Will I ever own a house?


Marg Swarnabhoomi,Marg Swarnabhoomi Aayush Apartment,Low budget apartments in chennai,low budget flats in chennai

Marg Swarnabhoomi Aayush Apartment starting at 9 Lakhs* – Low budget apartments in chennai

Maniraj, a paper vendor on Velachery Main Road, had a tough time last year when he had to vacate his house. Until then he was paying Rs. 1,200 for a 350 sq.ft dwelling unit near Velachery Lake. The landlord raised the rent to Rs.6,000 and Maniraj and his family of four could not afford it. After great difficulty, he found a 200-sq.ft tenement in one of the labyrinthine lanes. “I now pay Rs. 4,500 per month, which includes electricity charges. This is more than what I spend on food every month,” he lamented.

The condition of my colleague is better, but not much toz rejoice. Two years ago, after a long search, she bought an apartment 20 km away from the city. Anything closer was pricy. As a result, she spends three hours every day to commute between home and office.

With apartments inside the city priced between Rs.10, 000 to 15, 000 per sq. ft, and rentals spiraling, it looks only the gentry can live within the city. The middle class must scurry to the suburbs and the poor must slip into the crevices in between.

The mounting complaint is why does Chennai not produce affordable housing?

The government authorities shrug it off and say “it is a market phenomenon.” On the other hand, private players feel that they cannot solve social problems. “It cannot be defined,” the skeptics argue.

Shifting blame and leaving people in the lurch cannot continue. Providing affordable housing is an obligation of the state and it has to find ways to solve it.

Is affordability difficult to define?

After a careful study, the government of India has defined affordability as follows: for lower income group, apartment should not exceed four times the household gross annual income. For the middle-income group, the prices should not exceed five times the gross annual income.

Similarly, the rent should not exceed 30 per cent of the monthly salary for the lower income group. For the middle income, it should not exceed 40 per cent.

In other words, for a middle-income family, which earns Rs. 30,000 a month, any apartment costing more than Rs.18 lakh is unaffordable. At current market prices, this income can only fetch an apartment that is less than 450 sq. ft. The city does not offer many such small-sized apartments.

The condition of the poor is worse. To many who earn about Rs.10, 000 a month, apartments priced more than Rs. 5 lakh is unaffordable, and there is no housing project in the city that takes care of this group.

What is the solution?

Multiple strategies are required. Existing efforts such as reserving 10 per cent of the developed land for affordable housing have not delivered. Apart from reviewing them, new and innovative approaches are needed.

One model that is worth looking at is the concept of Community Land Trust (CLT). In CLTs, a not-for-profit organisation builds houses on subsidized land and gives them at a price much below the prevailing market rate. The condition is that when the buyer resells the apartment, the price has to be below the market rate prevailing then. This ensures that the subsidies are passed on to the subsequent buyers and the prices are kept at affordable levels for a longer period.

This model can be tweaked to suit local conditions. The State government instead of mindlessly monetising its land, can sell or allocate them to cooperatives at subsidised prices to build affordable housing on CLT model.

Successful adoption of this model in many cities across the world should convince skeptics. For example, in Cooper Square land trust project in Manhattan, the rentals are below 30 per cent of the tenant’s monthly income, while in the surrounding area people spend 50 per cent of their salary on rent.

Cities committed to the welfare of its citizens have done better in addressing the housing problem. Chennai has not done enough and it should.

A. Srivathsan is a Deputy Editor with The Hindu. He writes on urban development, architecture and conservation.

marg swarnabhoomi cityscapes

Swarnabhoomi Cityscapes – Plots Starting from 4.99 Lakhs* on ECR.

 

Buying home? Read this first!


Sunil had seen a lovely apartment and he was in a hurry to buy it. As he did not have sufficient money to purchase it, he settled for the lucrative loan offer from a bank. Unfortunately, after some time, he found out that he was paying more towards the loan than his other friends. When Sunil attempted to change his lender, he realized that he would have go through verification processes for the property in question all over again and he felt that was an awful lot of bother to be put through all over again, the only good thing was that there was no prepayment involved due to the recent RBI ruling, which was encouraging!

 

Sadly there are many people like Sunil who take the first available loan offer and then are stuck paying heavy EMIs. They forget the fact that purchasing a home is a major financial commitment. It is a long-term commitment, which if not met can lead to forfeiture of home and poor credit rating. Hence you must be very careful while choosing a home loan.

