Budget Apartments in Porur Chennai

Prerequisites to be Noted Before Purchasing Your Own House in Porur

Purchasing a new home could be downright scary and pressuring. People tend to be more defensive, as buying a home is not just going to a shopping mall, adding stuff to your cart, and swiping your credit card. It’s more than buying a THING; ANYTHING. Safe to say, it is going to be the most significant investment for most. The past years have been kind to homebuyers. It doesn’t entail that the process of picking a location and deciding what to buy has become simpler. 

Hold up. When you talk about buying a futuristic smart home in the city, you can’t ignore the fact that the Chennai real estate market is one of the more lucrative markets in the country. You are settled for life if you own a property in Chennai, and this is undeniable! Chennai‘s real estate is a game of scales, certain areas have become stagnant in growth, and certain areas are flourishing. One such spot is the old-fashioned Porur, with a few new twists (Porur Saravana Stores & the upcoming Metro project, we’re looking at you). 

Thousands of site visits happen here every day, at different spots. It’s a happening place for real estate in Chennai, as of now. The growth rate of the area is 32%, which is massive. Property prices spiked here since 2017 (after RERA, PMAY, GST, etc). Now, it’s somewhere between Rs. 4000-7000. The duos that intrigue buyers are that Porur is an excessively compelling residential neighborhood and with affordable pricing.

Residential real estate in Porur led way to commercial and rental real estate. What is that which made Porur gain traction as a residential core?

  • Emerging IT centre
  • One of the most resourceful areas in Chennai.
  • Calm neighbourhood
  • Wide range of options
  • Affordability
  • Prudent investment options
  • Excellent social infrastructure
  • Adequate entertainment centres
  • Unquestionable connectivity to the rest of Chennai

Now that you’ve opted for Porur, you want to choose the right home for you, here? Fret not, here are a few things you need to note before purchasing your home. 

#1.The requirement checklist:

→ A realistic budget for Porur:

The first step to buying a house is to set up a workable budget. As of now the property value in Porur is ₹5200 approx. So, match your budget to the best apartment range, whether it’s 2,3 or 4 BHK. At the end of the day, all that matters is that you pick the right sized apartment that is comfortable enough. Did you know that in the Q 1&2 of 2019, 2 & 3BHK flats for sale in Porur were trending in Chennai? Nearly one-quarter of the real estate sale that was happening was 2 & 3BHK. Coming back, try to keep the extra charges such as registration charges in mind before fixing a budget.

→ Apartment possession:

New apartments for sale in Porur are mostly builder floors and gated communities. Most of the apartments are ready to move in here. So, you might want to weigh what might be beneficial to you. If you are someone who’s particular about crafting little details to your home yourself then under-construction apartments would be your ideal option. Or if you’re an investor then it is best to go with the trend and invest in the flats that have a good rental opportunity. Now, the rental value here is ₹20,000 and above. People from the DLF IT corridor in Porur, prefer to rent here purely due to convenience.

#2.The ambient environment checklist:

→ Traffic woes:

 Here’s the difference between your home in Porur and your monthly salary. Your salary doesn’t arrive on time but with the Porur flyover, you are always on time here. Take one straight road from Porur and you reach Vadapalani, one of the epicentres of Chennai. Also, there’s easy connectivity to Guindy via Mount-Poonamallee road. Wide roads that are clean, and often laid, make commuting through road a smooth one.

Porur Flyover

→ Water in Porur:

Porur lake is a major source of freshwater not only to the region but also to the other parts of the city. So far, the water crisis in Chennai city has not affected this region.

Porur lake near Fomra Hues

#3.Research the builder’s foundation:

→ Legally fit:

Most buyers get stuck in this part. Unless and until you have prior experience in home-buying, it isn’t easy to understand the legal framework involved. Option one to tackle the situation would be, get legal advice; option two would be, follow this 4 step process.

  1. Check for the ownership of the property, start from there and make your way to the more complicated parts. Go through the deed to find out the property ownership, the debts if any, the lawsuits if any.
  2. Look for the land record. The land on which the soil is built is very important. The quality of the property begins here. Proper approvals to build on the land should be in the record.
  3. Ask for the NOC from various municipal corporations such as the electricity board, sewage board, and water board.
  4. Get a clear idea of your agreements with the builder. The carpet area, parking space ownership, etc.

→ Maintenance, pre-EMI, and GST:

One of the things we forget in the home buying process is that there are a lot of other small charges that come into play and they vary from builder to builder. Petty-EMI and maintenance charges are 2 things that ought to be discussed in advance. There are flats for sale in Porur that offer various incentives including GST reduction.

Porur, Chennai is one of the best locations to close the deal on your big decision. But keep in mind that you foresee your needs and devise a purchase plan.

FAQ

There are a number of factors, but it is always important to look for the prime ones in the list. This includes property location, price, builder experience & reviews, legal verification of the property, total built area, property sq.ft. area, age of the building, amenities & necessities nearby are among the major factors to look for before buying a flat in Chennai.
Yes, it is one of the important aspects to have a site visit directly before having a relationship with the builder. It helps to analyse the property value, construction methods used by the builder, gives a security check of the location and moreover, lets you know whether the property is easily reachable.
No, but it may look like a tedious process for first-time homebuyers. Buying a residential flat in Chennai may take a lot of your time, but moreover, the time you invest is for buying a long term asset for your future. There are a number of support avenues available in the form of financial, legal, property finding from various builders, banks and property websites, to make the flat buying procedure easy and comfortable.
It is very difficult for most people to buy a flat with a single cheque. In order to help them, many banks, NBFCs and other institutions offer various means of loan like microloan, mortgage loan, home loan and plot loan to purchase empty land, and home construction loan helping various standards of people to fulfil their requirements. Even builders extend their support, having tie-ups with the bank for getting a loan for people having a relationship with them.

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