Rain Water Harvest Chennai – Metrowater cracks the whip

Commercial buildings that do not comply with rainwater harvesting rules will have their water connections cut

Metrowater has said that commercial buildings that do not comply with rainwater harvesting (RWH) rules by the end of June may be penalised and have their water supply connections disconnected.

To drive home the message of significance of harnessing rainwater, Chennai Metrowater has started issuing notices to commercial buildings that are yet to set up RWH systems across the city.

Of the nearly 13,300 commercial buildings, including hotels, marriage halls and business complexes checked so far for maintenance of RWH structures, the water agency has issued notices to 310 buildings in the last month.

The water agency had launched a drive to check the maintenance of such facilities as part of its month-long campaign to create awareness ahead of the northeast monsoon.

Officials of Metrowater said checks on commercial buildings were prioritised as the structures had optimum space to harvest rainwater. Chennai has about 35,000 multi-storied buildings. Of these, nearly 19,000 buildings have been identified as those used for commercial purposes.

Chennai Metrowater has the authority to disconnect water supply connections till the RWH system is installed as per an amendment to the Tamil Nadu District Municipalities Building Rules, 1972, the official added. The team of officials found that commercial complexes in areas such as Mogappair, Teynampet, T.Nagar and Anna Nagar did not have such structures.

Such strict implementation was necessary to improve the groundwater table in the city, which is largely dependent on water bodies, groundwater sources and desalination plants to meet its growing water needs. “Chennai has over 6.25 lakh buildings including in added areas. We also conducted a random check on nearly 34,000 individual buildings and residential complexes,” said the official.

The team of officials found that some buildings had not desilted the structures or had damaged RWH facilities. The owners of the about 1,300 such residential buildings were advised to maintain their structures properly, sources said.

As part of the ongoing checks, the team will issue compliant buildings with stickers to be displayed prominently. Besides awareness rallies in all zones, State ministers, Chennai Metrowater’s managing director B. Chandra Mohan, Metrowater staff members and Chennai Corporation councillors participated in a rally on Marina beach on Friday. Pamphlets on methods to maintain RWH facilities were also distributed.

Keywords: Rainwater Harvesting, Chennai metrowater, RWH rules, Chennai commercial buildings

Source: The Hindu

OMR in Chennai – not desirable anymore?

Chennai’s OMR not desirable anymore?

Even about five years back, reasonable property prices made the micro-market Chennai’s Old Mahabalipuram Road (OMR) a desirable destination, but not anymore. The region has been increasingly losing its sheen among Chennai’s home buyers.

The 50 km-long stretch along OMR extends between the Madhya Kailash Junction at Adyar, Chennai, and the temple town of Mahabalipuram. It may be segmented into three sections, such as Madhya Kailash-Shollinganallur, Semmencherry-Kelambakkam and Kelambakkam-Mahabalipuram.

The stretch developed as a designated IT/ITeS corridor over the last decade, in a city which is the second highest exporter of information technology in India. The growth of any industry in such a vast scale, typically paves the way for the growth of other businesses too; and consequently, a large IT workforce has fuelled real estate activity in the region.

The development

The notable micro-markets located along the initial stretch include Taramani, Perungudi, Thoraipakkam, Karapakkam, and Shollinganallur.

Although this is the stretch where most of the city’s IT Parks, IT SEZs, and major IT campus development are located, it is also home to several residential projects that mainly cater to the IT workforce and the catchment populace.

In the absence of large land parcels, a number of residential developments are currently under various stages of construction in this area. A few notable examples being Jain Housing’s Pebble Brook, India Bulls’ Greens, and the Embassy Group’s Residency project.

The 200-feet road connecting Thoraipakkam and Pallavaram offers a fair amount of land parcels, where close to a thousand residential units already exist. This road has been the prime focus of development firms, with social infrastructure (viz hospitals, malls, education institutions, etc.) being in place too. Recent entrants in the micro-market include Ramanyam, Mantri Developers and Agni Estates, who are coming up with prominent residential projects.

It is the second section between Semmencherry and Kelambakkam that has seen significant residential growth over the past 5–6 years. SIPCOT at Siruseri, where close to 50,000 people work, has been a major catchment. With large parcels of land being available here, developers have been offering gated communities and township projects targeted at the IT crowd. A few such large-scale projects that are currently under construction include Upscale (Hiranandani), Swanlake (Puravankara), Ouranya Bay True Value Homes and Aurum Pacifica.

