Old Mahabalipuram Road paves the way for realty development


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The setting up of TIDEL Park on Rajiv Gandhi Salai or Old Mahabalipuram Road (OMR) in 2000 changed the landscape of the stretch forever, paving the way for the development of the IT corridor, as we know it, today. This development, naturally, led to the creation of a premium residential housing market along the belt starting from Madhya Kailash, all the way to Thiruporur, and beyond. OMR may have seemed like a distant suburb a few years ago, but now, it is very much a part of the city.

“OMR, up to Sholinganallur, is essentially an extension of the city, and should not be considered a suburb anymore. Take Velachery, for instance. Until recently, it was considered a low lying suburb that was only in the news during monsoons. But now, it’s a thriving residential and commercial zone, and very much a part of the city.”

The location of OMR – its proximity to Adyar, for example – has attracted large scale residential development here. This gives the area a distinct pricing advantage, . “The prices (per sq ft) are almost half of that in Adyar,” he adds, “So, at a
distance of less than 5km from Adyar, one can procure an apartment for half the price.” Another factor that works to its advantage is its proximity to ECR. Badal Yagnik, MD, Jones Lang LaSalle, Chennai, says, “Prices on ECR are 50-60% higher than that along OMR. And both corridors are witnessing plenty of development in the residential/ commercial sectors.”

Although it was the IT sector that initially fuelled growth along OMR, it’s no longer the sole growth driver.  “It’s the demand for housing that has been driving growth in this area over the last few years.” Last year, for instance, the city saw office absorption to the tune of 5 million sq ft, while this year, it is only 2 million sq ft. A large chunk of this space lies on OMR. Despite the fall in absorption rates, the demand for housing has been soaring along the OMR.”

While the stretch from Madhya Kailash to Sholinganallur has been witnessing maximum demand, even beyond Sholinganallur, the demand, though not as robust, exists. “Prices along the Madhya Kailash-Sholinganallur belt have been increasing by 20% year-on-year. However, some of the best schools are coming up in large townships planned in the latter half of OMR.

Places like Padur, for instance, are set to grow, with malls like Marg Junction, and residential projects planned in the vicinity.” Any further development on OMR is bound to happen after the toll gate, due to non-availability of land on the stretch from Madhya Kailash to the toll gate. while prices (per sq ft) range around 7,500 until Sholinganallur, they are about 3,000 to 4,000 in the area from the toll gate to Thiruporur, and lesser as you move further.

Source: Times Property

Capital Values Well Appreciated In ECR Corridor


Of all the sub-markets in Chennai, East Coast Road (ECR) is seeing good appreciation in the property prices. Expansion of IT/ ITeS sector, renewed demand for luxury villas and launch of many such projects are playing a vital role in the increase in prices here, which is going over Rs. 11,000 sq.ft in all the prime locations, especially near the beaches. There are consistent demands for affordable premium homes across peripheral locations of the city. In the past six months, a hike of about 10-15% was observed for luxury villas and premium apartments. The enquiry rates also showed a visible increase up to 25% in the same period. Good price appreciation in the ECR corridor can be attributed to the fact that Chennai market is completely end-user driven. The stretch from Palavakkam to Mamallapuram is witnessing exceptional growth in the residential sector, catering to premium categories such as HNIs, NRI’s with prices for independent villas/ bungalows going over Rs. 2 crore. Not withstanding, the rental segment is also flourishing well with a significant price rise of 30%  in the recent past. A fully furnished 4-5 BHK Villa in ECR is priced between Rs. 60,000 to 90,000 per month based on its vicinity to the beach. The major USP of the ECR region is its close proximity to the IT corridor. A major contribution to this upward trend is spurred by the continuous demands from HNIs and others who visit the city for professional reasons. Depending on the connectivity and location, the capital values in this area range from Rs. 2,000 to 6,000 per sq.ft. Following the luxury villas, residential lands are also transacted for good rates in ECR.

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———————————————————————————————————————————————————————-   Good connectivity options, excellent infrastructural designs that are on par with international standards have raised the expectations of the upcoming projects in ECR. Viewing the demand and supply ratio here, the market is expected to continue to prosper, says the real estate experts.

Property values appreciate in ECR in Chennai


The property values of East Coast Road (ECR) have crossed the mark of Rs 11,000 per sq ft at prime locations near beach and are still appreciating making it a top residential locality of Chennai. Visible expansion of IT/ITeS sector acting as the catalyst in the real estate growth. Revival of demand for luxury villas, increase in property prices and launch of new projects, all this has returned and bucking the Chennai’s submarket.

