Understand Plot Categories around Chennai - Premium,Budget, Farm and Hill

Several factors have propelled the demand for residential units in and around

Chennai. Influx of large MNC units in this area and known to be the largest

manufacturing hub in south India and the popular Port city – Chennai seems to be

doing a year on year increase in selling residential units. There is a huge demand

for plots close to Chennai City center. Chennai plots can be classified as -

Premium, Budget, Farm and Hill locale.

Premium Plots

Upcoming residential / housing sites in and around Chennai are, Guduvanchery,

Oragadam, Sriperambuthur, Singaperumal Koil, etc. Most of the ‘Premium plots’

are usually DTCP Approved Layouts. Some premium properties are available with

Gated Layouts that surround Tar Roads. Refined taste of flora and fauna hit the

eye during site visits. Avenue Trees and Rain Water harvesting and efficient

drainage systems help the residents understand that the site is ready for

immediate construction. Although several families initially thought Chennai was

dry, surprisingly, sweet water is available at 10 Ft ground level.

Hill Plots

Hill Plots are usually breathtakingly beautiful natural settings, with green hills

that overlook Chennai roads. The Enclosed plot promises of a pollution-free

environment away from the hustle bustle of the city life. And yet the city would

be just a drive away. Complete harmony is assured and so are the world-class

modern amenities and abundant nature’s gifts by different developers like

http://www.wisdomproperties.com in Chennai.

Budget Plots

Area measuring 600 sqft,1,245 sq.feet, or even higher can be classified as Budget

Plots near Chennai. These are open plots or just land in a prime ‘location’ within

or very close to city limits, with bounteous water supply, good ventilation & much

more. Several families who want to stay with independent houses and yet are

within city limits opt for such plots.

Farm Plots

Green Estates of Farm Plots with Coconut Trees, Palm trees, Jackfruit trees,

Mango Trees, and even Sandalwood Trees (in exclusive areas) along with Ground

water. Farm Plots with clear title in good location with all basic needs nearby and

more. Contact Wisdom Developers for more details. These prove very good for an

investment. Yes, you’d be interested for more details. But before buying plots and

starting construction – there are few priorities that need to be considered.

No, the term is not Home loan but ‘Land Loan’ here. And there is no ‘income

tax deduction’ on interest paid on land loans. And there is still more good news; it

makes you eligible for tax break. Tax deductions will be applied and levied only in

the year of complete construction. That is after the submission of Completion

Certificate from authorities concerned in the CDMA. Yes, one still has to pay

down payment, the loan-to-value (LTV) ratio for buying plots is often very high.

All documentation needs to be in order. Property documents for Plot purchase

include ownership of land, also, original documents pertaining to revenue receipts,

area measurement records, and tax receipts. After all the paperwork, that has been

submitted what makes buying the residential plot in an urban area worthwhile?

But of course flexibility to use money between the residential construction and

the loan acquired for the plot. Say, you had planned to buy a bigger plot to build a

house on, and had applied for a loan accordingly. But then you decided to buy a

smaller plot. This facilitates your choice to alter how much you spend on what

within the amount given on loan makes the terms more flexible.

Verify the land use for that zone as per master plan for the plot. Never use

agricultural land for residential purposes. It is imperative to get the right

paperwork. Obtain planning permission from CMDA and building approval from

the concerned local body. Only then move ahead with your construction plans or

else liable action would be enforced against unauthorized and deviated

constructions. Crosscheck seller’s right over the property. Completion certificate

to be obtained for the building.

Evaluate Pattah and Encumference certificate for the property Get a copy of the

CMDA approval and sanction for a nominal fee Going through Bank formalities,

there will always be assistance and crosschecking from the bank officials. So, then

one could be less at risk. Chennai plots continue to invite residential land

investments and a lot of properties are available to satiate this demand. These plots

often surround areas that offer finest of educational, healthcare, and infrastructure

hubs. Be sure to spend long fruitful hours dealing with the real-estate rules and

guidelines and only then step into it. Good luck with your investments. If there is

any help you require, do not forget to contact a good real estate company.