Ashok Nagar has witnessed a rapid transformation in the last few years

Chennai

Ashok Nagar has witnessed a rapid transformation in the last few years and it has become a major hub in the city today. 

Situated in the southern part of Chennai, Ashok Nagar is a prime residential locality.

There are numerous schools, hospitals and religious institutions which makes it an ideal destination for home buyers. It is one of the well connected neighbourhood, with KK Nagar on the west, Vadapalani to the north and Said a pet to the south. Besides, areas like T Nagar, Koyambedu and West Mambalam are also in close proximity to Ashok Nagar.

Navin, the director of Navin’s, says, “One main advantage of Ashok Nagar is its location. It ticks the right boxes for most of the people. Physical and social infrastructure is fully in place. There is no reason as to why a buyer would not look towards investing in a property here. It is visible from the fact that the inventory keeps moving at a quicker pace here and there are no unsold inventories in this market. Most of the new projects are bought right away, while the upper-mid premium segment is doing well here.”

Echoing his views, Prabhakaran R, a real estate consultant says, “Connectivity provides a major boost to this area. One of the most prominent most prominent metro stations in Chennai is here. Besides, it is well connected to Koyambedu via the metro. Ashok Nagar is also well-connected to several parts of Chennai through MTC buses. Since there are many schools here and in the adjoining areas, many investors are choosing Ashok Nagar to settle down.”

Being a well-developed area, there aren’t huge land parcles available here for development but that doesn’t take away the options available to buyers. “Most of them are working class professionals and are choosy about the projects that suit their needs. Presently, the market is doing well and there are many new projects coming up. Land parcels are not available due to the overall development of this locality. However, there are many residential projects and one is spoilt for choice,” says Prabhakaran.

Speaking about the retail development in Ashok Nagar, Navin says, “A lot of small retail outlets, boutiques and restaurants are coming up in this place, though the main focus remains on the residential segment.’

The cost of buying a residential property would range from 11,000 to 13,000 per sq ft. The rental price varies from 20,000- 25,000 and 35,000 – 40,000 for a 2-BHK and 3BHK apartment respectively.

Infrastructure and connectivity seem to be the key points making Ashok Nagar a winner, so much so that it is soon becoming a self-sustained neighbourhood. “It is connected to the southern and western parts of Chennai. Broad roads, good infrastructure and connectivity are the main supporting factors. It is becoming an established place like Anna Nagar where we know that everything is available under the same roof,” says Kumar G, manager of Aroshree Realty.

“More development plans should be in place for Ashok Nagar. The government should take efforts to revive the real estate segment here. This will ensure a better urban planning, he says.

Shweta V, Times Property, The Times of India, Chennai

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Properties for Rent in Chennai Coimbatore

What makes OMR much sought after by tenants

 

Excellent options along the OMR have made these places much sought after by tenants in.

The rental real estate market of Chennai seems to be positive at present with a rise in rental values followed by good returns. If you are one of the home owners in Chennai finding it difficult to sell, why not put your apartment on rent to get regular returns.

A few months ago, the residential real estate segment of the city faced some challenges. However, in recent times, many localities have witnessed a rise of 1-8 percent in the rental values, as per Magicbricks data.

“There have been a number of enquiries but the transactions do not really match up to what is seen now in the rental market. People are more interested in leasing homes. This could be because of a desire for high standard of living, which attracts buyers towards luxury homes. Since the price of such homes might be out of reach for many, people are opting to rent those homes,” says Arasu Kumar, consultant, Prescient Realty.

As per Magicbricks data, some areas offering the highest rental returns in the city are Padur, Thorapakkamm and Sholinganallur.

Padur

The locality is popular among buyers due to its proximity to the Old Mahabalipuram Road (OMR), which directly connects with the IT corridor. It also gives easy access to the Siruseri IT Park, Kelambakkam and Sholinganallur. It is also well connected to Urapakkam and Tambaram.

“The locality majorly draws attention from the IT professionals and engineering students of the nearby colleges. These tenants look for fully furnished accommodation and three to four people share the rent,” says Muthu Vasant, a city-based broker. Planned social infrastructure, renowned colleges and proximity to the IT corridor makes Padur a selfsufficient locality.

Sholinganallur

Located in south Chennai, Sholinganallur is another preferred location among tenants. One reason for the area being preferred is availability of all types of property builder floor apartments, residential houses, villas to multi storey apartments. Connectivity to other key areas and the IT presence makes Sholinganallur a one-stop destination among Chennaiites. The ECR (East Coast Road) Link Road and Velachery Main Road connect it to the eastern and western parts of Chennai.The locality enjoys vicinity to various IT Parks, housing top software firms such as Wipro, HCL Infosys and TCS.

Thoraipakkam

The locality is strategically located on the OMR and is one of the preferred localities in the city. Factors such as availability of ready-to-move-in housing options, sound social infrastructure and good connectivity make it a preferred area. Thoraipakkam offers a decent standard of living with affordable homes when compared to the central part of the city. The area is located along the OMR, which ensures quick and prompt connectivity to all key locations.The Chennai International Airport is hardly 20 minutes away via the Pallavaram-Thuraipakkam Road.

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

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