Frequently Asked Questions

Question about Buying and Selling

Yes, an apartment can depreciate in value, but it depends on several factors.

  • Building Depreciation: The physical structure of the apartment ages over time. Wear and tear, poor maintenance, or outdated amenities can reduce its value.

  • Location Factors: If the neighborhood loses its appeal due to poor infrastructure, reduced connectivity, or safety concerns, property values may decline.

  • Market Conditions: Real estate markets fluctuate. Oversupply of apartments, economic slowdowns, or reduced demand in a particular area can bring prices down.

  • Legal/Regulatory Issues: Disputes, lack of clear titles, or non-compliance with RERA or other building norms can negatively impact value.

That said, land generally appreciates, while the building portion depreciates. In many cases, the land value increase offsets building depreciation, so overall property prices still rise in the long term — especially in growing cities like Chennai.

Older Homes

✅ Pros

  • Often built with larger plots and more spacious layouts.

  • Established neighborhoods with mature infrastructure, greenery, schools, and markets.

  • Scope for negotiation on price compared to new launches.

⚠️ Cons

  • Higher maintenance costs (plumbing, wiring, painting, etc.).

  • May lack modern amenities like gyms, clubhouses, or advanced security systems.

  • Building depreciation could reduce resale value if the area’s land value doesn’t compensate.

New Homes

✅ Pros

  • Modern designs, energy-efficient fittings, and the latest construction standards.

  • Contemporary amenities (swimming pool, clubhouse, co-working spaces, etc.).

  • Lower maintenance costs initially.

⚠️ Cons

  • Usually come at a premium price per sq.ft.

  • Newer developments may be in emerging areas with less established infrastructure.

  • Smaller unit sizes compared to older homes in the same budget.

👉 In cities like Chennai, older homes in prime localities (e.g., Adyar, Mylapore, Anna Nagar) can hold great long-term land value, while new homes in developing areas (e.g., OMR, Siruseri, Pallikaranai) may offer better lifestyle amenities and future appreciation potential.

A broker in real estate is a licensed professional who acts as a middleman between property buyers and sellers (or landlords and tenants) to facilitate a transaction. Their main role is to connect parties, provide market insights, help with negotiations, and guide clients through the legal and documentation process until the deal is closed.

Key Points about a Broker:

  • Connector: Links buyers with sellers or tenants with landlords.

  • Advisor: Shares details on property options, market trends, and pricing.

  • Negotiator: Helps both sides agree on fair terms.

  • Facilitator: Assists with paperwork, legal checks, and smooth closure of deals.

  • Earning: Brokers typically earn a commission (a percentage of the property value or rental amount) for their services.

👉 In India, especially after RERA (Real Estate Regulation and Development Act, 2016), brokers are required to be registered agents to ensure transparency and professionalism.

Here are the ways and steps to pay property tax in Chennai (through Greater Chennai Corporation, GCC), along with important things to know:

✅ Ways to Pay Property Tax in Chennai

  1. Online via GCC Website
    You can pay property tax online with net banking, debit/credit card, or possibly UPI through the Greater Chennai Corporation’s website. (Chennai Corporation)

  2. Walk-in / Offline Payment

    • At all Zonal or Divisional offices of GCC or through the Revenue Officer’s office. (Chennai Corporation)

    • By cheque or Demand Draft in favour of “The Revenue Officer, Corporation of Chennai.” (Chennai Corporation)

    • Through designated bank branches. Banks associated include IOB, Bank of India, HDFC, IDBI, Canara Bank, Yes Bank, IndusInd etc. (Chennai Corporation)

  3. E-Seva / Common Service Centres (CSC)
    There are e-Seva counters and other citizen service centres (including those set up by Tamil Nadu Arasu Cable TV / TACTV in Taluk or Zonal offices) where you can pay in person. (Chennai Corporation)

  4. Mobile Apps / Kiosks / Other Digital Platforms

    • “Namma Chennai” app or other authorised mobile apps might support property tax payment. (Chennai Corporation)

    • BBPS (Bharat Bill Payment System) – some payments can be made through billers under this. (Chennai Corporation)

  5. Receipts & Acknowledgements
    Once payment is made, you can download the receipt or get a physical one (if paying offline) for your records. (Chennai Corporation)

🛠 Steps to Pay (Online)

Here is a general sequence when doing it online:

  1. Go to the Greater Chennai Corporation website → Online Civic Services → Property Tax section. (Chennai Corporation)

  2. Find “Property Tax Online Payment” or “Pay Property Tax.” (Chennai Corporation)

  3. Enter required details like Bill Number / Property ID / Zone / Ward / Division / Assessee name / property address. (Property Tax Info)

  4. Confirm the outstanding tax and amount. If applicable, view discounts or incentives (for early payment) or penalties (for late payment). (Chennai Corporation)

  5. Choose payment mode (net banking / card / etc.). (Chennai Corporation)

  6. Make payment. After success, download or save the receipt. (Chennai Corporation)

⚠ Important Details & Tips

  • The property tax is usually billed half-yearly. For example, April–September and October–March periods. (Chennai Corporation)

  • There may be incentives (5%) if you pay within a certain time after the start of the half‐year. (The Hindu)

  • Penalties apply if payment is late. (Chennai Corporation)

  • Make sure your Bill No / Property ID / Division / Ward is correct, or the payment may not register properly. (Tamil Now)

For Village Panchayats, Please visit the Rural Development and Panchayat Raj website If your property is located outskirts of Chennai

The home loan process usually takes anywhere between 7 days to 4 weeks, depending on the bank, your documentation, and the complexity of the property. Here’s a breakdown of the typical timeline in India (including Chennai):

🏦 Steps & Time Taken

  1. Application Submission (1–2 days)

    • You fill in the loan application form and submit required documents (ID proof, income proof, property details, etc.).

  2. Document Verification (3–7 days)

    • The bank verifies your KYC, income, employment, and credit score (CIBIL).

    • If documents are incomplete or need clarification, it can take longer.

  3. Loan Sanction / Approval (3–10 days)

    • Once documents and credit history are cleared, the bank issues a sanction letter stating the loan amount, tenure, and interest rate.

  4. Legal & Technical Verification of Property (5–15 days)

    • The bank’s legal team checks the property documents, title deed, encumbrance certificate, and RERA approval.

    • A technical team inspects the property to confirm value and construction quality.

  5. Loan Agreement & Disbursement (2–7 days)

    • After signing the loan agreement, the bank disburses the amount either in full (for ready-to-move homes) or in stages (for under-construction projects).

⏱️ Total Timeframe:

  • Fast-track cases (clean credit history, salaried applicant, reputed builder project): 7–10 working days.

  • Average cases: 2–3 weeks.

  • Complex cases (self-employed, disputed property titles, new builder): 4 weeks or more.

👉 Pro tip: In Chennai, if you are buying from a well-known builder with pre-approved projects, banks often process loans much faster since legal verification is already completed.