 

Now the next question is what should one look for when selecting a home loan. Here is a checklist of what you should consider when opting for a loan.

 

Interest rate: Do you like the idea of paying the constant EMI every month or are you comfortable if your EMI changes periodically? If the thought of variation in EMI disturbs you then opt for fixed interest rate loan. However if you are confident of handling the fluctuations in EMIs opt for floating rate loans. Also there will be a difference in the rates charged for home loans by different banks. Hence it is advisable to shop around for the best possible rate at the friendliest terms. You can visit certain websites that let you compare loan offers from various banks and financial institutions.

 

Lender reputation: What do the former customers of the lender have to say about the quality of service offered by the lender? Was the lender responsive to the customer requirements? Check the feedback given by the users on the customer review websites. It will give you an idea of what to expect from the lender, so that you won’t be taken in by nasty surprises.

 

Prepayment penalty: What is the percentage of loan that the bank charges towards prepayment? Try to select the bank that charges the lowest possible penalty, as you will end up losing any possible savings that you’ll get by changing the lender.

 

Processing fees and other charges: Besides the above, buying a home involves other costs like insurance, processing fees, legal fees, inspection fees etc. Try to go for the lenders that charge the lowest charges, as these fees add up to the cost of buying a home.

 

These are some of the important factors that you should consider when deciding on the lender for your new home. Had Sunil been aware of these factors, he could have avoided the pain of being stuck in an expensive loan.

Source:MAKKAN

Spurt in housing development on Vandalur-Kelambakkam road


vandalur-kelambakkam road

vandalur-kelambakkam road

The 18-km stretch from the IT corridor in Kelambakkam to the Grand Southern Trunk (GST) road junction at Vandalur was lying low for quite some time due to the hectic real estate development activity on either side of the corridor. With the soaring land prices and acute scarcity of land for housing development, the perpendicular road that connects both the corridors is bristling with activity, thanks to the improved connectivity levels and willingness on the part of Chennaiites to shift from city areas.

There is another reason for the sudden shift in trend. With the availability of large land parcels, property developers could plan large projects with a comprehensive range of amenities that will convince the people that it is time to live in a gated community development for varied reasons.

Over 15 developers have ongoing residential projects on either side of the Vandalur-Kelambakkam road. These range from affordable housing, plotted development, luxury apartments to villas. Among the developers who have ongoing projects, specific mention must be made about Puravankara Projects, Sobha Developers, Unitech, Real Value Promoters, Vijayshanthi Builders, Artha, Isha Homes, SSPDL, Emaar MGF, DABC, Provident Housing Development, among others. A number of affordable housing projects are likely to change the skyline of the area in the coming years, according to industry sources. Apartment prices for ongoing projects range from Rs 2,500 to 3,900 per sq ft whereas row houses are quoted at Rs 3,500 per sq ft. Developed plots in areas like Vengambakkam are quoted at Rs 1,000 per sq ft.

The presence of Chettinad Hospital, VIT University and engineering colleges have pushed the demand for housing and nudged others to shift to suburbs. A few schools are due to come up in the corridor. As the GST corridor is bustling with activity due to lack of infrastructure and soaring land prices, Vandalur-Kelambakkam road came in handy for developers to look at housing development due to availability of large land parcels and willingness on the part of land owners to opt for joint venture development. This has enabled a number of property developers to make a beeline in search of suitable land parcels for development. As the connectivity levels have improved and housing prices are competitive, those working in the IT corridor would be keen to invest in the coming years as prices are yet to touch the IT corridor level.

Though social infrastructure is lacking, Vandalur junction is poised for a major turnaround in development. Aerens Gold Souk is under construction near Vandalur on GST road. With improved connectivity levels to Oragadam via Tambaram-Mudichur road the area offers good transport connectivity for blue-collared workers to invest in housing as social infrastructure is gradually improving in the vicinity. The road widening work on GST road is long overdue and will go a long way in improving housing development in and around the area.

Aayush Apartments Low Budget Flats in chennai Starting From 9 Lakhs* – Marg Swarnabhoomi Sez


Marg Limited is one of the best builders in chennai developed low budget flats in chennai.

The Total land extent will be 3.3 acres where we will develop 576 apartments.

