Chennai – Living the high life

As Chennai’s skyline reaches for the clouds, Prince Frederick takes a look at life up there

Under the cloak of a name with Greek roots, any form of fear sounds cool. It seems to offer a justification for the fear, no matter how irrational. So, this is how I prefer to describe a recent experience, where I come to grips with not just one fear, but a battalion of them: I, an acrophobic (fearful of heights), am given the novel and challenging assignment of describing the mind of someone living very high up on a tall building, which leads to cainotophobia (fear of novelty and new challenges) and ultimately, catagelophobia (fear of being ridiculed).

On the 28th floor of Birchwood, one of the towers in Hiranandani Upscale at Egattur on OMR, I am gripped by catagelophobia as I tell Sowmya Sanjeev, the lady of the house, and her distant neighbours, the Kurups who live on the second floor, about how difficult it is for me to stand on the balcony of a tall building. Placing myself at a spot where I can enjoy a view without having to get too close to the railing, I explain to them that high open spaces, such as the summit of Mount Everest, don’t scare me one bit and it is only enclosed spaces high up that give me the heebie-jeebies.

The brave defence was needless. Because Sowmya says, “I would stand at the same spot a year ago when we moved into this flat. I loved the view, but was scared of standing near the railing. Inch by inch, I moved to where I am now.”

As the photographer clicks away, she is the picture of ease, leaning on the railing of the east-facing balcony and looking at the vast expanse of land below her, hemmed in by the sea. Together, the Buckingham Canal and a channel of backwaters weave an exquisite pattern, creating spits of water-locked green land.

Distance certainly lends enchantment to the view. At least, vertical distance does: a lily pond in the vicinity, which I watched from the balcony of Janardhana Kurup’s second-floor apartment only half an hour ago, is now pleasanter on the eyes.

Accustomed to having an arresting view of Chennai from the west-facing windows of their bedroom, Samiksha (7) and Samyuktha (4), the Sanjeevs’ two daughters, are said to be surprised whenever they see garbage on the streets. The Sanjeevs have moved in from the United States, where they lived in Connecticut.

For Murugan Nellayappan, living on the 26th floor of Seawood, another tower in the cluster, has influenced not just his perception of a city, but of life as a whole. He describes his mind: “I feel on top of the world. It helps me withdraw from the world and see things in their perspective. It has enhanced my thinking.”

Murugan, HR consultant, enjoys penning his thoughts, even if it is only to have the written sheets locked up in a cabinet.

His language borders on the poetic as he explains how the view, the wind, howling in a whacky manner, and the lack of vehicular noise make the mind expansive. “Whether you become a full-time writer or not, you become more creative and start appreciating Nature more than when you live closer to the ground.”

Having developed an eye for birds that fly at the level at which her floor is located, Sowmya could not agree with him more.

Even before moving to Egattur, Murugan has lived on a high floor. “I occupied a duplex apartment on the 15th and 16th floors at Arihant Majestic Towers in Koyambedu.” In the mid-2000s, Arihant Majestic Towers defined ‘high living’ for the people of Chennai.

“I want to go as high as possible. Here in Upscale, I took a 26th floor flat because I could not get one on the 28th or the 27th,” says the HR consultant.

For people like Murugan, immune to the fear of living too far from the earth, this is the best of times. Just visit Wikipedia for a list of the tallest buildings in Chennai, and you’ll know why.

Ouranya Bay in Padur by True Value Homes is reported to have 30-floor towers. Among tall residential buildings under construction are two towers in Upscale, one reportedly being built up to 45 floors and the other up to 36 floors; and Abov by Akshaya Homes in Padur with 38 floors. Among proposed/approved high rises in Chennai is the one by ADD Albatross, which will reportedly have a 50-floor tower.

However, for every Murugan, there will be a Janardhana Kurup who prefers to stay nearer earth. While admitting to being struck speechless by the view the higher floors afford, Kurup says, “For me, living on a higher floor is like living on an aeroplane.” He thinks living high up can cut you off from reality.

Murugan believes to the contrary, maintaining that those on the lower floors are missing out on a whole new world. He thinks those on the higher floors get to inhabit two worlds.

“The advantage of high-rise living is that you can withdraw to your solitude at those heights, and when you want to be with people, get down to the common areas and meet the neighbours. So, you get the best of both worlds,” is Murugan’s logic. He believes that in these days of “high-speed lifts and uninterrupted power backup”, the advantages of the higher floors dwarf the disadvantages.

