Thoraipakkam emerges as a real estate hotspot

Okkiyam Thoraipakkam, the up scale neighborhood lining Chennai’s very first six-lane IT Expressway on the OMR is the new address for most of the IT global giants and has gained significant importance in the real estate market. Located very close to the Pallikaranai marsh, Thoraipakkam is spread across a stretch of three kilometers, starting from Perungudi. This area has seen substantial growth in the last 10 years.Thoraipakkam has been completely included into the Chennai Corporation limits since 2011.

Vast spaces are definitely hard to come by within the city limits and this has resulted in many families moving towards the southern part of the city.“Buying an apartment within the city seemed impossible with fewer options and expensive projects. Since my wife and I work in the IT corridor, and with some of the best schools coming up in Thoraipakkam, we finally decided to relocate there. Everything is available at an arm’s reach and the prices are affordable. Now we spend less time travelling and spend more time at home,“ says Madeshwaran G, a city based IT professional.

Well connected to the rest of the city through the MTC transport services, easier movement of traffic between the major arterial roads to the south of Chennai including GST Road, Tambaram-Velachery main road and Old Mahabalipuram Road and popular towns like Perun gudi towards its north, Pallikaranai in the west and other southern suburbs in the sur roundings make Tho raipakkam an ideal place for the IT professionals and fami lies.

The IT companies operating in the area are countless, em ploying a huge population of young working profession als. This population that was once con sidered tempo rary, is now increasingly looking for residential places to settle down in the locality.“There are numerous apart ments at Tho raipakkam. Being well connected and lo cated near the IT corridor, this place is having a high de mand among buyers today.

Top class educational institu tions have made their way into this part of the city and so have hotels and hospitals. In the last five years, the population here has increased to over 20,000. Today, one ground is available from 1 to 1.5 crore and apartments are available at `5,000 to `5,500 per sq ft,“ explains Sandeep Mehta, Managing Director, Jain Constructions.

Chitty Babu, Managing Director, Akshaya Homes says, “Thoraipakkam is like the entry point to OMR and is well connected with other parts of the city. Most projects are spread across more than three to four acres of land and this kind of space is unavailable within the city. Every property has enough space to provide customers with all the possible facilities. One can enjoy a swimming pool and space for other recreational activities as well. Apartments in the locality are priced at `8,000 per sqft. Thoraipakkam will see a lot more development in the years to come as well.“

Source: Fathima Khaja, Times Property, The Times of India, Chennai

3 BHK For Rent Tambaram East Chennai 1600 sq Ft

Good news for property buyers-cabinet nod for amendments to real estate bill

 

 

The Union Cabinet has approved the Real Estate Development and Regulation Bill along with certain key amendments that will make way for setting up of a regulator for the sector. The Bill and a uniform regulatory mechanism across the country are aimed at protecting property buyers’ interest by bringing in much-needed transparency and accountability into the sector.

Through the amendments, the Cabinet has extended the applicability of the Bill to commercial Real Estate also. Ongoing projects that have not received Completion Certificates so far have also been brought under the purview of the Bill and these projects need to be registered with the Regulator within 3 months, the Union government said in a release.

One of the major modifications to the Bill is not to allow promoters to change plans and structural designs without the consent of 2/3rd of .consumers of a project.

The Bill also seeks to make property brokers accountable as they have also been made punishable for non-compliance of the orders of Regulatory Authority and Appellate Tribunals to be set under the proposed law.

The Bill, which was first introduced in Rajya Sabha in August 2013, seeks to ensure accountability and transparency that in turn will enable the realty sector to access capital and financial markets essential for its long term growth. Efforts have been on since 2009 for creating a regulatory mechanism for the real estate sector on the lines of other regulatory bodies for other sectors such as insurance and telecom.
Developers are expected to register their projects and disclose all relevant information including schedule of development works, land status, status of statutory approvals, pro-forma agreements, names and addresses of real estate agents, contractors and architects with the Regulatory Authorities to be set up and comply with the same.

Builders will now not be able to divert funds of their projects as they will have to deposit 50% of funds collected from buyers within 15 days in a separate bank account to meet construction costs. This provision of 50% has been made after taking into account the cost of land needed to be acquired before announcing a project.Under the other new stipulations approved by the Cabinet, States will have to make rules within a year, rank of adjudicating officer has been elevated to that of District Judge, web based online system for submitting applications for registration of projects to be introduced within one year of the establishment of Regulatory Authorities and Regulator has to decide cases within 60 days.

The penal provisions under the proposed law include payment of 10% of project cost for non-registration and payment of additional 10% of project cost or 3 year imprisonment or both if still not complied with.

For wrong disclosure of information or for not complying with the disclosures and requirements, payment of 5% of project cost will be imposed. The Bill provides regulatory authorities the power to cancel project registration in case of persistent violations and decide on the further course of action regarding completion of such projects.

For fast track dispute settlement, one or more adjudicating officers will be appointed to settle disputes and impose compensation and interest. Appeals against adjudicating officer and Regulatory Authority will lie with the Appellate Tribunals to be set up and final appeals will lie only with High Courts.

Under the proposed Law, one or more Regulatory Authorities will be set up in each State and Union Territory or one Authority for two or more States or Union Territories by the concerned Governments for oversight of real estate transactions.

Source : Economic Times