FAQs

The estimated market value of the property that is according to the records maintained by the Government is called the Property Guideline value. Under ideal circumstances, the property guideline value should reflect the true market value of the property.

• Elaborate on Your Income to the Lender’s Representative
• Keep a Check on your Savings
• Opt for a Lower Loan to Value (LTV)
• Consider Choosing Peer-to-Peer Lending
• Apply With A Co-Applicant

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Real estate is considered as the most booming industry in Chennai and research and experts state that real estate is one of the safest investments to your future.

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• Verify patta
• Verify encumbrance certificate
• The seller should have a clear title of the land. Hire a property lawyer to check this.
• Verify the identity of the seller.
• The plot must have received CMDA approval and should be sanctioned by the local body. You can get the copy of the CMDA approved layout for a nominal fee.
• Check if the plot has received the approval of the CMDA and is sanctioned by the local body. You can obtain a copy of the CMDA approved layout for a nominal fee.
• If the plot is outside city limits: If your plot is within a layout, then it should have a District Town & Country Planning (DTCP) approval. Minimum standards for road width, public areas like parks, etc. will be followed in the DTCP approved layout.
• Verify the land-use zone as per the master plan for the plot.
• Verify land measurement. You can get it done with the help of a local village surveyor and get the official seal from him on the drawing in the Field Map Book.
• Check if the roads and park area have been handed over to the local body.

CREDAI which stands for Confederation of Real Estate Developers’ Associations of India is the apex body for the Indian real estate industry.

If the developer has included a warranty of any sorts in regards to the completion of the project in a signed contract, the buyer can take strict legal actions against the developer for delays caused by them. Also, as per the Consumer Protection Act 1986, a buyer can file a complaint against the developer stating “deficiency in service” in case of delayed possession.

You have to obtain Planning Permission from the CMDA before you undertake any development as per the Town & Country Planning Act. The permission is valid for 3 years from the date of issue. You can renew the Planning Permission for another period of 3 years after the date of issue by an application within the validity period of issued Planning Permission.

Chennai Metropolitan Development Authority is a statutory organization of the Tamil Nadu Government. Its responsibility, among others, is to regulate all physical developments within the Chennai Metropolitan Area on planned lines. For serving this purpose, a master plan to designate the land use permissible in the entire Chennai Metropolitan Area has been prepared by CMDA.

TAMIL NADU REAL ESTATE REGULATORY AUTHORITY. The Real Estate (Regulation and Development) Act, 2016 aims to regulate and promote the real estate sector by controlling the transactions between buyers and promoters of both residential and commercial projects. It also has provisions for establishing a regulatory authority at the state level called "Real Estate Regulatory Authority" (RERA) for monitoring the real estate sector and adjudicating disputes relating to Real Estate Projects. The main aim of the Act is to protect buyers and help investment in the Real Estate Sector.

• It promotes the rights of homebuyers and developers
• It aims to create transparency in the state’s real estate sector
• It has helped increase accountability in the sector and in the transactions
• It offers speedy redressal for disputes
• It aims to create a favourable environment for real estate investments
• It encourages efficient and timely project execution
• It standardizes the real estate development and construction process

An approved plot is one that has been verified by the CMDA. It basically means that the plot can be used for real estate transactions and the owner can modify the plot according to his/her wishes. The procedure for getting a plot approved is fairly simple.

The market value of the property refers to the guideline value that is decided by the government. This value depends on the zone where the said property lies.
General stamp duty and property registration charges are listed below.

• Registration fee - 4%
• Stamp duty - 7%

A consumer can file a complaint against developers by clicking on the below mentioned linked.
https://www.credaichennai.in/consumer-grievance/about-cgrf/

A mortgage is a financing option in exchange of title for debtor's property with the condition that if the person defaults on the loan then the mortgaged property will be taken over by foreclosure and upon payment of the debt, the conveyance of title becomes void.

A mortgagor is a person who borrows money for the purpose of purchasing a real property while a mortgagee is an entity that lends money to a borrower against the security of a property.

If you own a home, you will be expected to pay property tax to the urban local authority under which the property lies.