On how to enjoy the view from the top from time to time, despite living on a lower floor, Kurup says, “You just have to make friends with those who live high up there, as I have.”

Source: The Hindu

Madras / Chennai turns 375 this year

Egmore Station Chennao

Chennai Madras 

Less than a month from now, Chennai, that was Madras, that was Chennapatnam, will blow out a whopping 375 candles on her birthday cake. On August 22, this year, she will turn 375.

This city, at once old-fashioned and cosmopolitan, will celebrate a solid three centuries and more of being around as she goes on, nonchalantly doing what she does best — playing host to an estimated 70 lakh people. The grand old lady’s hoary history lives on, in some parts, even as she grows by the day, by the minute.

The transformation from sleepy seaside town to bustling metropolis has been in cue with the times, and outright fascinating, if you follow the path she has travelled all these three-plus centuries. But as all cities do, this one too grew quietly and even by the night, transforming herself little by little, adjusting herself to accommodate the burgeoning population.

So much so that for someone living outside, on every visit back home there was the distinct feeling that Chennai had changed, even if you were unable to put your finger on it. Was it the new multiplex, or a fancy drive way by the shore, the ‘flying train’ or the swanky new glass-front building, the Metro Rail work sites or the ever-changing one ways? Most likely, all this and more.

But every time, if you hang around long enough, she sends the nightly pungency up from the Cooum as if to reassure us that she is indeed quite the same. That some things never change.

At the heart of it all is the city that we all love and have come to call home, and, perhaps, a home-away-from-home.

This birthday, travel with us as we take you through the many faces that Chennai wears, how she has changed over the years, and that which has remained constant. The Hindu will dedicate columns for over a month to the city that is home.

Come on this journey with us, then! Sample juicy bits from the smorgasboard that this grand old lady offers, get a glimpse into what makes Chennai tick. And, oh, while you are at it, join us in wishing her a very happy birthday!

Source –The Hindu, Chennai

வீட்டுக்கடனுக்கான தவணைத் தொகை குறைகிறது!

ரியல் எஸ்டேட் நிறுவனங்களுக்கும், வீடு வாங்க திட்டமிட்டு கொண்டிருப்பவர்களுக்கும் மகிழ்ச்சி அளிக்கும் விதமாக வங்கிகளுக்கான வீட்டுக்கடன் கொடுக்கும் விதிமுறைகளை தளர்த்த முடிவு செய்துள்ளதால், வீட்டுக்கடனுக்கான தவணைத் தொகை குறையும் வாய்ப்பு ஏற்பட்டுள்ளது.

உட்கட்டமைப்பு வளர்ச்சி திட்டங்கள் மற்றும் வீடு வாங்குவதற்கு கடன் வழங்கி வரும் வங்கிகள், தங்களது  கடன் வழங்குதலுக்காக ரிசர்வ் வங்கியில் குறிப்பிட்ட சதவீத தொகையை  தனியாக இருப்பில் வைக்க வேண்டியது கட்டாயம் என்ற விதிமுறை உள்ளது. 

இந்நிலையில் மத்திய நிதியமைச்சர் அருண் ஜெட்லி அண்மையில் தாக்கல் செய்த பட்ஜெட்டில் வெளியிட்ட அறிவிப்பின்படி, மேற்கூறிய இருப்பு தொகை வைக்க வேண்டும் என்ற விதிமுறையை ரிசர்வ் வங்கி தளர்த்தி உள்ளது. இதனால் இனி மேற்கூறிய கடன்களை வழங்கி வரும் வங்கிகள் இனிமேல் அந்த இருப்பு தொகையை கட்டாயம் வைக்க வேண்டியதில்லை. 

இதன்மூலம் வங்கிகளின் கடன் வழங்குவதற்கான நிதிச் செலவு குறைவதால், கடன்களுக்கான வட்டியும் குறையும். இது தொடர்பாக எஸ்.பி.ஐ. வங்கியின் முன்னாள் அதிகாரி ஒருவர் கூறுகையில், “வீட்டுக்கடனுக்கான வட்டி விகிதம் 40 முதல் 50 புள்ளிகள்,  அதாவது 0..5 சதவீதம் வரை குறைய வாய்ப்பு உள்ளது. 

