There are numerous factors which govern a person’s choice of a residence, but they are predominantly influenced by his social and economic standing. The Chennai Metropolitan and Development Authority (CMDA) in its “Combined Development and Building Rules, 2019” has increased the Floor Space index (FSI) from 1.5 to 2.0 resulting in vertical growth of the city over the next decade. With most builders providing almost similar basic specifications, it becomes difficult for an end user to make a smart choice. While the legal opinion is a must there are other checklists which a buyer needs to understand if the price tag fits within his budget. Hence in order to demystify this we suggest four major aspects which a flat buyer should evaluate before he makes a sound decision to invest his lifetime earnings.
- Distance from your place of work; the travel time and cost savings that a shorter commute can provide.
- Good residential neighborhood with green cover (trees) provides a pleasant living environment
- Distance of schools, hospitals, markets, shopping, banks, and petrol stations in the vicinity plays a pivotal role for convenience and accessibility.
- Availability of portable groundwater is an important factor to consider, as it can affect the property’s water supply
- Distance from your place of worship and other social gathering
- Distance of the property from areas of recreation like Malls, Theatres, Beach etc
- Approved and Regulated Development. In case of Chennai, it is CMDA and RERA
- Time Period of Completion gives you an idea of when you can expect to move into your new home and plan accordingly.
- Basic lifestyle Amenities such as supermarkets, hospitals, schools, and parks that make your life more comfortable and convenient.
- Car- parking Facilities ensure that you have a safe and secure place to park your car, and that you don’t have to worry about parking on the street.
- Security and Access Control guarantees that your home is safe and secure, and that you’ll be able to control who comes into and leaves your house with complete confidence.
- In Fire safety Regulations it’s important to check for the presence of emergency exits and fire alarms in the building, as well as the availability of fire extinguishers and emergency lighting. It’s also important to ensure that the building has a fire escape plan in place in case of an emergency.
- Ease of movement with sufficient lifts and stairs is important to consider so that you have easy access to all the floors and that you don’t have to worry about climbing stairs.
- Rainwater And solar power Harvesting ensure that you have a sustainable and environmentally friendly home, and that you can reduce your electricity and water bills.
- Net Price per sqft of actual Carpet Area, in comparison with similar projects in vicinity.
- The percentage of Carpet Area on the Built-up Area offered gives you an idea of how much usable space you will have in the property.
- Undivided share of Land (UDS) being offered gives you an idea of how much land you own in proportion to the entire project.
- Any other charges such Infrastructure, Legal, Documentation and Departmental fees should also be taken into account when considering a property investment, as they can add significant cost to the overall price.
- Resale-ability with good returns in case of change of mind gives you an idea of how easy it will be to sell the property in the future and how much profit you can expect to make.
- Monthly Maintenance charge and Corpus Fund agreed should also be considered, as it gives you an idea of the ongoing costs of maintaining the property.
- Proper Ventilation in a space is important for maintaining air quality and preventing the buildup of moisture and mold. This can be achieved through the use of natural ventilation, such as open windows or vents, or using mechanical ventilation systems, such as air exchange or exhaust systems.
- Effective Space Utilization refers to the efficient use of the available space in a room which can be achieved by using furniture and fixtures that are appropriately sized and designed to fit the space, as well as by using multi-purpose furniture and storage solutions.
- Placement of bathroom and kitchen in a space should be done in accordance with religious laws and cultural customs.
- Sufficient space for utility services is the provision of enough space for the storage and use of appliances and equipment used for laundry and other household tasks.
- Furniture layout should be planned in a way that maximizes function, comfort and which is an aesthetically pleasing space.
- Proper planning for air conditioning unit placement and drainage is important to ensure the proper functioning of the unit and to prevent water damage.