Have you decided to buy a plot in Old Mahabalipuram Road after careful consideration? Then that's amazing, as it's one smart move you can make to secure your future. Over the years this stretch running parallel to the East Coast Road has unfailingly proven to be a profitable venture. Plus it's now one of the most loved residential areas with people coming in from diverse communities and several parts of the country. These facts have always maintained a high demand for purchasing plots in OMR, but don't worry, in today's blog, we will walk you through, how to purchase a plot in OMR.

How to purchase a plot in OMR?

- Finalize your goals and budget

- Research the location and market trends

- Shortlist property online & visit them physically

- Research the seller or developer

- Collect required documents

- Follow up with legal verification

- Negotiate and finalize price

- Proceed with purchase agreement

- Arrange the required finances

- Register sale deed

- Collect possession and title transfer

The plot buying process in OMR involves the above steps, let's look at them in detail!

1. Finalize your goals and budget

The first thing you need to decide is your requirements and your purpose for buying a plot in OMR. Define if it's for building your future home or if it is for investment purposes for building wealth. In case if you are looking for residential development, then it's a wonderful choice to buy gated community plots that come planned with many lifestyle amenities, while you can choose affordable plots when you are trying to secure land for investment.

2. Research the location and market trends

Do a thorough research of top localities and market trends in OMR Road, and try to find the perfect property that aligns with your needs and budget. Research through online portals, reach local real estate agents, and analyze neighborhoods to shortlist suitable options. Connectivity, proximity to essential amenities, and available infrastructure in the locality should all be considered. At the same time, find out the upcoming development and infrastructural projects that will influence this locality and its residents. Projects like widening roads, metro, and so on have to be carefully considered before buying a plot. Here you can find the top and best localities in OMR to buy plots.

3. Shortlist property online & visit them physically

In this modern world, we constantly rely on online portals to find new projects and property. This is a smart move to finalize your plot in a training area like OMR, where there are multiple promising projects popping up. So when you research online you can save time and easily compare properties and choose the one that fits your needs. Check Chennaiproperties.in, if you are searching for lucrative plots in Chennai, with the given verified listing find your perfect property in just a few clicks. Once you have shortlisted a few plots in OMR, be sure to take the time to visit them physically. Assess the plot location, surrounding environment, roadways, soil quality, and the available infrastructural facilities. Carefully also check for encroachments or any land use restrictions.

4. Research the seller or developer

Once you find the perfect plot, it's time to research the seller on the developer. Take time to identify the seller and look into his background. If it's a joint property, make sure to clearly establish the list of seller identities and in case it's from a corporation, make sure they have the required permit to sell the property. It is advised to check the background of the builder and their portfolio. You can check top builders in Chennai so that you can rest ease knowing that you are in safe hands.

5. Collect required documents

The next step is where the paperwork begins, make sure to collect the required document from the seller. Title deeds, encumbrance certificates, NA orders, original land deeds, power of attorney, property tax bills, and local authority approval documents are some of the main documents that need to be checked.

6. Follow up with legal verification

After collecting the needed document make sure to verify it legally, so that the selected plots have clear titles and zero encumbrances. Perform comprehensive legal due diligence to detect any pending lawsuits, land issues, or zoning requirements.

7. Negotiate and finalize price

Once you have verified that the plot is safe to buy, it's time to negotiate the prices. Before sitting down for this discussion be aware of the market trends, and the current value of the property. Also, consider the property's characteristics and its future development and then decide on the plot.

8. Proceed with purchase agreement

Once the price is finalized, it's time to draft the agreement through a sale deed. Clearly state the terms and conditions of the sale, which also includes the price, possession date, and more relevant information. Once this deed is ready thoroughly read and understand it fully to avoid any future disputes.

9. Arrange the required finances

Arrange the funds required to finalize the purchasing deal. If you are applying for a house loan or mortgage, submit the necessary paperwork to the financial institution for loan approval. Make sure you have enough money to cover the initial down payment, registration fees, stamp duty, and any other incidental costs related to the plot purchase.

10. Register sale deed

Once the finances are ready, it's time for registration at the Sub-Registrar Office. This office varies as per the locality. During this step, you will have to pay the required stamp duty and registration fees set by the government. During the registration, both the buyers and sellers of the plot have to be present, and they should also bring witnesses.

11. Collect possession and title transfer

Upon completion of the registration procedure, gain ownership of the plot from the seller. Ensure that all legal requirements for title transfer are met and that ownership records in your name are updated. Finally, obtain the updated property documentation and a possession certificate from the seller.

Finally, purchasing a plot is regarded as one of the safest and most lucrative real estate investments. However, understanding the plot-buying procedure is critical in order to make a secure and productive transaction. With a better understanding, you might wonder where to find the ideal plot. Your search ends at chennaiproperties.in, without further delay check out Plots for sale in OMR and make a significant investment.