இந்த அரை சதவீத வட்டி குறைப்பு என்பது, ஒருவர் 50 லட்சம் ரூபாயை , 20 ஆண்டுகள் தவணையில் வீட்டுக் கடனாக வாங்கினால் அவர் திருப்பிச் செலுத்தும் கடன் தவணையில் ( EMI )  1,700 ரூபாய்க்கும் அதிகமாக குறையும். 

அதே சமயம் இந்த வட்டி குறைப்பு புதிதாக வீட்டுக் கடன் வாங்குபவர்களுக்குத்தானே தவிர, ஏற்கனவே வாங்கியவர்களுக்கு இல்லை. ஏற்கனவே வீட்டுக் கடன் வாங்கியவர்கள் அதே தவணைத் தொகையைத்தான் செலுத்த வேண்டும்” என்றார். 

இதனிடையே வரும் அதிகரிக்கும் வீட்டு விலை மற்றும் பணவீக்கத்தை கருத்தில்கொண்டு வீட்டுக்கடன் பெறுவதற்கான அதிகபட்ச வரம்பை அதிகரிக்கும் வகையில், மலிவு விலை வீட்டின் வரம்புத் தொகையை ரிசர்வ் வங்கி உயர்த்தி உள்ளது. 

இதன்படி டெல்லி, மும்பை உள்ளிட்ட நாட்டின் 6 பெருநகரங்களில் அதிகபட்ச வீட்டுக்கடன் தொகை ரூ. 50 லட்சமாகவும் ( சொத்து மதிப்பு ரூ 65 லட்சம் வரை) , இதர நகரங்களில் அதிகபட்ச வீட்டுக்கடன் தொகை ரூ. 40 லட்சமாகவும் ( சொத்து மதிப்பு ரூ. 50 லட்சம்) இருக்கும் என ரிசர்வ் வங்கி அறிவித்துள்ளது. 

பொருளாதார மந்த நிலை, அதிக வட்டி போன்ற காரணங்களால் தள்ளாடிக்கொண்டிருந்த ரியல் எஸ்டேட் துறை ரிசர்வ் வங்கியின் மேற்கூறிய அறிவிப்பின் மூலம் புத்துயிர் பெறும் என எதிர்பார்க்கப்படுகிறது. 

தற்போது ரியல் எஸ்டேட் நிறுவனங்களுக்கான கடன் வட்டி விகிதம் 13 சதவீதமாக உள்ளது. இந்நிலையில் மேற்கூறிய நடவடிக்கையின் மூலம் வட்டி விகிதம் 150 புள்ளிகள் வரை குறையலாம் என நிபுணர்கள் தெரிவிக்கின்றனர்.

Source: Ananda Vikatan

Investments within Rs 40 lakh popular in West Chennai

Investments within Rs 40 lakh popular in West Chennai

Almost 50 per cent of home buyers in Chennai are looking for properties within Rs 40 lakh, reveals PropIndex (Jan-Mar 2014), the India Apartment Index by Magicbricks. If you are also amongst those, then West Chennai is the right place. Magicbricks data shows, localities in West Chennai offer maximum properties within Rs 40 lakh.

Areas with maximum residential options in West Chennai are:

Sriperumbudur

Check out property options in Sriperumbudur

The locality is a major industrial area of the city and attracts home buyers working in the nearby industries such as Hyundai, Ford, Nissan, BMW, Samsung, Dell, Nokia, Saint-Gobain and Hindustan Motors. Presently, the apartment values in Sriperumbudur range within Rs 2,700-3,400 per sq ft and the plot values are Rs 2,000-2,600 per sq ft. Within Rs 40 lakh, buyers can find apartments of sizes up to 1400 sq ft and plots upto 2000 sq ft.

Amar M of Mainland Properties, a city based realtor says, “Being a manufacturing hub, Sriperumbudur is a fast growing suburb. With many non-IT companies setting up base here, several developers have entered the market to develop the area into a residential destination.”

Located approximately 25-km from Sriperumbudur, Gerugambakkam also offers a mix of residential plots and builder-floor apartments within Rs 40 lakh. The property values for apartments range from Rs 3,000-3,500 per sq ft and plot values from Rs 2,000-2,500 per sq ft. Accordingly, the apartment sizes are upto 1300 sq ft and plot sizes upto 2000 sq ft. Gerugambakkam’s real estate market is mostly driven by the middle-income IT professionals working in companies situated in Porur, 6-km away.

