Step by Step Guide to Purchasing Apartment in OMR

Isn't it an absolute dream come true to own your very own Apartment in an IT hub? Yes, we are talking about OMR Road the famous and top-trending IT hub in Chennai that runs parallel to the upscale and scenic East Coast Rad. Purchasing a flat in a metro city like Chennai is a huge accomplishment, but you sure have your work cut out for you as this will take loads of research and careful consideration to do it right.

Apartment hunting is no easy task because the OMR, Chennai property market is highly competitive. To make an informed decision, follow this guidance step by step, as it might make the difficult process of purchasing an apartment in OMR easier. In fact, buying an Apartment in OMR might be one of the biggest decisions of your life, so be patient and keep this step-by-step guide to buying apartments in OMR close all the best with your property purchasing journey!

Step-by-Step Guide to Purchasing Apartment in OMR

➛Fix a budget

➛Find your apartment type

➛Finalize location

➛Shortlist property online

➛Physically visit the property

➛Identifying your dream apartment

➛Check the titles and seller

➛Legally verify the property

➛Make your offer

➛Arrange your finances

➛Register the apartment

Fix a budget

Don't make the mistake of buying an apartment that you cannot afford. So sit down and analyze how much money you can allot for buying the apartments. In case you're going for a loan, factor in your monthly down payment along with the initial cost, to arrive at a clear picture. Also, make sure to leave room for other monthly expenses and put aside an emergency allowance in case of need.

Find your apartment type

After setting down your budget, it's time to make a wish list. Maybe you desire an open kitchen, or you require a balcony with a view. Put down all these dreams along with how many bedrooms and baths your family will require. OMR offers its residents a variety of configurations like 1 BHK flats, 2 BHK flats, 3 BHK flats, and 4 BHK flats. If you are living alone and need a compact space, then choose a 1 BHK flat. For small families, a 2 BHK flat might be ideal. Larger families can opt for a 3 BHK flat, and for those needing more space and luxury, a 4 BHK flat is perfect. So pick the apartments that align with your needs within your budget.

Finalise location

Location plays a crucial part in deciding your lifestyle, so take the time to zero in on the location. When you buy an apartment in OMR make sure to consider its proximity to educational facility, health care facility, and entertainment facility. Also, make sure your office is not too far away and look into the upcoming metro points in the OMR IT Expressway that will further boost connectivity. Also, consider future development in the locality before finalizing the location.

Shortlist property online

Shortlisting online is the smart move if you have chosen the locality after careful consideration. As it saves your time at the same time gives you the flexibility to explore thousands of properties in the comfort of your home. In just a few clicks you get to know all about a property, find its pictures, its exact address, its seller, and even its contact details. In fact, online tools like EMI Calculator and location-based searches are available at chennaiproperties.in which are very useful for calculating your finances and seeking the right property in your chosen location.

Physically visit the property

Once you have shortlisted the property online, it's time to go and check them out in person. When you go, make sure to assess the apartment layout, and check it all the rooms are receiving good ventilation along with natural lighting. Further, check the quality of the building and evaluate the fixtures and finishes used in the project. Plus, check the available infrastructural facilities and the amenities that come along with the flats.

Identifying your dream apartment

Now that you have visited multiple flats in OMR and verified the property, it's time to finalize your dream apartment. Choose the one that fits your budget, and is strategically located in an area convenient for you and your family. This is a big step, so be patient and vigilant while making this final choice.

Check the titles and seller

This is an extremely significant phase in the flat-buying process. When purchasing an apartment in OMR, the buyer must verify the property title, ensure that there are no mortgages or previous unpaid dues, confirm the property's legitimacy by reviewing the property documentation, and ensure that building approvals are in order. It is critical to ensure that the builders with whom you are working have a clean background too.

Legally verify the property

This is a crucial step, so please do not skip it. Once you have chosen the property collect the required documents from the seller and get it legally verified. Legal verification of property assures that the property you're buying is free of legal issues and encumbrances, that the seller is the true owner of the property, and that all outstanding property taxes have been paid.

Make your offer

OMR is a training real estate hotspot for homebuyers. So you will have to make a quick decision analyzing all factors, in case there are other people interested in the same property. Before sitting down for negotiation, analyze the market of OMR Road and the ongoing trends. Plus, take the time to identify the correct property values in the locality now, so that you can make a smart property-buying decision.

Arrange your finances

Once you have finalized the amount, it's time to arrange for the finance. Now you have to decide how much you are going to put into your down payment. As a higher down payment, reduces the amount you need to borrow from the banks. Which will lower interest amounts and consequently lower EMIs. Before finalizing the loan, assess the interest rates and loan terms offered by other banks and choose the best one among them.

Register the apartments

Property registration helps authenticate that a property has been transferred to the new owner legally. First, you need to draft a Sale Deed that details the property's specifics and transaction terms. Next, you need to calculate the stamp value of your property and pay the stamp duty. Then pay the required registration fees and register the property in the Sub-Registrar’s Office. Here your documents will be verified. Next, you need to sign the documents along with witnesses and finally collect the registered sale deed once the registration process is complete.

After understanding the steps, you might need to undergo a rigorous search for the perfect property. To make your search easier, check out flats for sale in OMR and find the ideal property that meets all your needs and desires.