Buying a plot in Chennai is a significant investment, and ensuring its legality and future prospects is crucial. CMDA (Chennai Metropolitan Development Authority) approval is one of the key factors to consider when purchasing a plot in Chennai. Here’s why CMDA-approved plots are considered the best choice:
Legal Compliance
CMDA approval ensures that the plot complies with the rules and regulations set by the Chennai Metropolitan Development Authority. This approval indicates that the plot is legally sound and can be developed as per the approved plan.
Infrastructure and Amenities
CMDA-approved plots are located in areas that have the necessary infrastructure and amenities. These areas are planned and developed according to the guidelines set by the CMDA, ensuring a comfortable living environment with access to basic amenities like water, electricity, and roads
Higher Resale Value
CMDA-approved plots generally have a higher resale value compared to non-approved plots. This is because buyers are more confident in purchasing a plot that has the necessary approvals from a reputed authority like the CMDA.
Ease of Getting Bank Loans
Banks and financial institutions are more willing to provide loans for the purchase of CMDA-approved plots. This is because these plots are considered safe investments, reducing the risk for the lender.
Future Development Potential
CMDA-approved plots are often located in areas earmarked for future development. This means that there is a potential for the area to see further infrastructure development, which can further enhance the value of the plot.
In conclusion, buying a CMDA-approved plot in Chennai is a wise investment decision. It ensures legal compliance, access to infrastructure and amenities, higher resale value, ease of getting bank loans, and future development potential. By choosing a CMDA-approved plot, you can be assured of a secure and profitable investment in Chennai’s real estate market.
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FAQs
What is CMDA approval, and why is it important for plots in Chennai?
- CMDA approval is a certification from the Chennai Metropolitan Development Authority, indicating that a plot complies with legal and safety standards. It is crucial for a secure property investment.
What are the benefits of buying a CMDA-approved plot?
- CMDA-approved plots offer legal compliance, access to infrastructure and amenities, higher resale value, ease of getting bank loans, and future development potential.
How can I verify if a plot is CMDA-approved?
- You can verify a plot’s CMDA approval status by checking the official CMDA website or contacting the local CMDA office.
Can I develop a plot without CMDA approval?
- No, it is illegal to develop a plot without CMDA approval. Plots without approval may face legal issues and may not be eligible for essential services like water and electricity.
Are CMDA-approved plots more expensive?
- CMDA-approved plots may have a slightly higher initial cost due to their legal compliance and other benefits. However, they also offer higher resale value, making them a wise investment choice.