The third stretch of the OMR is where developers have been able to acquire large land parcels at cheaper rates, leading to more reasonably priced housing units in comparison to other parts of city. The Rs 3,500-crore Japanese township spread over 1,500 acres (signed between the Tamil Nadu industrial investment facilitating agency, the Guidance Bureau, Ascendas, and a Japan consortium comprising Mizuho Corporate Bank and JGC Corporation) adds more value to this stretch, besides offering more than 200,000 employment opportunities.

Notable townships along this stretch are PBEL City (PBEL) with integrated sports facilities, The Village (Phoenix Hodu) with fully-furnished apartments and the Prime Hub (Divyashree) with villaments and plotted developments.

In addition, a number of local and national developers have also been acquiring large land parcels here for future projects. Some notable developers with significant land holdings in the region include Vijayshanthi Developers, Marg, Akshaya Homes, and Hiranandani Developers.

The connecting road between Kelambakkam and Vandallur has especially been attracting residential projects as a long-term investment option. With the state government planning to acquire 66 acres at Vandallur for a mofussil bus terminus, this stretch looks more promising than ever for property investments.

As far as connectivity goes, over the years the OMR has developed various link roads connecting it to the GST (Grand Southern Trunk Road or NH 45), providing added development opportunities for available land parcels in the region. With the elevated highway set to come up soon, the last stretch of the micro-market looks particularly promising in terms of property investment options.
The possible spill

over of IT activity beyond Siruseri, along with lower land prices in this part of the area are expected to drive organised real estate development in this region. Furthermore, the expansion of the OMR stretch between Siruseri and Mahabalipuram into a six-lane expressway is also likely to amplify organized real estate activity in the long-term.

Low demand

Despite all such real estate activity, however, the OMR stretch has been losing it sheen with home buyers in recent times. Apart from the general subdued economic climate, it has primarily been the property pricing progression in this micro-market that has dampened demand.

Consider the fact that between 2010 and 2014, price points rose by about 60–80 per cent, especially along the first two sections of the area and it becomes clear why an area that was primarily desired for its affordability, should now be leaving the average home buyer cold.

Even areas, such as Medavakkom, located off Shollinganallur and recognised as one of the top 10 property locations in the country, have become comparatively unaffordable for the city’s general home buyer over the past couple of years due to climbing price points.

Add the fact that social infrastructure along the OMR is yet to fall in line with the price range of products on offer, and it becomes even clearer what it is that has been plaguing the micro-market of late. The ground reality is that affordable property today has shifted towards the peripheral stretches of OMR, beyond Padur, which is a good 35-40 km from Adyar.

And despite social infrastructure along this last stretch having much left to be desired, home buyers have little choice but to invest here. However, residential property along the OMR will continue to attract demand in the long run, because of the large IT workforce that the region caters to. But till such time that property prices climb down, the region would have lost some of its erstwhile demand from the average home buyer in Chennai.

Source: Magic Bricks / Times of India

Sholinganallur, Chennai – Rise in capital, rental returns

Eyeing Sholinganallur? The data with Magicbricks shows that the locality has registered a per cent rise in capital and rental values. The capital values rose at 9 per cent, whereas the rental values appreciated by 14 per cent. In Jan-Mar 2013, while the property prices in Sholinganallur stood at Rs 4000 per sq ft on an average, prices escalated to Rs 4550 by Jan-Mar 2014.

What determines the popularity of Sholinganallur in the real estate market?

Job market has lifted the locality’s realty market establishing it as a preferred rental and investment choice. With IT corridors in the vicinity, not only has the capital market witnessed a rise in values, but if you happen to be a house owner who is willing to let your house on rent, you can boast of being the resident of Chennai’s top yield earning locality!

If you put in Rs 34 lakh for a 1000 sq ft, 2BHK unit in the capital market, you would be happy to know that it can fetch you monthly rent anywhere between Rs 11,000-20,000 per month, depending on the exact location of your house!

Ravi Kumar, a city-based broker at Ravi Realty says, “A 1900 sq ft flat that is fully furnished and is ideally located can even command as much as Rs 75,000 per month. A house of this size asks for anywhere between Rs 60-90 lakh. If it is furnished, you can bank on it for good returns through rent.”

Prices

A 2BHK unit that covers an area of 950 sq ft can cost you Rs 32 lakh. Prices can go up to Rs 80 lakh for a 1600 sq ft unit. However, if you opt for a 3HK unit, prices range between Rs 37 lakh – Rs 1.7 crore. There are villas, residential houses and even plots for sale available here.

