Highways charts out route for vital OMR-ECR road link in Chennai


The highways department has finalised the alignment of the new link road between East Coast Road (ECR) and Old Mahabalipuram Road (OMR). The final decision was made by a steering committee with top officials from the highways, Chennai Metropolitan Development Authority (CMDA), Chennai Corporation and police.

The new road will begin at Neelankarai on ECR, cross Buckingham Canal and join OMR opposite the Pallavaram-Thoraipakkam Road junction.

Though the alignment was part of the Chennai Metropolitan Transport Authority’s master plan in 2008, a private consultant was appointed to study the feasibility of the project. The consultant carried out traffic studies and found that there is an urgent need for a road at this junction.

There are no roads connecting OMR and ECR apart from Kalaignar Karunanidhi Road in Sholinganallur and West Avenue Road in Thiruvanmiyur. These two roads are 10km apart.

“Earlier there was a small bridge that we used to cross the canal. But it was closed a few months ago. Now we have to go all the way to Sholinganallur and then come back,” said V Srinivasan, a bank manager who lives in Thoraipakkam. “Not only is this a 10km detour but it takes half an hour just to cross the Sholinganallur signal.”

Unchecked real estate growth has been rampant in this area and may delay land acquisition process, say officials. At least 100 houses built illegally have to be demolished. Of the two options available — to go by the master plan or chart a new course through vacant land — the government has chosen the tougher one. This will give them legal leeway when it comes to land acquisition.

The highways department estimates land acquisition to cost around 100 crore for an estimated 42,000sqm that it will have to acquire. Around 30,000sqm of this land is owned by private individuals with legal deeds.

“Though most land owners have pattas, buildings on the eastern side of the canal do not have approval,” a highways official said. “People constructed buildings in violation of the master plan.”

The western side of the canal is mostly vacant and should the highways department should not have any problems with land acquisition along the stretch.

“Once the plots are identified, land acquisition will begin. Unlike earlier projects, construction will begin only when land acquisition is completed,” the official said. Officials expect the land acquisition process to last at least two years and say laying the road will take a year to complete.

Source:gharabari

 

High rise buildings in Chennai to depend on solar for 2% energy needs


With the ever increasing power deficit taking a toll on the economy, the Tamil Nadu government is planning to make it mandatory for major industries, high-rise apartment complexes, major institutions and hotels to meet 2% of their energy needs from solar sources. State environment minister B V Ramana said this on the sidelines of a meeting with the Tamil Nadu Pollution Control Board officials here on Monday. He said the environment department was debating the proposal, and it would be rolled out as a green initiative.

The proposal may lessen the burden on the Tamil Nadu Electricity Board, given the wide gap of 4,000 MW between demand and supply. Unable to supply power, the TNEB is imposing up to 12 hours of power cuts in many rural areas. “Solar system is cost intensive. Unless developers are given subsidies, it cannot be promoted. Only the enduser has to bear the cost.

A one KW solar panel with battery costs . 2.3 lakh and generates four units a day. A similar unit without battery costs . 1.2 lakh and generates five units.

Going Green

  • Tamil Nadu is facing a shortage of 4,000MW as on date
  • TNEB has been imposing 12-hr power cuts in some rural areas
  • Major industries, high-rises & institutions to be asked to meet 2% of their energy requirements through solar power
  • As demand rises, there may be a fall in cost of solar panels which now cost between 1.2 lakh and 2.3 lakh

Source: The Times of India, Chennai

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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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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

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

What do NRI investors prefer in real estate?


An estimated 30 million non-resident Indians (NRIs) spreadover 140 countries have an estimated combined wealth of USD 1.2 trillion. Expatriates constituted the highest remitters of foreign exchange consecutively for the years 2010 and 2011. Over 6-8 lakh resident Indians leave the country in search of greener pastures and an estimated one lakh NRIs return home every year.

Among the various investment options contemplated back home, real estate plays a key role as the rate of appreciation and periodical returns on investment are more in India . Moreover, a number of NRIs, particularly in West Asia, who cannot continue to stay there due to domicile restrictions will have to return home one day or the other. This is one major reason why they always look at various investment options including real estate back home for permanent settlement.

There are three kinds of investors in real estate – low, middle and high income groups. Within these categories there are end-users as well as investors. In the Association of Gulf Cooperation Council countries (comprising UAE, Saudi Arabia, Qatar, Oman, Bahrain and Kuwait), an estimated 55-60 lakh NRIs are working today including semiskilled and unskilled labourers.

Similarly, out of 1.6 million NRIs in Malaysia the preference is more towards southern cities here from where a majority of them come. In Canada, there are NRIs predominantly hailing from Delhi , Chandigarh and other regions . In the US, out of 2.5 million NRIs, southern cities of Bangalore, Chennai and Hyderabad dominate in terms of real estate requirements. The specific real estate needs of NRIs vary depending on the region, savings potential and a combination of other factors. The largest market for affordable housing in the price range of Rs 15-25 lakhs is the Gulf region where there are a large number of expatriates who are either semi-skilled or unskilled, and the salary levels are not too high. There are high net worth individuals and technically-qualified professionals who constitute 10 percent of the NRI population. Many of this segment are looking for apartments in the price range of Rs 50 lakhs to Rs 1 crore and villas in the price range of Rs 1.5 crores plus. There are also others keen on investing in commercial property .

According to banks in the Gulf, the average home loan size is Rs 30-70 lakhs and the predominant demand revolves around apartments. The overall home loan business in Dubai alone ranges from Rs 720-800 crores.

Among the cities that drive real estate demand overseas are Bangalore, Chennai, Jaipur, Kochi, Mumbai, NCR, Pune and some other smaller cities. Even some Tier II cities are in demand. A majority of the NRI buyers are end-users . There are buyers looking for a second home for use by their family members, to earn periodical returns on the investment , or even to retain as a buffer to meet contingencies.

Investing in land is quite popular among NRIs too as those who cannot buy an apartment immediately are keen to invest in a lesser value asset. Land value appreciates fast.
With the relocation of more skilled professionals to developed countries such as UK, USA, Japan, and Australia, there is a growing requirement of apartments in the price range of Rs 70 lakhs plus in metros. Villa developments are sought-after especially in the price range of Rs 1.50-Rs 2.50 crores.

A significant factor is that these days many high net worth individuals prefer income-yielding assets such as leased commercial property or opt for pre-launch offers which yield 18-25 percent during the project implementation stage. A section of NRIs are also keen on investing in project level entities on non-repatriation basis by forming a partnership firm or incorporating private limited companies.

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Source:The Economic Times

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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