WHAT TO LOOK FOR WHEN BUYING LAND INCHENNAI

“A mighty ten bulleted checklist that details how to value land in Chennai,shortlist few properties for purchase and verify builder credibility. Although a lot ofwebsites can vouch for the type of major and minor documents needed for buyingland in this southern city. These lines below, enfold the perspective of a modern daytransaction that goes beyond the Patta (private ownershipproof) documentverification. Yes, we have a lot more than documentation, Chitta and Adangal to findthe right type of the property.”

Wisdom Properties detail how to value land inChennai’

Thanks to geniuses like D.E. Dowall, the Land Market Assessment

(LMA)technique was structured by Policy makers. This technique focused on

acquiring strategic local land information and market operations using several

primary and secondary surveys and analytical protocol. Fetching faster and

accurate data regarding market operations, urban development patterns, land

usage analysis and current prices reduces risk to builders and enhances growth

fiscally and economically.

Other than the LMA and other major factors to decide market prices, there is

also a very big factor that influences the cost of land, Land Management, which

includes mortgages and investment in the area, utility and facilities, land

resources usage, environmental impact assessment and much more. So how

much of work goes into primary surveys of a single city is evident. Entire

Chennai alone was categorized in to four prominent zones, namely central,

north, south and westi.e. a total of 70+ localities spread over(please note East is

missing in this list). Based on several factors like the ones mentioned below – a

Guideline value is decided and maintained for the area.

Guideline value changes are available with the Registering officer in that area.

1. Amenities

2. Bank Interest Rate

3. Black MarketChanges

4. Floor Area Ratio (FAR)

5. Inherent Potential Value

6. Land Use

7. Locational Advantage

8. Prevailing market trends

9. Recent Investments

10. Scarcity value

How to shortlist few properties for purchase?

So, how would you shortlist properties? Definitely not at a random pace – counton your little preferences first and then word of mouth online and offline.Secondly, consider Chennai growing at a future point in your time. A year onyear increase in selling residential and commercial units - creates a hugedemand for plots close to Chennai City center. Overall, Chennai plots for salecan be classified as - Premium, Budget, Farm and Hill locale.

Wisdome Properties would love to help you with the investmentareas in eachpopularzone. We could sit together to find your exact requirement today- giveus a call.

South Zone

1. Adambakkam | Anakaputhur| Ashok Nagar | Besant Nagar| Chitlapakkam| Guindy Industrial

2. Kodambakkam | Madipakkam | Meenambakkam | Nandambakkam |Nandanam | Nanganallur | Old Pallavaram | Pallavaram |Pazhavanthangal | Polichalur | Raja Annamalaipuram | Saidapet |Satyamurthi Nagar | Sholinganallur | Sidco Estate | Srinivasa Nagar |Tambaram East |

3. Teynampet | Thyagaraya Nagar | Vandalur | Virugambakkam | Adyar |Chromepet | Kotturpuram | Mylapore HO | Pammal | Perungudi | RajBhavan | Selaiyur | St. Thomas Mount | Tambaram HO | Tambaram IAF| Tambaram Sanatorium | Tiruvanmiyur | TTTI Taramani | Velacheri |West Mambalam.

North Zone

1. ICF Colony | Anna Nagar East | Anna Nagar West Extn | Chennai HighCourt Bldgs | Jawahar Nagar | Kodungaiyur | Kolathur | Madhavaram |Madhavaram Milk Colony | Manali New Town | N. Chennai ThermalPower Project |

2. Perambur Barracks | Pozhal | Railway Car Shed Complex Avadi | RedHills | Royapuram | Sholavaram | Sowcarpet | Tiruvottiyur |Tondiarpet | Vyasarpadi | Washermanpet | Ennore Thermal Station |Manali

West Zone

1. Alwarthirunagar | Ambattur HO | Ambattur Industrial Estate |Aminjikarai | Anna Nagar | Arumbakkam | Avadi Camp HO |

2. Avadi IAF | Ayanavaram | CRP Camp Avadi | Korattur | Korattur R.S |Koyambedu | Kunnathur | Padi | Pattabiram |

3. Poonamallee | Porur | Saligramam | Shenoy Nagar | Tiruverkadu |Vadapalani | Villivakkam

Central Zone

1. Anna Road HO | Broadway | Chetpet | Choolaimedu | Egmore | Fort St.George |

2. Gopalapuram | Greams Road | Kilpauk | Nungambakkam | Park Town HO| Royapettah | Tiruvallikeni | Vepery.

Verify Builder Credibility

1. A good builder will have considerable contacts within the three primary

organizations which are the Sub Registrar's office, Taluk office and the VAO office. So,

practically, the builder would know the paper documentation required for his projects.

Feel free to enquire about the builder with any of these public service officers.

2. Projects that receive a CMDA approval can be an assured a non-demolishing act.

Without proper procedure like the strong legal justification – one cannot even touch

the structure.

3. Builder should plan thelayout in accordance with the NBC (National Building

Code of India)

4. Proper environment clearance NOC and other No Objection Certificate‘s from

resource units like water and electricity board is evidential.

5. Check the Builder’s master plan layouts – crosscheck these with the town

planning department.

6. Bank approved properties do their due diligence before clearing property loans.

7. Proper documentation check - View Patta/Chitta Extract and Verify Patta

Extract- Read in between the Register Extract, Verify land dimensions… Etcetera

8. Check the Patta for the balance of previous owners – whether theypaid the

property tax or have dues

9. Document transfer to the buyer's name is mission critical after the purchase is

completed – with adequate witnesses.

10. ‘Chitta’ and ‘Adangal’ documents are needed to avail farm loans from primary

agricultural co-operative banks.

Generally, while working with a reputed builder, he would have his set contacts,

connections, approvals, bank authorizations, promoters and other important records. The

builder itself will follow up with VAO and other concerned offices for availing these

documents. Definitely, deals with a reputed builder like us – help you stay at ease andlive

stress free. Contact WisdomProperties today.