A New Apartment Buying process in Velachery Chennai - from a buyer's perspective - Chennai Madurai Real Estate Trichy

This article is an outcome of a buyer who came across a buying process in Velachery Chennai. I have been with him while he bought the apartment in Velachery Chennai. Here is the story.

The buyer is a person working in a software company in Chennai. He has more than 10+ years experience in Software industry and he has a successful career as such with good earnings and good success in the work as well. He has been living in US and also in cities in India for work.

The Wish: As a first step to buying a property in Chennai, the buyer has to get a wish of buying a property in Chennai. The buyer has to come up with a thinking of buying a property in the city so that he can use it or rent it etc.,

Evaluation: There are lot of questions to be answered, just after the wish for the buyer. Not just the wish is enough for a buyer to buy a property in Chennai City.

How much money he/she can put in as down payment?
Is it only one applicant for loan? Is it going to be a couple of applicants?
Are we going to buy an apartment or an independent house?
Which location to buy apartment or house in Chennai?
Am I going to buy a 2 BHK or 3 BHK or 4 BHK?
Are we looking for a new property or old property?

The evaluation is a whole different article to be written. We will write about it.

Looking out for property: Once the buyer has done the evaluation in terms of money and also his/her preferences, he/she looks out for the property in preferred areas. This can be done via Internet, Contacts, Mediators or by just going around that preferred area, if there is a building construction is going on or not. N number of site visits are done, and at last....

Shortlist of properties and selecting one: Once the buyer shortlists the properties from the huge list of properties and preference matches, the property is selected. Once the property is selected, next the process of buying starts...

More of this will be continued soon in another article..

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How to get EC for land, house property? What are the extra costs involved in buying a property

Encumberance Certificate costs in the range of Rs.450 to Rs.2000.
Rs.450 is split as Rs.250 (Actual), Rs.100 for Bribe and Rs.100 for speedy process.
This can be done for 30 years.

Also, depends on different Registrar offices and different centres.
For example, Trichy KK Nagar - 15 years Office. It is better to check in other Registrar offices, if you want to thoroughly check about the property - to make it clean.

For Legal (lawyer fees), usually it is Rs.2000.

Some of the other costs are -

Stamp paper - 8% of Guideline value.
Registration - 1% of the Guideline value.
Rs.500 per lakh in guideline value for Registrar.
Rs.1500 to to Rs.2000 for Documentation Writer.
Kalaipani for any building Rs.5000.
Brokerage 1% to 2%

How to buy House or Land Buy/Sell Registration Procedure - Tamil Nadu Chennai Madurai Trichy

House or Land Buy/Sell Registration Procedure
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1) Cash or Cheque payment to the Builder

2) If by Cheque/Bank payment - let the Bank representative pay the amount by cheque and the registration procedure starts.

3) Documents are prepared in all sides. - Document preparation is a separate task before that.
Builder prepares 2 or 3 copies of the document.
with builder/seller and buyer signed with photo.
all the details written in the document - pathiram done/ready.

4) Sale Deed is submitted to Ila nilai saarpathivaalar - and a token is taken.
5) The buyer and seller waits for the Token number to come.
6) Once our token number comes in, then the pathiram also reaches the appropriate table - sub-registrar or registrar.
7) the registrar or sub-registrar (depending upon the registrar office), will collect the registration fees (<1000, cash; and above that DD only) write down the document number in the document and sign it in all the copies of the document.

Kalai pani is paid.
And also the bribe is paid Rs.1000 to Rs.1500 for the registrar. For all the sub-people will get starting from 100 to 200 etc.,

8) Registration fees is paid in the counter - 8% for stamp duty.

9) Once the fees is paid - receipt is received for the amount paid.

10) Also the log of the transaction - signature is done in the register and also hand prints are made in different log books by both buyer and seller.

This article sponsored by OruAcre.com