“Chennai is noting a continuous demand for luxury housing from quite some time now, primarily towards the peripheral locations of the city where premium homes are available at affordable values,”. The capital values of premium apartments and luxury villas have noted a hike of 10-15 per cent in past six months. The number of enquiries also showed an upward trend, seeing a hike of up to 25 per cent during the same period. The appreciation in property values can be attributed to the fact that it is primarily end-user driven rather than investors, he added.

The stretch from Palavakkam to Mamallapuram is the key hub seeing exponential demand and supply in the residential sector. These locations house projects in the premium category catering to HNIs, NRI’s and have demand for individual bungalows/villas priced at more than Rs 2 crore.

“Rental sector is too flourishing and have noted a significant appreciation of more than 30 per cent in recent past.” The rental values of a fully furnished 4-5 BHK villas/independent houses varies from Rs 60,000-90,000 per month depending on its location and proximity to neighbourhood beach.

ECR strategic situation near to the IT corridor is the major USP of the area. Enhanced demand from expats and HNI’s visiting to city for professional reasons are the major contributor in the upward rental and capital sector. On an average, the capital values at ECR vary from Rs 2,000-6,000 per sq ft depending upon location and connectivity. Residential land is also the next most transacted category after luxury villas, sums up Kumar.

Improved connectivity level, transportation and other infrastructural activities have created spurt in the upcoming housing projects in the suburban areas such as ECR. Looking at the prevailing demand and supply ratio, it is expected that the submarket will continue to witness positive trend in values.

 

18 Things You Should Remember Before Buying A Property


You need to admit it. Buying  property is not all that supremely easy. You need to think about the appreciation value, the investment benefits, the legal hassles, the builder repute , home loan approvals and all that jazz. So here is a check list for you that will come in handy while you buy that dream property.

Basic things to be checked while buying property:

  1. Name & title of Land should be very clear in the name of seller
  2. Check whether the seller obtained Loan for that property, accordingly a paragraph in sale deed to be added saying that the seller is responsible to clear all the dues
  3. Ask for Moola pathram/Parental Documents
  4. All major children ie., major children of Sons & Daughter’s should sign in the bond/agreement
  5. Municipal tax dues/Water tax dues/Land Revenue dues & any other dues to be paid fully before the transaction
  6. Villangam & Viharam nothing has to assured. In case, of above and any hindrance to property the seller will clear the issue and dues on his own accordingly a paragraph to be included in sale deed
  7. Obtain No Encumbrance certificate from concerned authorities.
  8. Mention the Flat No & Plot No in South/East/West/North/Complete Land area Length/Breadth and Diagonals also in the Sale deed.
  9. Check on TNEB charges and dues
  10. Check whether the property is in seller name or is it with Joint venture development
  11. Seller’s any of the blood relation should not claim in future & if any claim arises then it will be sole responsibility of the seller to get involved and clear all such disputes.
  12. Get the identity and address proof of the seller
  13. Obtain all payment receipts, Patta , Chitta ,Adangal extracts ,Up to date tax payments receipts of Water/TNEB/Property/Corporation/Municipality/Revenue & other taxes etc.
  14. Confirm the originality of stamp papers and only purchase stamp papers from Govt services ie., Registration of Assurance offices only
  15. Date of purchase of stamp papers must match with the date of the documents – Most important
  16. Obtain Genealogical tables (family tree) of the seller, will, certificate of husband/wife and other inter connected all documents although the above many not be required for registration
  17. Crystal clearly shows door no/flat no/plot no and other descriptions of the property
  18. Check if any third party interests, suppression of previous transaction, prior agreements if any, litigation and other pending matters, which are brought to light during various stages of purchase /negotiation.

Source:pbytes

Chennai housing prices go through the roof


City records 39.5 per cent jump in the last quarter; over 200 per cent increase in last five years

If anyone had doubts about Chennai being a boom city, the National Housing Bank’s Residex index, which has been tracking housing prices in different parts of the country since 2007, puts them to rest. The index for the city leapt up by 39.5 per cent in the last quarter [January to March 2012] of 2011-12 compared to the same period last year [January to March 2011]. This is the highest jump for any city for the period.

In Bengaluru, in contrast, the index for the same period has gone up by just 4.5 per cent, while in Hyderabad the growth has been even slower at 3.6 per cent. In Kochi, the only other city in south India to be tracked, the growth has been negative: minus 16 per cent, the lowest for any of the 15 cities which are being monitored across the country on a regular basis.

Delhi clocked a robust 32.5 per cent growth, the second best, followed by Pune [22.3 per cent], Bhopal [22.15] per cent, Jaipur [19.4 per cent] and Surat [12.4 per cent].

Mumbai registered a growth of 8.6 per cent and Kolkata had a slump, with the index registering a negative return of minus 9.5 per cent.

Lucknow recorded a growth of 4.5 per cent, while Patna had a slump, registering a negative growth of minus 13.4 per cent. In Ahmedabad, the index has fallen marginally at minus 0.6 per cent.

