How to know the value of your resale property

Chennai

Calculate the worth of your home based on price, location, area, amenities, age of property, demand and supply.

For several reasons, investment in property is considered to be a good way to park your money. It not only provides utility, but also gives you opportunity to tap on appreciation over time. While one goes through a list of do’s and dont’s while buying a new property, due diligence has to be observed while selling your property as well. Real estate forums are also witnessing footfalls related to resale properties.

Questions around resale property are many and there are various versions to them. We have tried to answer most of them to give you a wholesome picture. It is very difficult to calculate the resale value of a specific property. To get the particular value, you would need to hire the services of a property valuer. If the average value of the property is what you are looking for, then the internet is flooded with tools and knowledge which will help you calculate the sum.

Leaving aside property valuers, if you are keen on knowing the worth of your property, then help is at hand. There are calculators capable of determining the property value, for which, you should have some basic information about the place. These are simple calculators which calculate based on price, location, area, amenities, age of property, demand and supply. You can also compare the worth with similar properties nearby.

Magicbricks has a Home Worth Calculator on its website which is simple to use. One needs to fill in four or five details to get the value of the property.

Other questions that arise are if VAT must be paid for resale properties. Legal expert Nirmala P Rao says, “Usually, VAT and service tax are paid by the original payer when the property is in the under-construction phase. On buying a resale property, it is impertinent to check the sale agreement for any related clause which requires payment by you.”

The prices vary depending upon a number of factors like locality and size of the property. Developer brand, age of the property are some other factors.

Here’s the list of documents that are essential for purchase:

– Documents showing government approval to convert agricultural land or land specially designated for industrial purposes into a residential area. In its absence, the entire project is illegal.

– Ownership documents which verifies that the seller owns the property. Joint ownership properties needs the consent of all owners. If you are purchasing in a housing society, ask for the original share certificates.

– Check the agreement which lists all promised amenities and privileges. Look at the approved construction plans to ensure if they match what has been promised to you.

After the deal is finalised, have it whetted by a lawyer to spot loopholes. Register sales deeds on time. If you are paying an advance without getting possession, document it in the form of an agreement or a memorandum of understanding.

What kind of facilities can you avail with resale property? The available amenities can vary from case to case. With newer buildings, you can expect lifts, visitor car parking spaces, power backup and gymnasiums. However, in old buildings you can cavil only basic amenities such as car parking space and some private green space.

If you are willing to spend time on research, you may find a house at a price lower than that of new projects in the same area. Banks are also willing to lend for resale properties. You do not have to worry about facilities or super or carpet areas when it comes to resale properties. What you see is what you get. Resale properties also make sense as established properties have lower maintenance charges compared to the new ones.

Source: Namrata Ekka, Times Property, Magicbricks Bureau/ Chennai

4 BHK House Sai Baba Colony Coimbatore For Sale

This 4 BHK Independant Architect designed house is for sale. The house is Ground plus first floor. Plot area is 3150 Sq Ft and built up area is 3288 sq ft. The house also has an additional Home theater room. There are 4 bathrooms with high quality fittings. There are 2 Halls 1 Dining 1 Puja 1 Balcony. The whle house flooring is Marble. There are 2 covered car parking. The gate can be opened by remote. The bathroom showers are fitted with pressure features for good flow of water. The house is fully furnised. There is an invertor. The kitchen is Modular Kitchen. There is space available for was hing on the outside. Located close to Shopping centers schools colleges and yet a very calm and quite area.

Tips to upgrade your ancestral home – Chennai

 

Chennai

With a decrease in large land pockets for construction, developers are now targeting smaller plots for re-development.

Parts of some of the older residential localities like Triplicane, Mylapore and Saidapet have recently seen developers constructing builder floor apartments on medium and small plots.

Due to the decrease of large land pockets for construction, mid-segment developers, who are planning to enter the above Rs 70 lakh segment, are now targeting smaller plots for re-development that previously housed several small tenements.

Take the case of Srinivasan N, a retired school teacher, who owns an ancestral property in Mylapore, a 40×50 square feet plot. The site housed an old building which had several tenants who gave him a nominal rent. His monthly income used to add up to Rs 50,000, an additional source of income for him and his wife, who otherwise would have been forced to subsist on the teacher’s pension that he was entitled to.

