Way to Buy a Property in Chennai

Chennai the fastest Growing Information Technology Center. Chennai is the capital of TamilNadu formally known as Madras. If you are looking for buying a property in Chennai, then it is a good News for you because the rates are mostly on square feet. There is a regular demand for Residential projects in Chennai. Buyers are looking more on the environs as they cost much lesser than in the city. Commercial property is always in demand due to the aggressive growth of the Information Technology and 'Business Process Outsourcing' companies in Chennai. If you compared Chennai to other Metropolitan city, then you can found that the property rates are less. There are numerous financing options offered by banks for property loans.

Every individual dream to buy assets in Chennai and hence a lot of care needs for selecting the assets. This mechanism involves a lot of paperwork and to understand these proceedings, the buyer needs a lot of patience. So you need to make sure you know some terms before you buy property in Chennai.

The most relevant information or document that you need to know is Property card or Title report. This document is not a certificate, but it is a report card prepared for the seller by His/her lawyer. You should always choose a lawyer well proficient in Real Estate dealing. The agent should check all the detailed information on your behalf about the property that you want to buy. The vendor should detach the title report, property and should have the right of ownership. The property should be approved by the Land Development or Planning Authorities. The vendor should have purchased the property with his or her funds, and it should never have been mortgaged before. A ‘No Objection Certificate (NOC)’ is to be obtained by the builder or society. Property tax bill, electricity bill, and water bill dues need to be cleared. A clear cut decision has to be taken by the buyer and the seller of who will pay ‘Society Transfer Charge’. You should make sure that your lawyer gets all these documents explained to you and handed over to you.

In the end, by paying cash and not disclosing the actual amount, you will be merely postponing the assets. When you wish to sell the property, some day hopefully, the price of goods will be high, and you will make a good profit. But as your goodness may have it, if you deal with a reliable buyer, who presses you on waging everything above board, you will end up paying a significant capital gain tax! Later. But for now, start pessimistic but keep buying. Remember when buying property you can never be too paranoid.

My name is Rahul Kumar. I'm a content writer at BuyPrpoerty.com, India's largest real estate portal with exclusive focus on Property in Chennai and Properties in India For information about Properties in Chennai, visit¨ on http://www.buyproperty.com/articles

Rahul Kumar has an excellent Knowledge about investment in Indian Real Estate industry. He passionate about writing about Real Estate market and investment for more details you can check out his latest articles on http://www.buyproperty.com/articles.