A user on Magicbricks.com and a resident of the locality says, “The locality is convenient for those who work in the DLF IT Park. In addition to being affordable for the middle-income home buyers, the locality is also well-developed in terms of social infrastructure such as educational institutions, healthcare centres and entertainment zones.”

Other than these two locations, other areas in West Chennai which can be considered for properties within Rs 40 lakh are Tirumullaivayal and Veppampattu. In Tirumullaivayal, mostly multi-storey apartments and single floor apartments are available within this budget, whereas, in Veppampattu, more of residential plots can be found.

Source: Times Property, Chennai/Magicbricks.com Bureau

Your address with a house near beach in Chennai

Ever wanted to feel the freshness of the sea and unwind in a coastal home? Some of the recreational destinations in Chennai also offer some of the best properties on sale. Show off your address at any of the following areas-

Besant Nagar

The Elliot’s beach, the end point of Marina beach shore is the major attraction. Developed by the Tamil Nadu Housing Board way back in the 1970’s, this area boasts of minimal traffic and a lot of greenery, says Ashok Kumar of Dolphin Realtors. Theosophical Society, worship areas like the famous Velankanni Church, where lakhs of pilgrims frequent every year, are all here.

Amongst new developments is also Metropolitan Transport Corporation’s decision to convert the bus terminal into a depot that would then link Besant Nagar important areas like Perambur, Vadapalani, Tambaram, Mylapore etc.

If you are interested in any of the properties close to the sea, you could opt for a 2BHK unit in the range of Rs 1-4.25 crore for sizes within 4000 sq ft.

Thirivanmiyur

A jostling crowd is always a sight at the Thiruvanmiyur. Close to the TIDEL IT Park, this area has been an attraction amongst residents for its convenient geographical location in terms of proximity to workspaces. International schools, banks and ATMs and even the famous ISCKON Temple is close at hand.

Swamy Sundar, local realtor at Lakshmi Realty says, “There is a sizeable non-local population living here. Buyers and tenants here are from other metro cities like Mumbai, Kolkata, Bangalore and Gurgaon.”

Properties here are available in the range of Rs 56 lakh – Rs 1.6 crore for a 2BHK unit within 1200 sq ft. For a 3BHK unit, the starting range is Rs 1 crore for a 1400-sq-ft flat.

Neelangarai

The very name translates to ‘Blue Shore’. One of the established localities in Chennai, Neelangarai boasts of good infrastructure and proximity to the IT corridor. Yamini Bhushan from Devi Enterprises says, “HNIs go in for properties here that are comfortable and compact. Mostly, these are within gated communities and provide for easy access to basic requirements.”

“There have been cases of unauthorised flats which is why buyers have been cautious of late, however, the HNIs continue to buy lavish properties here,” he adds.

Properties in this area cost anywhere between Rs 95 lakh- Rs 9 crore for houses within 3000 sq ft.

In any of the aforementioned areas, you could look for villas and residential houses as well. Hence, if you are more than just a regular home buyer, you could opt for a residence close to the sea!

Source: Times of India  Magicbricks.com Bureau

Towards building safe homes

Builders in Chennai are suggesting wide-ranging measures, including proper assigning of responsibilities, to ensure that accidents such as the Moulivakkam tragedy are not repeated

The collapse of the 11-storey building in Moulivakkam that claimed 61 lives, followed by the wall collapse in Tiruvallur district in which 11 people died, has triggered a series of debates about industry norms in public forums and the social media.

The role of the State government, its principal planning agencies – Chennai Metropolitan Development Authority and Directorate of Town and Country Planning, in addition to local bodies, has come under scrutiny.

Many stakeholders believe that the immediate need is the creation of an ‘independent authority’ that “will regulate, not constrict the industry, and ensure that best practices from across the world are followed here.”

Experts told The Hindu it was time for clearly demarcating the duties and responsibilities of each of the stakeholders – be it the developer, architect, structural engineer, project management consultants, planning agency, local bodies and also financial institutions and the end user – the investor. A single accident should not result in a freeze on construction, they said.

Setting the ball rolling, N. Nandakumar of the Tamil Nadu Chapter of Confederation of Real Estate Developers Association of India (CREDAI), said other countries had learnt from their experiences and the industry here should introspect similarly.