Today, developers are bidding for this plot to convert it into a no-frills apartment complex promising him ownership of two 2BHK units in addition to cash for the property. The apartments are expected to have all modern facilities be airy, well-lit, contain basement parking facilities, 24 hour power back-up and even a tie-up with a tanker company to ensure regular water supply. The site is expected to have four floors as per the current building plans.

“We have been made an offer by a well-known local developer to sell our property for Rs 7 crore with an additional two apartments from the complex, over and above this amount,” states a visibly excited yet cautious Srinivasan.

“This is good news, as it will help us live in more comfort than we could ever imagine. We only need to get a reliable builder who will give us a rent free place to stay till the construction is completed and stick by the signed agreement.”

The upcoming expressway, planned connectivity through the Metro and established commercial and retail developments have already made these areas self-sufficient.

“Several of these areas fall under the purview of the development authorities and hence, have planned and relatively broad roads and excellent connectivity to the city centre and even the suburbs, by train,” says Krishna Arusuvan, CEO, KA Developers & Real Estate Consultant, a company that provides property consultancy services in Chennai, Madurai and Coimbatore.

Industry watchers view the mushrooming of these builder floor apartments as more than a logical extension sprung out of sheer necessity of large land pockets within the city.

“As these old localities are close to the central developed areas of the city, professionals, sionals, especially IT personnel, prefer to stay here. The prices of these re-developed new apartments are generally in the price range of  Rs 70-90 lakh, for a small, no frills apartment of about 1250 square feet area,” says Arun John, proprietor, AJ Realty Agents, a former IT professional himself, who has tied up with several of these small developers to market these apartments.

John goes on to explain the drive behind this trend, “Not all IT professionals can afford the Rs 1 crore and above offerings. This trend of developing smaller, no-frills, compact apartments at affordable price ranges addresses the requirement of the mid-segment, if developed in a 40×60 square feet plot. The smallest plots being developed, in some of these areas for instance, are former duplex homes set in a 30×50 square feet site. They come with basement parking, a security guard at the entrance, 24hour power back-up and at the most, a Wi-Fi connectivity thrown in at a price range of around Rs 60 lakh.”

So if you are living in an old home that your great grandfather built for his family, let go of your attachment and upgrade it.

Source – Sneha Sharon Mammen, Times Property, Magicbricks Bureau/ Chennai

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How to get the best returns for your house in Chennai

 

Before you sell your house

Prospective home sellers are often in a fix as to what they should quote as the selling price since it depends on a number of factors. Here’s a brief guide on what they should watch out for.

Do not be in a hurry

Of late, there has been a lot of speculation in the market is it good time to sell, is it good time to buy and the likes. Knowing the market trends can be of help. Many sellers feel that since the property market is registering a lag in terms of sales, perhaps it is the best time to sell and make the most while prices haven’t dipped too much. This is called distress sales. Know that there is a way out and do not be in a hurry to dispose your property.

While the capital market is not faring well, the rental market is performing well. In active markets such as Bengaluru, Chennai, Delhi-NCR and Mumbai, rental values are rising. Putting up your house on rent and enjoying the returns is a good way of dealing with the situation. When the market picks up, you can plan to sell when you come across a befitting deal.

How much is too much information

It is advisable to be transparent with the buyer. Ideally you should tell the buyer all the pros and cons of buying your property, information such as neighbourhood, amenities or lack of it, etc. However, do not advertise negatively. Reasons such wanting to sell a house because of a recent death or a divorce may work unfavourably. Also avoid filtering prospective home buyers on the basis of caste and religion.

And keep in mind that giving the impression that you are in a hurry to sell will often get you a price lower than what you are expecting. Conservative buyers always want to play safe. If you are keen on selling your property, market it well.

Do not depend entirely on the broker agent “My 3BHK unit near Adyar was quoted in the market as Rs 3,500 per sq ft was grossly miscalculated,” says Nishita Pillai, a marketing professional. “That’s when I realised that the broker was trying to misguide me. He wanted to buy it for less and sell it at a higher price. The various reasons he came up with was that my house was near Adyar and not proper Adyar, that the market was faring bad and will continue to do so, ‘it is an old house, depreciation has to be calculated accordingly’, etc.”

It may not be a good idea to depend on a broker entirely. While brokers and agents are indispensable, especially when you may not be in a position to market your property as widely as they do, make sure you are aware of the market trends as well.

Do research to stay ahead

Sharad Amulya still recalls the look on his broker’s face when he could give ready numbers quicker than what was expected of him. “I was trying to sell my house and had done all kinds of research online and offline. When the broker would give me his idea of the market, I was confident that my house could do better.”