Releasing the latest data for January-March 2012 quarter, the National Housing Bank said from January 2012, NHB-Residex has been expanded to cover Bhubaneshwar, Guwahati, Ludhiana, Vijayawada, and Indore, taking the total number to 20. Interestingly, all the five cities have shown a robust growth in price over the past five years. In Indore, the prices have more than doubled – from the base of 100 in 2007 to 208 during January-March 2012, while it has increased by 84 per cent in Vijayawada, 63 per cent in Ludhiana, 61 per cent in Bhubaneswar and 57 per cent in Guwahati.

In contrast, only nine out the 15 cities crossed the 50 per cent mark during the five-year period: Chennai [204 per cent], Faridabad, on the outskirts of Delhi [117 per cent], Bhopal [104 per cent], Kolkata [91 per cent], Mumbai [90 per cent], Pune [81 per cent], Delhi [68 per cent] and Ahmedabad and Lucknow [64 per cent each].

Of the rest, Surat and Patna had a positive growth of 44 per cent and 29 per cent respectively, Bengaluru had a negative return of minus 8 per cent, Hyderabad minus 14 per cent, Jaipur minus 20 per cent, and Kochi minus 28 per cent.

Source:HINDU

Some tips for people planning to invest in property


A major dilemma many property investors face is the percentage of disposable income that should ideally be set aside for property as part of the portfolio. Unlike other conventional asset classes, property is one asset that necessarily has to be a long-term investment.

It cannot be part of a portfolio churn at every turn of the markets or periodic rebalancing of the portfolio. It is therefore necessary to get the arithmetic right the very first time. Then, property will turn into the most fruitful investment made through a lifetime.

Age 

While most wealth managers advise that the investment process should begin as early as the first salary, invariably, the first of the investments is insurance. Then come the small savings options and the more risky asset classes such as equity that delivers better returns over the long term, and are ideal at an early age when the risk appetite is highest.

Property, however, should also figure high on the priority list early in life. This is especially so in the given climate where most equitybased asset classes are volatile and stability is a prime concern for most investors.

Property, bought early in life, when sought as an investment , has its own distinct advantages. The appreciation is maximum over a long term. Therefore, a property bought early in life generates higher capital gains if sold after a period of say 15 years and will generate the funds for a higherend investment at that point in time.

Finance 

It is easier to generate the funds needed to invest in property early in life as a longer tenure that is possible with more earning years ahead makes the EMI affordable for many. Also, with lesser responsibilities and expenses a larger portion of the monthly income can be set aside for the EMIs.

It is always better to get rid of a significant portion of the home loan before expenses such as managing a household and children’s education come up. It is during this phase of lesser monthly expenses that more investments can be planned. A home loan early in the working years is easier to manage and partly prepay regularly than in the later years.

Options 

The options available are directly linked to the budget. Here again, as time goes by, properties once within a given budget will no longer be available, with the price appreciation .

As commercial development spreads to the suburbs, the emerging residential catchments will find more demand pushing up prices. Resale properties in these belts will be significantly higher than the under-construction prices.

Commercial development and consequent demand for residential options in the vicinity are the dynamics that push up property prices. These factors will turn properties and locations into prime options and lead to higher prices. Those who buy at such locations early, before they acquire the premium tag, hold investments that will yield maximum returns.

A major dilemma many property investors face is the percentage of disposable income that should ideally be set aside for property as part of the portfolio. Unlike other conventional asset classes, property is one asset that necessarily has to be a long-term investment.

It cannot be part of a portfolio churn at every turn of the markets or periodic rebalancing of the portfolio. It is therefore necessary to get the arithmetic right the very first time. Then, property will turn into the most fruitful investment made through a lifetime.


Investment horizon 

Residential property also yields rental returns. It is therefore necessary to plan this investment well. A higher budget allocated to the investment will mean a property in a prospective location where the rentals are higher. This helps in repaying the loan to a certain extent.

A property that holds more long-term capital gains potential but delivers lesser rental returns will come at a lower cost. The choice could be based on the timeframe or investment horizon you have in mind. If you plan to liquidate the investment in the medium term, a property in a developed neighbourhood would be a better option. For long-term investors, emerging localities could work better.

Residential property also yields rental returns. It is therefore necessary to plan this investment well. A higher budget allocated to the investment will mean a property in a prospective location where the rentals are higher. This helps in repaying the loan to a certain extent.

A property that holds more long-term capital gains potential but delivers lesser rental returns will come at a lower cost. The choice could be based on the timeframe or investment horizon you have in mind. If you plan to liquidate the investment in the medium term, a property in a developed neighbourhood would be a better option. For long-term investors, emerging localities could work better.

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