Pramod Balakrishnan, principal architect, Edifice, pitched for mandatory regulation and accreditation. “Builders use the branding of foreign architects to sell their projects. Indian architects do not have a branding or a selling point even though they are very talented,” he said. Without clearly demarcating the roles of people involved in the industry, pulling up architects for no fault of theirs was unfair, he added.

Stating that accreditation, evaluation and stringent checks were a must, M. Ravi of Engineering and Project Management Solutions, said these should be made by an autonomous, certified and a highly independent, yet trusted agency.

Recounting his experience, R. Perumalsamy, an accredited checker and managing director of Singapore-based Buro Engineers Private Limited that also has operations in Chennai, said the island nation had stringent norms in place.

Building plans sanctioned by Building Control Authority were checked by professional agencies and quality of construction monitored by resident engineers at the site, he added.

“Technical evaluations should not just be restricted to high rise buildings, I suggest they should be done even for 3 or 4-storeyed buildings too,” said Venkata Prasad Chintaluri, Managing Director of Geomarine Consultants.

The stakeholders will soon be preparing exhaustive safety manuals, standard operation procedures and best practices followed the world over and take them to the government, in an attempt towards creating safe environment and to boost investor confidence.

Keywords: Chennai buildings, building safety, safe construction practices
Source The Hindu

India Budget ’14 makes buying a home easier for you

India Budget ’14 makes buying a home easier for you

With ample tax incentives announced in this year’s union budget, has the government finally taken a step towards making the dream of owning a home easier to achieve for the common man?

The whole country waited with bated breath for Finance Minister Arun Jaitley to deliver the Union Budget 2014 on Thursday. While there were quite a few misses as far as the real estate sector was concerned, it hit the bull’s eye as far as the tax exemptions are concerned.

The announcement to increase the income tax deduction limits under 80C, of which the repayment of principal on housing loans is a component, has bought a sigh of relief to several prospective home buyers. This limit has been raised from Rs 1 lakh to Rs 1.5 lakh. Additionally, the budget has also increased the deduction limit on interest payment for housing loans from Rs 1.5 lakh to Rs 2 lakh.

“These two factors alone will lead to a vastly improved sentiment on the housing markets,” exclaims Anju Puri, country head, Jones Lang Lassale. This indeed would improve buyer sentiments as the budget has managed to address a key demand of the buyers.

More than 20 per cent of the buyers were expecting a higher tax rebate on loan repayment from this year’s budget, as per a recent pre-budget survey conducted by Magcbricks.

Thus, these measures would greatly reduce the burden of EMIs on the common man making the process of purchasing a home less expensive. Navin Raheja, chairman, Naredco and Assocham explains, “A person who pays an approximate amount of Rs 30,000- 35,000 per month as EMI would get almost full deduction of EMI from income tax and thus the effective interest burden will be less.”

Further, the budget also increased the general income tax exemption from Rs 2 lakh to 2.5 lakh and 2.5 lakh to 3 lakh for senior citizens. “This would help in generating more disposable income for families and would enhance property buying in the country. This would also have implications on one’s ability to service home loans,” adds Raheja.

Thus, the drop in actual transactions in the real estate market that was being witnessed in the last few quarters may just revive now. We would have to still wait and watch if the actual buying across countries would pick up or not!

Source Times of India Magicbricks.com Bureau

Real estate sector expects Indian budget to be transforming

Real estate sector expects Indian budget to be transforming

 

With the new government now firmly in charge of steering the country, the Indian economy is perched on the threshold of recovery and growth. The serious issues that have plagued the sector for so long may now be proactively addressed.

 

Anticipating encouraging announcements in the forthcoming budget, the Indian real estate industry hopes that the new government will be able to re-establish the country as an economic force and boost consumer and investor confidence.

We look forward to the announcement of progressive policies pertaining to FDI in real estate, since the sector is in marked need of a more liberalised funding flow. Global investors are once again enthusiastically eyeing the Indian market for the immense opportunities it offers. There is now a very real possibility of a huge increase in foreign investment inflows, and the budget is definitely the ideal opportunity for taking serious steps to encourage this.

The real estate industry once again reiterates its sincere call for preferential industry status. Despite many petitions to the government to this effect, real estate was not been granted this status even though its role as a significant growth driver for the economy is beyond dispute. At the very least, housing must be given infrastructure status, since housing is the very basis and framework of the nation and its economy. The national housing deficit can and must be reduced, especially with regards to affordable housing.