The project offers you 2 BHK apartments ranging between 660 Sqft to 762 Sqft and the cost will vary between Rs.9.57 lakhs to Rs.11.04 lakhs offered at a price of Rs.1450/ per sq ft.

Facilities: Security, Club House, Space for ATM, Childrens Play Area, Reserved/Visiters Car Park, Convineo, Swimming Pool, Pharmacy, Multi-Purpose Hall, 100% Power backup.
Assured Rentals
2BHK – Rs. 4,000/- per month
 

Aayush Apartments - Marg Swarnabhoomi - starting price at 9Lakhs*

Aayush ApartmentsMarg Swarnabhoomi – starting price at 9Lakhs*

Aayush Apartments - Marg Swarnabhoomi - starting price at 9Lakhs*

Aayush ApartmentsMarg Swarnabhoomi – starting price at 9Lakhs*

Aayush Apartments - Marg Swarnabhoomi - starting price at 9Lakhs*

Aayush ApartmentsMarg Swarnabhoomi – starting price at 9Lakhs*

Aayush Apartments - Marg Swarnabhoomi - starting price at 9Lakhs*

Aayush ApartmentsMarg Swarnabhoomi – starting price at 9Lakhs*

Launching Aayush – It’s time to make your dream of owning a home a reality. A home at Aayush is priced right and is a great investment. Not just that, it is located in MARG Swarnabhoomi, a centre of education, research, innovation and industry. Now that’s priceless.

  • Assured rentals that pay 50% of your EMI
  • Large township with 1000 acres of Commercial, Educational and Residential projects
  • Social infrastructure – Education, Health care, Industries and Innovation
  • Shared Children’s Play Area, Clubhouse, Gym and Swimming Pool
  • Lift and Power backup for common areas

MASTER PLAN

MARG Swarnabhoomi has been planned by HOK, USA. Founded in 1955, HOK (Formerly Hellmuth, Obata and Kassabaum) is regarded as one of the finest design/architect firms and master planners in the World. With over 26 offices worldwide, HOK has designed the 1st LEED (Leadership in Energy and Environmental Design) certified airport terminal in Boston and has recently been ranked as No. 1 by Engineering News Record’s Top Green Design Firms Rankings.

MARG Swarnabhoomi would be impeccably sequenced in three phases for internal management.

Master PlanMaster Plan

MARG Swarnabhoomi is divided into processing and non processing zones. The processing zones include two Special Economic Zones (SEZs) viz. Engineering: 116 acres and Multi Services: 126 acres. The non processing zone will have up to 15,000 residential units, luxury villas and support infrastructure like schools, hospitals, malls etc.

Basic infrastructure such as power supply, road connectivity, sewage treatment facility and specialized infrastructure like water desalination plant and waste management system will also be developed. The entire facility is operated and maintained by New Chennai Township Pvt. Ltd., a subsidiary of MARG.

Visit:http://www.margswarnabhoomi.com

Marg Maha Utsav Apartments Starting From 12.22 lakhs – Marg Swarnabhoomi


 MARG Maha Utsav :maha utsav logo  Marg Swarnabhoomi 392 Premium Apartments in Marg Maha Utsav & 324 Economical Apartment in Marg Maha Utsav with 3 sides Ventilation is a “Dream to own” & one with no common walls is “A Luxury”.
392 Apartments in Maha Utsav is launched with both the Unique Feature.
Offer 2BHK, 3BHK+2T & 3BHK+3T types of Apartment.
Area ranges from 1114 Sqft to 1566 Sqft.
Price ranges from 18.38 lakhs to 25.83* for Premium & Penta-Duplex at 40.12 to 56.36* lakhs @ Rs.1650 per Sqft
324 Apartments in Maha Utsav is launched with Economical Feature.
Offer 2BHK, 3BHK+2T & 3BHK+3T types of Apartment.
Area ranges from 752 Sqft to 867 Sqft.
Price ranges from 12.22 lakhs to 14.08 lakhs* @ Rs.1625 per Sqft
Apartment will be hand over by June 2013
                                                                                                                                                  
