Points to consider before investing in a villa
An independent house was what K Sathya Anand was looking for, and hence the villa at Thalambur was his best option.
There are many points to be considered before investing in a house. There is no rulebook dictating these guidelines since it will vary according to the personal choices of a person. For example, a person who loves the company of neighbours and prefers the amenities, which are provided within various apartment complexes, would choose to buy a flat that is located in a building, among other houses.
But for some, like K Sathya Anand, the Vice-President of a global financial technology company, it is essential to have some space around the house. He was not too comfortable with living in an apartment, in a building. So he opted to buy an independent home in Navalur.
He purchased a villa in Thalambur, in December 2017. “We wanted to live in a place that was not too cramped. And we wanted a good amount of space around it, and that’s why this villa perfectly fit the bill. Both, my children and parents now have enough space. Kids have the space to play. The house is well ventilated and well-lit. All these were driving factors behind the investment,” he says.
He wanted to buy a house in a place where there was no water logging. He also ensured that the roads in the particular area were wide. “Besides, this place is a serene spot. There is so much of green cover in the neighbourhood,” he adds.
The 4-BHK house costs approximately Rs 4,000 per sqft. He believes that the decision to buy a home should be well-thought and people should not rush to purchase a property. He advises, “Check and assess your finances, only then purchase a house. Have some savings left in the bank and do not put all your money in one place.”
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
GST relief for low-cost homes, 1st-time buyers
- The tax benefit will also be extended to an affordable housing project, which has been given infrastructure status.
Under the CLSS scheme, a first-house buyer with a household income of up to Rs 18 lakh per annum can avail a benefit of up to Rs 2.7 lakh while buying a house or apartment of up to 150 square metres (1,615 sq ft) carpet area.
Those who do not qualify for credit linked subsidy scheme (CLSS) will continue to pay GST at 12% for the same house. The tax benefit will also be extended to an affordable housing project, which has been given infrastructure status, in case the maximum unit size in the project is a carpet area of 646sq ft. The first-house condition on the buyer will not be applied in this case. Whether or not the buyer gets the CLSS benefit under PM Awas Yojna, GST will be levied at 8%.
“The decision will give a push to the real estatesector, particularly affordable housing, as prices will fall by up to 4%,” said Getamber Anand, chairman of the Confederation of Real Estate Developers’ Association of India (Credai).
The cap on the size of housing unit to avail of the benefit under CLSS has been kept at 1,615sqft carpet area, which is equivalent to around 2,200sq ft built-up area. This would cover most three-bedroom apartments and houses in the country and particularly in metro cities, said Anand. The Rs 18 lakh cap on household income is also sufficiently large to cover most first-time house buyers. But those buying their second house, or more, would not be able to avail this benefit. NAREDCO vicechairman Parveen Jain said the decision would prove a boon for the masses and fuel rapid growth and development of the real estate sector, furthering the cause of ‘housing for all by 2022’. Developers pay GST on inputs used for the construction of a project. Under GST, taxes paid on the inputs are taken back as credit from the GST paid by the buyer. Input taxes on construction amount to around Rs 400 to Rs 500 per sq ft.
The Victorian theme lends a grand look to the interiors of your home. For a sophisticated and classic look, opt for the Victorian theme for your home decor. This theme can be infused in several doses to impart opulence in layers in the various areas of the home.
The Victorian look can, at times, appear heavy because of a profusion of trimmings and fuss, but a contemporary twist can also make it suitable for modern living.
You can begin with designing a stunning Victorian living room with arched windows and doorways, and double height French windows with heavy teak wood panelling. Keep the walls uncluttered. Instead of having a number of paintings, opt for a single one along with an antique wall clock, accentuating the look of the polished wood.
Use rich, jewel-toned colours to accessorise, such as strong blues, deep reds and rich greens. Opt for floral prints for your wallpaper and for sofa upholstery.
In the Victorian theme, furniture should be of mahogany or teak, with ornate carving and tables with marble tops. Use round or oval backs for your chairs.
Even standard decorations are done in excess here, be it the fabrics reflecting elaborate patterns, walls covered with intricate and vibrant textures, large flowers in dark colours, or curtains the décor exudes extravagance that typified the era rich, heavy, and opulent.
Some of the characteristic features of this style are marble faux fireplaces, large chandeliers, heavy mirrors, stained glass and chinaware. These can be easily adapted to feature in a modern home.
Victorian picture frames are a great way to make the walls of your room look elegant. They can magically transform any corner. Victorian pictures frames are mostly of brass with varying finishes. Antique finish, copper finish and silver finish are some of the popular finishes for a frame.
Lampshades are elaborate, with brass and etched glass fittings. Glass featured elsewhere too in the form of decorative stained glass used as panels on front doors as well as for windows. Collections of antique dolls impart are very Victorian.
Light up with Tiffany-style lamps, wrought iron or brass chandeliers and even heavy candelabra.
The living areas can have large vases with floral arrangements and plant stands with potted palms. Grecian busts and statues also go well with this theme.
For your bedroom, furnish it with huge pieces of furniture and beds with elaborate canopies or huge head and footboards. Opting for chests and almirahs that are large and ornately carved will complete the look.
Source: Times Property, The Times of India, Chennai
This fourth quarter, however, saw a massive slowdown in real estate sales in Chennai with a 55% drop in housing units sold year-over-year.
In Q4 of 2016, only 757 units were sold compared to 1,673 units in the same period the previous year. Number of project launches in the city fell to 58 from 93 in the year ago period.
“Demonetisation has definitely impacted sales in Chennai. The cash crunch along with cyclone Vardah were a downer when it came to people taking decisions on property,” said Sridhar Srinivasan, managing director, Chennai, Cushman & Wakefield.
However, this is part of an overall trend in Chennai real estate market, which got exacerbated with the cash ban. For instance, the fourth quarter of 2013 saw a high of 2,554 units being sold. After which there has been a decline to 1,629 units in 2014 to 1,673 in 2015.
However, Cushman & Wakefield expects the phenomena to be temporary and won’t last beyond the new two quarters.
As to the “cash” or “black money” component of real estate sales, Srinivasan said this has not impacted mid-segment sales. “Middle-level housing units have seen a high impact. The high-end and luxury segment, which use a higher component of cheque vs cash, saw lesser impact. We are expecting this trend to continue for the next two-three quarter,” he said.
Mid-level housing units saw a 21% dip to 662 units in the fourth quarter of 2016, compared to 840 sold units in the comparable quarter last year. High-end units, however, saw sales nearly double to 91 in Q4, from 49 in the year-ago.
Another reason as to why transactions are being hit is because of stamp duty and registration fee that need to be paid at offices. Given the role of the “cash” component in property deed clearances, demonetisation has definitely thrown a wrench in the works.
For the full-year, the number of projects in 2016 dipped 24% to 57 from 75 last year. The number of housing units also dipped 21% to 6,419 from 8,174.
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