The real estate market of Chennai has witnessed considerable growth over the last few years, driven by a growing economy, infrastructural advancements and rapid urbanisation. The strategic location of the city, as well as its prominence as an industrial and IT hub, has led to significant residential and commercial developments. Buying a plot in Chennai would be a smart option for both real estate investors seeking high ROI and people wanting to construct their homes in the city. 

Conduct a Location Analysis 

The very first step of buying any property is to carry out a locational analysis. When we are buying a residential plot, it is prudent to find a property that is well-connected and provides good access to facilities like schools, hospitals and markets.  For instance, when planning to buy a plot in Chennai, we should consider buying land for sale in Tambaram. This locality provides convenient access to some of the key areas of the city, including GST road, OMR road, and Anna Nagar. It also enjoys a good social infrastructure, making it an ideal place to settle down with our families. Moreover, some of the top real estate companies in Chennai offer plots in Tambaram.

Verify the Identity of the Seller

After finding a budget-friendly plot at our chosen location, we need to make sure that the seller is the legitimate owner of the land and has the authority to sell it. To avoid falling victim to fraudulent transactions, it is prudent to request the identity and address proofs of the seller beforehand and cross-verify all the details. 

Carry Out Document Verification

Simply verifying the identity of the seller is not enough. We also need to properly examine all the relevant property documents to ensure transparency in the process. The documents to check would include the title deed of the property, encumbrance certificate, and property tax receipts. We would also have to check conversions and land use approvals prior to buying a plot. Hiring a legal expert to check the paperwork would help identify any discrepancies or potential legal issues.

Check the Floor Space Index (FSI) 

FSI implies the maximum permitted area that a builder may construct on any given piece of land. This is an urban planning and zoning parameter used to regulate the density and intensity of development in a particular area. FSI tends to determine the ratio of the total built-up area allowed on a plot of land to the total area of the plot itself.

While buying plots for sale in Chennai would be a good idea, you need to keep the steps mentioned above in mind before making any investment. These steps will help you select the right property that fits your needs and lower the risk of fraudulent transactions.