The Ultimate Checklist for Buying Apartments in Madipakkam
Chennai is one of those states in India that has witnessed a surge in the property market in the last few years. Despite a series of adversities that struck the state including the devastating floods, the demise of Chief Minister and similar individual and industry setbacks, Chennai real estate industry has reclaimed its state phenomenally with a renewed increase in sales and installation of new buildings and apartments in Madipakkam area, and in fact, in every region of the city.
In the first six months of 2017, when Chennai started to regain its position, Madippakam is one of those micro-markets among Mahindra World City, Thalambur, Navalur that are relatively cheaper catering to the mid-segment consumers who prefer cost-effective living near their workplace. Chennai’s house hunters are looking for possibilities of easy commute from wherever they live and settle for the rest of their life. This place, Madipakkam, is located in the South of Chennai recently added under the Greater Chennai Corporation. Though demonetarization had shaken up the older state of real estate, it hasn’t affected the self-governing developers with the right properties targeted at the working professionals.
The transformed regulatory framework makes India more attractive to global and local investors. More transparent real estate has whet the appetites of investors in promising real estate markets of India including Bangalore, Chennai, Gurgaon, Mumbai, Jaipur, Nagpur, Indore and more states.
So, if you’re planning to buy flats or apartments in Madipakkam, Chennai, you should be happy as the launch of Real Estate Investment Trusts (REITs) will give you the tastiest and most affordable pie of housing projects in Tamil Nadu.
The effect of RERA in Chennai, Tamil Nadu
Real Estate Regulatory Authority (RERA) in Tamil Nadu has begun staking out its territory with various real estate agents and firms to receive their registration numbers and enlist with the state body. Rules of property purchase have become more stringent with the implementation of RERA and Real Estate (Regulation and Development) Act 2016, where the government has streamlined the process and made it more secure and reliable for the buyers.
That said, for each one of you planning to buy an apartment in Madipakkam, Chennai, here’s a checklist to follow for a carefree, comfortable purchase:
· Before buying apartments in Madipakkam, purchasers should confirm if the property dealer is TNRERA (Tamil Nadu RERA)- accredited.
· Now, the builders and developers will have to provide the registration number of TNRERA if they are into development or the built-up area is 500 sq. m or if the number of development units exceed 50 units. This will come up as a big relief to home buyers who had to suffer from delayed timelines.
· As RERA comes into force, this is the best time to purchase houses in Tamil Nadu. Buyers and investors should check all the details about the project on the respective website as every RERA-registered developer is out to upload comprehensive information along with all documents related to the project.
· As a buyer, always be focused on developers who are financially stable and have an established time record.
· Don’t pay for the super built-up cost because under RERA, only carpet area cost is included in the selling price.