In Shollinganallur, residential houses, paying guest accommodations, builder floor apartments, multi-storey apartments, villas and even studio apartments are available on rent. You could take up a multi-storey apartment on rent within a price bracket of Rs 6000 per month to Rs 50,000 per month.

A majority of accommodations are up for rent within a budget of Rs 15,000 to Rs 25,000 per month. Most of these are 3BHK units that are semi furnished. 2BHK units are within the size range of 600 sq ft to 1200 sq ft. A 3BHK unit would range from anywhere between 850 to 2100 sq ft.

Sholliganallur assures as a promising locality for both investors and prospective tenants. The ideal location makes it easy for capital appreciation prospects as well as aids a good rental demand.

Why Sholinganallur?

Linked by the OMR Road and the East Coast Road to the other parts of the city, Sholinganallur’s geographic positioning seems to be the main attraction. Not only residential, Sholinganallur’s potential seems to be spurting into the commercial sector as well.

In terms of social and physical infrastructure, Sholinganallur boasts of reputed schools and colleges, hospitals, malls and eateries. Moreover, ECR beach, a recreational spot, is quite close to Sholinganallur.

Anand Vijayan, broker at Vidharbha Realty says, “The location advantage is immense and has a good scope of appreciation. Proximity to the job market has drawn an increasing number of people as buyers and tenants. Even tenants, who are single professionals in turn buy houses in the locality and settle here.”

However, Vijayan, who has previously let out his flat on rent also informs, “A flyover in the locality could be a good way to decongest the peak office traffic in the area. Traffic and parking becomes a problem at most times.”

The most opted commutation mediums are either the local buses or the auto rickshaws. Velachery Railway Station is the closest from Sholinganallur at a distance of approx 12 kilometres.

Source: Magicbricks.com Bureau / Times of India

Google says Over half of property buying influenced by internet

phpThumb_generated_thumbnailOver half of property buying influenced by internet: Google

As more Indians log online to seek information before entering into property deals, internet today is estimated to be influencing decisions worth about $43 billion, search engine giant Google said.

According to a study commissioned by the US-based firm, over 50% of real estate buyers’ decisions are influenced by internet research.

“This phenomenon of researching online for real estate information before making a decision is not limited to metros but also extended to buyers in tier II cities,” Google India Industry director Nitin Bawankule told reporters here.

The overall influence of internet on real estate transaction value of both residential and commercial property including rentals amounts to $43 billion ($31 billion for residential and $12 billion for commercial), he added.

The primary reasons for researching online were easy access to in-depth property information and market trends (60%), large comparison options (52%), easy access to contact details of owners and developers (49%) and financing and document processing information (43%).

The survey, conducted by consultancy firm Zinnov across 15 cities in India included the metros, Pune, Lucknow and Ahmedabad with 6,196 respondents.

Talking about search trends on Google, Bawankule said the number had seen a 3x growth in the last three years.

“There is tremendous opportunity for both online real estate aggregators, brokers and developers to engage the buyers online by providing rich, meaningful and immersive experience to buyers on the internet,” he added.

According to the study, 62% respondents said aggregator sites (like makaan.com and magicbricks.com) were top sources of information for them on the internet, followed by websites of real estate companies (52%).

About 45% said they visited broker sites, blogs and forums to find information before making a decision.

An increasing number of people are also using their mobile devices to search for properties online.

“Mobile queries (those originating from mobile phones) are doubling every year and about 40% of total searches came through mobile phones,” Bawankule said.

Also, the study found 73% respondents saying they prefer using their mobile apps for researching for property.

However, a major concern for people researching online was the lack of accurate and updated information.

Respondents said websites of developers and aggregators often lacked availability of in-depth information about property and features like easy price comparison.

Source: The Times of India

Adyar river draws elite home buyers

Cleaner Adyar river draws elite home buyers

Localities with greenery and water bodies have always attracted the humans because of liveability factor and the Adyar River case is almost similar. However, the challenge is to keep the river pollution free. 