Facilities: Security, Club House, Space for ATM, Childrens Play Area, Jogging track, Car Wash Bay, Senior Citizen Park Open/Close/Visitors Car Park, Convineo, Acupuncture walkway, Yogo Platform, Swimming Pool, Multi-Purpose Hall, 100% Power backup.
Assured Rentals
2BHK – Rs. 5,000/ to Rs 6,000- per month
3BHK to Penta-Duplex- Rs. 7,000/ to Rs 8,000/- per month
PAYMENT SCHEDULE & Floor Plans (Click to download)
Pricing List for block A & B
Pricing List for C, D & F  

maha-utsav Apartments - Marg Swarnabhoomi

maha-utsav ApartmentsMarg Swarnabhoomi

MASTER PLAN

MARG Swarnabhoomi has been planned by HOK, USA. Founded in 1955, HOK (Formerly Hellmuth, Obata and Kassabaum) is regarded as one of the finest design/architect firms and master planners in the World. With over 26 offices worldwide, HOK has designed the 1st LEED (Leadership in Energy and Environmental Design) certified airport terminal in Boston and has recently been ranked as No. 1 by Engineering News Record’s Top Green Design Firms Rankings.

MARG Swarnabhoomi would be impeccably sequenced in three phases for internal management.

Master PlanMaster Plan

MARG Swarnabhoomi is divided into processing and non processing zones. The processing zones include two Special Economic Zones (SEZs) viz. Engineering: 116 acres and Multi Services: 126 acres. The non processing zone will have up to 15,000 residential units, luxury villas and support infrastructure like schools, hospitals, malls etc.

Basic infrastructure such as power supply, road connectivity, sewage treatment facility and specialized infrastructure like water desalination plant and waste management system will also be developed. The entire facility is operated and maintained by New Chennai Township Pvt. Ltd., a subsidiary of MARG.

Visit :http://www.margswarnabhoomi.com/living/marg-maha-utsav-intro.php

Four Seasons – Affordable High Rise Apartments On ECR – Marg Swarnabhoomi


4 Seasons : Tallest apartment complex on ECR @ Rs. 1850/- p. sq.ft. only
– Four Seasons will have 4320 apartments which will be developed in various phases .

– Tallest apartment complex on ECR – Four Seasons will be of max .28 floors . We have launched 26 floors ( Summer block) in phase 1 .The other high rise buildings like Hiranandani Upscale ( 28 floors ) & TVH Oranya bay ( 29 floors ) are located on OMR and not on the East Coast Road .
– 2BHK Rs 18.57 lacs * is the starting price of a 2BHK flat measuring 1004 sq ft
–  Launched on 11.11.11 – this date is considered very auspicious as it comes once in 100 years hence we did the Four Seasons project pooja on 11.11.11
– Only Four Seasons will have (Wooden Floor in Master Bedroom, Foyer, Shear Wall Structure, Podium Car Parking, Main door Carved Teak wood, three side lifts for each blocks, Garbage Chute, Power Backup, etc)

4 SEASONS
Winter Spring Summer Autumn Total
2BHK+2T Blocks 8 2 5 4 19
3BHK+3T Blocks 5 5
2BHK+2T Apartments 1088 272 1072 864 3296
3BHK+3T Apartments 1024 1024
Total Apartments 4320
Assured Rentals
2BHK – Rs. 7,500/- per month
3BHK – Rs. 9,000/- per month


4Seasons-Marg swarnabhoomi

4Seasons-Marg swarnabhoomi

four seasons ,marg swarnabhoomi

four seasons – marg swarnabhoomi

marg swarnabhoomi - Four Seasons Apartment - view towards winter block from autumn

marg swarnabhoomi – Four Seasons Apartment – view towards winter block from autumn

marg swarnabhoomi - Four Seasons Apartments - sea view n lake view

marg swarnabhoomi – Four Seasons Apartments – sea view n lake view

Four Seasons - Marg Swarnabhoomi - LAYOUT PLAN

Four Seasons – Marg Swarnabhoomi – LAYOUT PLAN

  • 1000 acres of lush greenery
  • 6 acres of water bodies
  • 21 acres of integrated world class sports facility
  • 19,000 planted trees
  • Innovation Park and science Park
  • Music Academy
  • Schools, Colleges, Hospital and IT Park
  • Swimming pool, Clubhouse, ATM and other top-notch amenities
  • Massive rain water harvesting structures
  • Sea view homes with natural light

About Marg Swarnabhoomi :http://www.margswarnabhoomi.com