How to buy EMI plots in Chennai ?

Are you considering investing in EMI plots in Chennai? If so, you might be wondering what exactly EMI plots are and how they work. Let's delve into it.

EMI plots, or Monthly Installment Scheme plots, offer an alternative way to purchase land without the need for a hefty upfront payment or a bank loan. Instead of paying the full price in one go, you can spread out your payments into manageable monthly installments directly to the seller, without accruing any interest. This method not only makes buying land more accessible but also eliminates the requirement of a good credit score typically needed for bank loans.

In Chennai, EMI plot deals are available in emerging areas like Thiruvallur, Sriperumbudur, Oragadam, and Kancheepuram. While these deals might not be as widespread as traditional land purchases, they present an opportunity for those looking to invest in less-developed areas.

Few of the developers promoting EMI plots in Chennai are South India Shelters, Sri city developers, Sharath homes , Madras city properties and few other property developers. You can find the list of promoters in real estate portals like findbhk.

The repayment period for EMI plots usually ranges from 24 to 36 months, with the seller determining the terms. Your monthly payment amount depends on factors such as the chosen plot and the initial payment made. While some sellers may offer the option to start without a down payment, it's advisable to put down at least 50% upfront to negotiate a better price per square foot.

However, as with any investment, caution is necessary. Ensure that the sale agreement is transparent and legally recorded. Verify that the land is officially approved to avoid potential legal issues down the line. Additionally, consider the location carefully, even if it's not in the city center. Opt for land that is projected to appreciate in value significantly over the years, safeguarding your investment against inflation.If you can find emi plots in OMR stretches you can blindly invest if the documents are clear , since OMR is growing exponentially in this decade.

Investing in vacant land through an installment plan can be a wise move, offering lower maintenance costs compared to buildings and the potential for substantial returns as land prices tend to rise over time. By conducting thorough research and due diligence, EMI plots in Chennai can serve as a promising starting point for both seasoned and novice investors alike.