The new government has announced a very clear mandate in terms of housing for all, and will therefore need to come up with a detailed affordable housing policy. Such a policy will have to focus on increasing the supply of genuinely affordable homes in the budget bracket of Rs. 20-25 lakh.

The success of such a policy will depend on respective state governments playing a proactive role, as well. Ideally, affordable housing projects should be allowed on smaller land parcels so that such land under private holding can be monetised effectively. Alternately, the government can release land currently being held by it to developers for affordable housing projects, at nominal rates.

Also required is a single-window clearance for such affordable housing projects, as well as additional incentives in the form of waiver of registration costs, stamp duties, etc. on land purchase for developers undertaking such projects. Other additional pay-outs for residential projects to the government, such as conversion and internal development charges, could also be waived. The policy could fix the maximum price for such projects, thus enabling them to remain truly affordable. Also, for such affordable housing projects, density and FAR norms can be increased to enable mass housing at lower costs.

Developers of affordable housing can also be incentivised in various ways, such as:

• Allowing them a certain commercial component within these projects which they can sell at market rates

• Reducing duties and excise on pre-fabricated materials for use in affordable housing projects

• Providing additional FAR to projects that also comply with environmental sustainability guidelines.

All such benefits to developers will ensure a pass-through to the buyers, for whom the prices will become affordable. A clearly-defined policy by the governments along such lines would enable long-term investments into this sector.

The Indian real estate sector also looks forward to a budget that outlines measures to tackle inflation without stifling overall growth. Interest rates must rationalize and home sales pick up once more. The stock markets have already perked up visibly up and the Indian rupee is regaining strength. We certainly expect that the new government will take measures to reduce inflation, but also ensure that this is not done at the cost of the green shoots of market positivity we are now seeing.

Source; Times of India Magic Bricks

Pay Rs 1 cr for a Rs 60 lakh property in Chennai Anna nagar

Now pay Rs 1 cr for a Rs 60 lakh property
Are you looking for an investment arena in Chennai that can get you maximum returns? Magicbricks has noticed that since the last one year, that is, since Jan-March 2013, Anna Nagar has shot up in terms of prices, almost 68 per cent. Capital values that stood at Rs 6175 per sq ft have now soared to Rs 10, 400 per sq ft on an average.


What determines Anna Nagar’s popularity?
Anna Nagar stands tall in terms of socio-civic fabric. Talk about police stations and vigilance, street lights, schools and colleges of repute, healthcare facilities and commercial pockets—all of these factors have contributed immensely to property values boosting over the years.


Sewage and drainage-related issues are also looked into and thus a majority of new properties and resale ones ensure that buyers would not have to tackle such issues. Some of the established residential pockets like Shanthi Colony, Nalanda Flats, Kurinji Colony and Jawahar Colony are most preferred here.


Interestingly, the layout of the roads, matrix-structured, straight and parallel to each other ensures easy accessibility to other areas in the city. Alice Vincent, a user of Magicbricks says, “It is a posh locality with all the amenities close by. The roads in Anna Nagar are designed on the basis of matrix structure similar to roads in the developed countries of the west. All the roads are parallel and perpendicular to each other.”


“In addition, a standardised naming nomenclature is adopted. All the streets are interconnected to these avenues. Anna Nagar is the first township and the only township in Chennai to follow standard addressing system followed in the western world,” adds Vincent.


As for physical infrastructure, buses, autos and taxis frequent Anna Nagar and local transport is smooth. Two of the major terminals include the one at Anna Nagar East and the other at Anna Nagar West. The latter is situated on the 100-ft wide road which is the biggest terminus in Chennai.


If you are a resident in Anna Nagar, you are about 16 km away from the Chennai International Airport and 10 km away from the Central railway station.


Property options
If you are looking for a 1BHK unit, prices start at Rs 23 lakh that fetches you a 215 sq ft in the locality. 2BHK units are in the range of Rs 40-1.6 crore with sizes anywhere between 640-1555 sq ft. Bigger units like a 3BHK unit with covered area of 1330-2415 sq ft can command as much as Rs 87 lakh-3 crore.


With such prices, Anna Nagar is steadily transforming into a niche area. Villas, residential houses, builder floor flats and plots, the locality brings you all kinds of investment options.


Rental returns
Any guesses how much yields can you expect in Anna Nagar? As per the data with Magicbricks, a 550-sq-ft flat can fetch you Rs 9000 per month. A 1000 sq ft and above house would mean earning a rent of Rs 16,000-Rs 40,000 per month!