Adyar River is an estuary flowing into Bay of Bengal from Chennai city. The localities along the river have always remained a hub of the elite because of the immense greenery and pleasant environment. However, the last year launched drive to clean the Adyar river has began showing results, the citizens demand more. Read more

Chennai among world’s top 12 realty markets

Ripon_Building_Chennai

 

Forget the weather, Chennai brings you more reasons why you should be investing here than thinking otherwise.
Cities that have a job pool have a tendency to attract more investors and buyers. As a result, the capital appreciation in these cities is likely. Bangalore, Delhi, Pune and Chennai are such cities. Let’s look at the reasons

Optimistic market

Globally acclaimed design house Savills, Candy & Candy, and Deutsche Asset & Wealth Management report says that Chennai is among the twelve rising cities that would outdo the prime global cities in terms of real estate. What is cited as the reason is the fact that it is a cultural hub. Read more

Post retirement – Chennai’s rich prefer apartments

Post retirement – Chennai’s rich prefer apartments  – As the apartment trend is picking up in Chennai, even the rich of the city are adopting this culture post retirement. Owing to security features and the exclusive luxury available in these units, the elite of the city are selling their old units and shifting to apartments in premium localities for comfort, calm and opulence.

“Chennai does not have much of ready-to-move-in retirement projects. Hence, the senior citizens prefer to move to the usual apartments having amenities such as security, health care services, gym, lawns and other maintenance facilities,” says Sridhar Reddy, senior vice president, Hanu Reddy Realty.

So, which localities in Chennai are being preferred by the retired elite? Local realtors point out that Rama Kamath Puram and Adyar areas are where the rich Chennaites prefer to move after retirement. Adyar being a premium locality of South Chennai, has several luxury projects in the price range of Rs 2-9 crore. Buyers with class and style prefer this locality. Gated community, modern security features and a lifestyle to boast of, Chennaites find this kind of housing most comfortable once they retire.

Apart from this, Raja Annamalai Puram and Mylapore are also on the priority list of buyers, moving from independent houses to plush apartments. “Adyar, RA Puram and Mylapore have the city’s premium projects which suit the status and taste of the Chennai elite. These areas have ample greenery and good view as desired by the senior citizens,” says K Vignesh, a local broker.

Developers such as, LCS City Makers, Gayathri Realities, Appaswamy Real Estate Limited, Casa Grande, ETA Star are active in the area. As per the Magicbricks data, both locations have numerous options in the luxury category of above Rs 2 crore. These are mostly 3 and 4BHK flats.

“Adyar and the nearby locations are also well connected to other parts of the city via the Mass Rapid Transit System (MRTS). The OMR and other 4-lane road network connects the locality to Besant Nagar, T Nagar, Nungambakkam, Anna Nagar, Oragadam and Sriperumpathur,” says V Krishnan from Avk Real Estate.

City-based realtors also reveal that majority of these buyers are moving here from North Chennai or from Anna Nagar, Shenoy Nagar, Besant Nagar where re-development is happening. The senior citizens are selling their independent bungalows and investing a part of the money in apartments in premium localities. The remaining is kept in the bank, fetching interest, till they use it for customising their units according to their requirement.

Source Times of India Magic Bricks

PG accommodation – Growing demand for PG accommodation in Chennai

PG accommodation – Growing demand for PG accommodation in Chennai – With the growing population of single professionals in Chennai, city-based realtors are receiving number of queries for single bed accommodation, close to office area and in vicinity to market places.

“People from other states are single and prefer Paying Guest (PG) accommodation. These units are well furnished with basic necessities, required in daily life,” says D Tony, a local broker dealing in PG homes.

As per the Magicbricks data, maximum number of such accommodation is available in Thiruvanmiyur within the price range of Rs 3,500-12,000 per month. Thorapakkam, Medavakkam and Adyar are the other locations where single bed units are available at a monthly rent of Rs 4,000-12,000.

Most of the PG accommodations are equipped with features such as, unlimited Wi-Fi connectivity, refrigerator, LCD television with DTH connection, common sitting area with sofa and dining table and two meals per day. A single bed, a study table and a wardrobe is available in each room separately for every individual.

Demand analysis

Majority of the demand for PG accommodation is in locations which are close to the IT corridors of the city. Sholinganalur, OMR, Karaipakkam are the most demanded localities for rental accommodation. However, maximum supply is concentrated in Thiruvanmiyur, which is based 12-km from the main corridor, but has cheaper transportation towards the industrial end.

Of all the loaclities, Medavakkam is closest to OMR and Sholinganallur where single bed accommodation is available within Rs 4,000-8,000 per month.

“People coming to the city from other states live here for hardly three-four months during their training period. Hence, they prefer PG accommodation rather than renting 1BHK apartments, where they have to pay large amount of security deposit,” says Ajinkya Sheth, owner of a PG accommodation in Medavakkam.

With the growing migrant population, the city is set to receive increasing number of queries for single bed accommodation. However, with limited options, one may need to shell out more money and look for 1BHK apartments in preferred areas.

