Times of India July 28 2018 Edition – Times Property News Article mentioning 360 Property Management

times-property-news-july-28-2018-360-property-management-small

 

 

House hunting can lead to having interesting experiences for each person. When Srividhya, a financial analyst, was scouring the city for a house to move into on rent, she contacted a person whose phone number was listed on a website. “I found myself speaking to a property manager who enquired about my requirements. He was managing the property that belonged to someone else. But what surprised me the most was that he wanted to interview me to see if I fit the bill of the property owner. I was not aware that the city had such services where an owner could hire such people so that they don’t have to micro-manage certain tasks,” she says.

Many from the earlier generation may have built houses to live in them. But today, buying a house is not merely to live in it, but it also seen as an investment. Hence an owner, today, need not essentially live in a same house. And this is where home management services are sought.

How exactly is it relevant today? T.Chockalingam, managing partner, 360 property management services, says,”20 years back, if you owned a house in a city that you currently did not live in, you would take the help of a relative (family member) or a friend to help to find a tenant, or to help with anything that was related to the property such as a repair of renovation work. Today, there are a lot of Indians who are settled abroad or live far away from the property, and they may be reluctant to ask a relative’s help in this regard. Simply because they may know that these people may not feel obliged to help them, or they may live far from the property themselves and may find it inconvenient to visit it often”. And that is how these services have become crucial to many Chennai residents.

These companies after a range of solutions. They help in buying and selling houses and finding tenants for the houses, and finding tenants for the house. Tenants are often interviewed, the information is verified and that is shared with the house owner. Sometimes it is also their job to find tenants according to the demands of the owner.” Sometimes they will be particular about tenants having a small family or belonging to a certain state or community. We have to find them accordingly. Then a rental agreement is drafted and the deal is finalized. We then become facilitators”, says a property manager.

Further, services pertaining to electrical, plumbing carpentry, flooring wood work and painting are taken care of by a team from property management service companies. Also property tax, maintenance charges water and sewer charges and other expenses are paid on time to by these organizations. They visit the property from time to time to check if it has been well maintained by its occupants and even pictures and videos of the same are shared with the owners.   Read more

After 20 years Chennai Corporation increases property tax rates

After two decades, Corporation increases property tax rates

After two decades, Corporation increases property tax rates

Civic body expected to mop up ₹1,160 crore after hike

After years of inertia, the Chennai Corporation and other urban local bodies in Tamil Nadu have revised the property tax rates. The new rates will be effective from this half-year period i.e., April-September 2018. The increase will not be more than 100% for commercial and rented residential buildings, and not more than 50% for residential buildings.

While the Chennai Corporation last revised property tax in 1998, other local bodies in the State revised it in 2008.

Accepting the proposals of the Chennai Corporation Commissioner, the Commissioner of Municipal Administration and the Director of Town Panchayats, the State government has issued an order paving the way for the hike in tax rate.

Following the revision, the Chennai Corporation is expected to collect ₹180 crore every half-year from 10.5 lakh residential building owners and ₹400 crore from 1.5 lakh non-residential building owners. Property tax collection in Chennai is expected to increase to ₹1,160 crore a year.

Last week, a Division Bench of the Madras High Court directed the Municipal Administration and Water Supply Principal Secretary Harmander Singh to take a decision with regard to the proposal submitted by the Chennai Corporation Commissioner D. Karthikeyan within two weeks regarding the revision of property tax and report to the court during the next hearing on August 3.

Assessees who have already paid property tax for this half-year will have to pay the arrears. “We will issue guidelines for general revision this week,” said an official.

In Chennai, all the 12 lakh property tax assessees will be asked to file property tax returns with the Chennai Corporation Revenue Department, with details on the extent of the building and the usage of the building. While the revision will impact all assessees, those whose nature of usage as changed from residential to commercial will find the hike particularly steep. During the previous revision in 1998, the civic body processed the property tax returns of assessees manually. So it required more manpower and at least six months to process the returns. Now, with advancement of technology, the civic bodies may encourage online submission. Currently, the Chennai Corporation has less than 80 property tax assessors to scrutinise the tax returns.

“Unlike Bengaluru, we do not impose any penalty on assessees who fail to file property tax returns on time. So the collection of property tax returns will be a challenge,” said an official.

Source The Hindu