Urban population is going online and therefore even the remotest of information is not hidden. Real estate portals give you an idea about how competitively property prices are listed in your locality. You could always search online to know these as well as to interact with prospective buyers. Although listed values are not the final price, in the absence of any clear market data, these help you understand market nuances.

Use Magicbricks calculator to calculate

ROI calculator

Make a list of the plus points

Nobody wants to settle for less. If a buyer is parting with his precious savings, he will make sure that he is putting in his money into something concrete. It is advisable that you make a list of lifestyle conveniences that your house or its location offers. Vijayan talks of hospitals, schools, hangouts in the house’s vicinity. It adds value to your home and while the negotiation is going on you would be able to pitch better.

Apart from the social fabric, figure out how your home in itself could be a good show. Are the interiors worth a pitch? If your house is fully furnished, has provisions for air conditioning, auto climate adjust, renovated rooms to cater to young working professionals, automated fittings and intelligent lighting, a private terrace etc. Even 24×7 water and power back up can be a big advantage especially in cities like Chennai and Bengaluru where private water tankers are not unheard of. If the locality is well maintained by civic authorities it is a feather in your cap as well.

Source: Sneha Sharon Mammen, Times Property, Magicbricks Bureau/ Chennai

Online retail driving realty demand – Chennai

E-commerce has emerged as one of the main drivers for warehouse realty demand across the country after Third Party Logistics (3PL) operators (30 percent share during 2015). The e-commerce sector, is currently witnessing a lot of active interest from investors. According to CBRE survey, approximately 2 million sq. ft. of warehousing space was taken up by e-commerce firms in 2015. This is a significant jump as the share of the sector rose from a meagre 2 percent of the total warehousing demand in 2012, to around 22 percent during 2015. On the same lines, office space demand from e-commerce firms witnessed a 170 percent year-on-year growth-from 0.7 million sq. ft. in 2014 to 2 million sq ft in 2015.

article pic

New launches in smaller pockets

Residential launches in Chennai dropped by 37 percent during 1st quarter and stood at 1,049 units. Mid segment launches constituted almost 98 percent of unit launches during the first quarter. Units of 2-BHK and 3-BHK constituted 38% in each of the launches in the mid segment. Unlike the fourth quarter launch of last year, there were no launches in the affordable segment, according to Cushman & Wakefield survey. The IT corridor (OMR) and the GST road together constituted nearly 35 percent of the total unit launches. Micro markets of Perumbakkam, Thoraipakkam and Pallavaram witnessed new launches.

Surge in office rentals

Prime Indian office markets are seeing surge in rentals. Bengaluru and Mumbai have seen annual rental growth rates rising 4.9 percent and 2.9 percent respectively during first quarter of 2016, according to Knight Frank Asia Pacific Prime Office Rental Index. The index showed 12 out of the 19 markets tracked have registered positive rental growth in the first quarter of 2016, as against 8 markets that showed upward rental move in the previous quarter. Owing to the rising demand, developers with ready commercial projects are witnessing change in business scenario since the past few quarters. It is expected that the strong rental growth trend will continue in the next 12 months for Mumbai, New Delhi and Bengaluru prime offices.

Source: Times Property, The Times of India, Chennai

5 BHK Villa 3200 Sq Ft Isha Mia Pudupakkam Off OMR {} 360 Property Management Chennai

This 5 BHK 4 Bath Villa is available for Rent. The house is 3195 Sq Ft and it is Ground Plus 1 type villa. The gtaed community house is Located off OMR in Pudupakkam Isha Mia Homes is an An eco-friendly gated community, Isha Mia Villas consists of 106 independent villas, set in over ten Acres of lush greenery. Designed to deliver a socially conscious lifestyle, these resource efficient villas ensure an effortless sustainable lifestyle without compromising on exclusivity, amenities and luxury. There is a Hall Dining Balcony Terrace and 2 cars can be parked inside the house. The house faces North direction

Amenities includes Landscaping Gymnasium Guard room Outdoor games Park CCTV / intercom Commerical complex Party lawn with gazebos

Siruseri IT Park – 2.5km
Chettinad Health City – 3.5k
Kelambakkam Junction – 4.5km
SSN College – 6.5km
ECR – 10km
Satyabama University – 14km
Vandalur Railway Station -16km
Sholinganallur Junction – 17km

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Chennai – Concrete goes green

 

The world is increasingly moving towards a sustainable model. While the concept has been relatively new for a country like India, the green building movement in the country has been catching steam over the last few years and many of us are shifting towards a lifestyle that promotes sustainable living. Living in a green home is becoming an important reality to reckon with, where one can opt to buy a house that promises to be environment friendly.