Source -Times of India Magicbricks.com Bureau

மோடி அரசாங்கம்… ரியல் எஸ்டேட் வேகம் எடுக்குமா?

மோடி அரசாங்கம்… ரியல் எஸ்டேட் வேகம் எடுக்குமா?


நரேந்திர மோடியின் தலைமையில் புதிய அரசாங்கம் அமைந்திருப்பதால், பல்வேறு துறைகளில் பல மாற்றங்கள் வரும் என்கிற நம்பிக்கை உருவாகி இருக்கிறது. தொழில் துறை மற்றும் உள்கட்டமைப்பு துறைகளின் வளர்ச்சி சிறப்பாக இருக்கும் என்கிற எதிர்பார்ப்பு இருக்கும் நிலையில் ரியல் எஸ்டேட் துறையின் வளர்ச்சி எப்படி இருக்கும், மோடி அரசாங்கம் இதற்கு என்ன செய்ய வேண்டும் என முன்னணி ரியல் எஸ்டேட் நிறுவனத்தைச் சேர்ந்தவர்களிடம் கேட்டோம்.


”பங்குச் சந்தைபோல, ரியல் எஸ்டேட் துறையில் உடனடி எதிர்வினையை எதிர்பார்க்க முடியாது. புதிய அரசாங்கம் எடுக்கப்போகும் பல்வேறு முடிவுகளைப் பொறுத்தே இந்தத் துறையின் வளர்ச்சி இருக்கும். எனவே, ரியல் எஸ்டேட் துறையில் குறிப்பிட்டுச் சொல்லவேண்டிய மாற்றம் ஏதும் ஏற்பட வேண்டுமெனில், குறைந்தபட்சம் 6 – 9 மாதங்களாவது காத்திருக்க வேண்டும்.

Read more

Chennai – Top destinations for your second home

The concept of second home buying seems to be taken well in Chennai with 36 per cent of the total buyers in the city are looking for second investment, the recently released Housing Sentiment Index (HSI), a report jointly developed by IIM-Bangalore (IIMB) and Magicbricks (MB) has reported.

Both NRIs and natives are among the buyers, the local realtors reveal. On one hand, where NRIs invest for capital appreciation, natives look for rental returns. So, if you are one of those looking for investment options in the city, here are a few options.

OMR

OMR (Old Mahabalipuram Road) is the hub of IT professionals as this is the closest area to the IT corridor of Chennai where 30,000-35,000 people are employed at present. Hence, investing here can fetch good rental returns. “A 2BHK flat of 1000 sq ft commands Rs 15,000 per month as rental charge. These kind of units are quite fast moving as the rental demand always remain on peak in these areas,” says A Jagan, owner of Ananthi Realty Solutions.

Apart from this, developers in the region tend to offer good discounts and freebies because of high supply. “Some developers offer up to 30 per cent off on booking or free car parking with each flat to attract investment from property buyers,” informs Jagan.

As per Magicbricks listings, a 2BHK flat in OMR is available at starting price of Rs 20 lakh which may go up to Rs 95 lakh depending upon the amenities installed in the township. The area also has numerous 3BHK apartments as well which is available for Rs 33 lakh.

Tambaram-Sholinganallur stretch

This is a popular stretch of Chennai which attracts NRIs, HNIs as well as middle-class segment for investment. The area boasts independent house supply as well as multi-storey projects which suits varied budget range.

Localities lying on this stretch are Medavakkam, Ranganathapuram, Thiruvalluvar Nagar, Koilambakam, Gowrivakkam, Sembakkam which have numerous new projects in the area. Developers like Sanjay Homes, Amethyst Homes, Atikramya Builders, Parsn Urban Development are active in the area.

“The area holds great potential for capital gain as well as rental returns. The IT corridor in close proximity to Sholinganallur drives rental market here while the peaceful and natural beauty towards Tambaram end drives those buyers who want a second home away from the city,” says Udhai Kumar, a city based realtors.

As per Magicbricks data, a 2BHK apartment is available here within the price range of Rs 45 lakh, whereas an independent home with the built up space of 1000 sq ft is available at the starting price of Rs 70 lakh. These are 3BHK duplex homes with one room at ground floor and two rooms at first floor along with attached bathroom. As far as rental market is concerned, a 2BHK flat commands Rs 13,000 rent per month whereas a 3BHK flat fetches Rs 15,000 rent per month.

Source -Surbhi Gupta, Magicbricks.com Bureau/timesofindia