the apartment more light and privacy. Very often in Chennai the buildings are built so close together for the sake of larger floor space that air circulation, light and privacy are sacrificed. Also if you buy a top floor apartment that was never approved by the CMDA or illegally approved there is a possibility it may be demolished in some future time. 7. Rain Water Harvesting In Chennai due to erratic rain, rainwater harvesting facilities in apartments are extremely important. You may feel very grateful for it at a time of drought situations where much of Chennai will be buying tankers of water.