Similary, rents for 3BHK range from Rs 18,000-90,000 per month! Sizes vary from 990-2400 sq ft.


New properties
Magicbricks also brings to notice that new properties coming up in Anna Nagar. The properties here boast of facilities like gardens, gyms, sports complex, cycling and jogging tracks, coffee lounges, power back, lift, reserved parking, swimming pools, security, kids play area and the like.
If you are looking for returns and sound infrastructure, trends show that Anna Nagar could be a wise pick.
‪#‎annanagar‬ ‪#‎chennai‬

Source: Times of India Magic Bricks

Chennai – Properties in T Nagar become affordable

Properties in Chennai’s T Nagar become affordable
If you  are a prospective home buyer in Chennai and if you have been vying for a house in one of the premium localities, your search stops here. As per data with Magicbricks, property prices in T Nagar have dropped by 7 per cent making it relatively affordable. And no, it has not lost its sheen either!
Prices at T Nagar currently stand at Rs 10,500 per sq ft.  However, it is not a secret that in such areas, despite dwindling prices, there is a prestige value attached.  Not only that, the rental market in T Nagar is also fast moving and is an attractive source of returns! Here’s a roundup:
Property prices

For a 1BHK unit, prices start at Rs 44 lakh for a 580 sq ft flat. The 2BHK units cost you between Rs 50 lakh to Rs 1 crore for sizes varying from 650-1300 sq ft. Larger configurations need you to shell out Rs 1.5- 6 crore. The sizes could be as big as 3300 sq ft. Residential houses on sale start at Rs 50 lakh and can command as much as Rs 6 crore. Most of the accommodations are semi-furnished and ideally located.

For investors – bigger the investment, fatter is the return! A 3BHK unit can fetch anywhere between Rs 20,000-95,000 per month! The 2BHK units fetch Rs 12,000-80,000 monthly. Units of 1BHK are few, but can command upto Rs 22,000 per month!

Anand Kumar, a realtor at Chennai Realty Services says, “Capital prices keep dwindling, but investors benefit. Look from a mid-term perspective, the disposable income of the people will not drop and thus the price appreciation is a given. Plus, it is a central location and cannot command less than what it is now.”

Amenities

T Nagar is one of the well-known commercial centres in the city and an equivalent of Delhi’s Connaught Place and Mumbai’s Linking Road. Residents enjoy the strategic location and the benefits in terms of its proximity to work places, educational institutions, open spaces like the Somasundaram Corporation playground, Pannagal Park and the scope of returns on your investment!

Arthi Udaykumar, realtor at Good Lands says, “T Nagar is a premium area for residential and commercial purposes. There are numerous schools and colleges and the neighbourhood boasts of well settled people.”

The scope of appreciation in the area has also caught the fancy of many NRIs and locals who wish to invest in T Nagar. “Rental yields in the range of Rs 40,000-50,000 monthly for a 3BHK means your investment is not going down the drain,” adds Udaykumar.

M Ramesh, proprietor at Naveen Realty informs, “If you are looking at your investment from a five year perspective, your returns could be three times the money you put in.” Udaykumar affirms, “Five years and you can expect almost a 70 per cent leap.”

The locality is amongst the busiest, housing the famous Usman Road and the “Dubai of Chennai” as Udaykumar puts it. The area is popular for the numerous jewellery stores, textile and finance outlets that ensure swarming crowds all day. During festivities, you shouldn’t be surprised if you see almost five lakh people shopping in the same area.

Infrastructure

If you are at T Nagar, you are just 8-km from the Chennai Central Railway Station and 12-km away from the International Airport.

Public transport like buses, taxis and autos ply on a sharing basis in the area. These connect major landmarks like Mylapore, Kodambakkam, Avadi, Parrys, Tambaram and the likes.

However, Udaykumar points out, “the streets are very busy and the traffic gets unruly at times. Lack of proper parking space adds to the chaos. Moreover, the roads need mending as even a slight drizzle causes clutter.”

“The busy streets ensure that the locality is safe and there have been no major incidents of theft and burglary. Moreover, unlike far off places where you have to travel to do basic shopping, T Nagar ensures you would not spend more than half an hour on going and getting back,” adds Udaykumar.

Sounds interesting? If returns are what you look forward to, grab the chance to have a property in T Nagar.

Source Times of India  Magicbricks.com Bureau