Sustainability in the context of real estate is not limited only to energy conservation, but also includes effective use of available resources, impact on the neighbouring environment and good living conditions for its occupants. A Shankar, national director and head (operations), strategic consulting, JLL, defines a green building as one that creates less waste. “It incorporates sustainable features such as efficient use of water and energy, checks indoor environment quality, ensures use of renewable energy and recycled recyclable materials and makes efficient use of landscapes.”

In 2012, a report mentioned that Chennai had the most number of green buildings in the country. According to the Indian Green Building Council (IGBC), there has been a sharp increase in the number of buildings in Chennai that have been awarded certification over the past three years. In 2015, Chennai accounted for 10 percent of the certified green buildings in India. Pankaj Ohja, CMO of SPR Group, a real estate developer, says that the cost of such a property is slightly more as compared to the others, “It increases by 15 to 20 percent for the end users. But these days, buyers do not mind paying a premium to purchase these homes. After all, in the long run, they tend to save in terms of electricity, water usage and have a better standard of living.”

There is a difference between conventional homes and green homes. Constructed with sensitivity towards the environment, these structures are carefully planned. “From the glasses we use for windows to the tiles for the roofing, every material is carefully assessed before using it for the building. For instance, heat reducing glass panes are useful in cutting down the use of air conditioners. Similarly, we choose gypsum plastering over cement plastering, which helps in developing heat resistance too. Used water is treated in a plant that is reused. LED and CFL bulbs in such buildings use less electricity,” says a marketing official from Urban Tree Infrastructures. Xavier Benedict, principal architect at Anameka Architects and Designers, concurs and adds, “Careful choice of materials complement good design elements. The architectural feature should also include more trees and open-surface for water percolation.”

Chennai has been steadily gaining ground in the space of green buildings. Shankar says that currently, there are 321 registered green projects in the city, of which 37 percent of the projects are residential, 36 percent commercial, 6 percent are railway stations operated by MRTS and the rest includes factories, landscape and existing buildings. “The main challenge lies handover, where we have to carefully maintain the space, right from sewage treatment plants and organic patches of garden to solar panels. We have to take care of the maintenance, which, if done properly, will continue to help in savings,” says Kulothungan KK, MD, Kemia Apartments Ltd.

Despite a surge in the number of green buildings in the city, it now ranks fourth in the country in terms of having certified green buildings. Speaking about the way forward, Shankar says, “Moving towards sustainability is the biggest challenge. And in the future, there will be the need to convert the existing buildings into reasonably energy efficient green buildings. By 2025 the potential for retrofitting of the existing building will be five-fold. Occupants need to be convinced that their total ownership cost, including maintenance cost, over the life cycle of the property, will lead to significant savings.”

Source – Ranjitha G, Times Property, The Times of India, Chennai

2 BHK Builder Floor Apartment for rent in S Kolathur Chennai Pallikaranai near Kamakshi Hospital

This is a 2 BHK builder floor Flat . It faces West and is 850 Sq Ft. The house has 1 closed car parking. The floor is Vitrified Tiles. The flat overlooks the Main Road. This is a new construction. The house is semi furnished and has wood work in all the rooms and kitchen. There is a closed car parking. There is a veranda. Kitchen is modular. The front door has a grill. The house is very airy. It is located opposite to Ford and Seeds School. No Pets are allowed. It is located 2 kms from Dr Kamakshi Hospital and Velachery Tambaram Main Road. Close to many shopping centers market place school hospital etc.,

3 BHK 1st Floor Apt for Rent in Pallikaranai Kamakoti Nagar OMR

This is a 1st Floor and 2nd Floor 3 BHK Brand New Builder Floor Apartment type house. Located in Kamakoti Nagar in Pallikaranai off OMR Chennai. The house has 2 Bathroom 1 Hall 1 Dining 1 terrace 2 Balcony 1 Closed Car Parking. The flooring is Vitrified. Located Opposite to Balaji Dental College. The house is Semi Furnished. The area is 1700 sq Ft and South facing house. The Bed Room has cupboards and dressing mirror and lofts. The kitchen has back splash tiles and it is modular Kitchen. Fans are available. The house is very airy and view from the terrace is amazing.