Zip past OMR on metro in six years, grab sea view bonus

Zip past OMR on metro in six years, grab sea view bonus

Chennai

In six years, you could enjoy an uninterrupted aerial view of the city’s coastline from the comfort of an air-conditioned metro train as it snakes through an elevated corridor on Old Mahabalipuram Road.

1

Chennai Metro Rail Ltd (CMRL) has started conducting soil tests on OMR, with construction of the line linking the IT hub expected to begin next year. The tests, which CMRL plans to conduct on a 50km stretch, are currently underway along a 10.6km section between Tidel Park and Sholinganallur.

Several portions of OMR, including spots near Tidel Park signal, Taramani and Sholinganallur, have been barricaded to collect soil samples. CMRL plans to build 12 elevated metro stations along this 10.6km stretch. In all, OMR will have 22 elevated metro stations till Siruseri Sipcot.

“Soil test results will be ready in eight to 10 months. This will be crucial for the final design of the corridor,” a metro rail official said.

Once the line becomes operational, it will provide a convenient mode of transport for employees working on OMR, linking major IT parks, including Tidel Park, Tecci Park and Sipcot, besides other top IT companies.

Officials said soil samples are being collected at one location over a period of 24 hours before workers shift their equipment to the next spot 25m-50m away. The samples will then be sent for lab tests to determine the soil type.

The 50km stretch where soil tests will be conducted includes a part of corridor 3 and 5. According to CMRL, the 50km line is expected to be ready in six years.

Officials said they planned an elevated corridor on OMR till Siruseri Sipcot as the road is wider here. This line is also part of the 20% elevated corridor planned in phase-2, as the rest of the stretch will be underground.

Meanwhile, the barricaded portions of OMR have begun to slow down traffic during peak hours. “As it is, driving through OMR during peak hours is hell. I am dreading the day when the actual construction begins on this stretch, though it will be convenient for us to go to work once metro trains start running,” said Jaikiran, a software engineer at an IT company in Navalur.

Source: The Times of India, Chennai

Points to consider before investing in a villa

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.”

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

PROPERTY RETURN FORM-1-2018 – Property tax self declaration form Chennai Corporation

Property tax self declaration form Chennai 2018 is available

Click here to view the form and download

 

 

 

 

 

Alwarthirunagar – The residence of serenity

Chennai

With the best of social infrastructure and amenities, this area is the ideal destination for home-buyers.

Chennai has seen real estate boom that has resulted in the development of many areas. And Alwarthirunagar is one such place.

Located between two busy localities, Valasaravakkam and Virugambakkam, it is a quieter locality with developed social infrastructure and amenities.

Alwarthirunagar, in close proximity to these areas, too reaped the benefits of the development. It saw a lot of real estate growth in the 1990s.

Located between Valasaravakkam and Virugambakkam, many residents choose the area to escape the dense population of the adjoining areas, while simultaneously having access to good infrastructure.

Residents of Alwarthirunagar have access to all the facilities and developed parts. There are emerging high streets very close to the area with several prominent brands.

Also, it is in close proximity to the IT hub at Porur. With several employees from the place renting out in the area, Alwarthirunagar has proven to be a good investment for home-buyers.

Areas around Alwarthirunagar include Vadapalani, Valasaravakkam, Virugambakkam, Ashok Nagar, KK Nagar and Porur. It is easily connected to the rest of the city.

The neighbourhood has reputed English convent schools, private speciality hospitals and clinics, super market chains among other social infrastructure.

A few years ago, a huge mall opened nearby which has all the big retail brands besides having a huge multiplex and several restaurant joints.

source Ranjitha G, Times Property, The Times of India, Chennai

Parent documents mandatory for land registrations in Tamil Nadu

Parent documents mandatory for land registrations in Tamil Nadu

Three days after mandating parent documents for registering properties, the registration department has eased the process. Now, the sub registrar offices will accept statement from banks that they were in possession of the parent documents, in case of mortgage. This apart, a written undertaking is necessary for laminated parent document that cannot be scanned for registrations. Furnishing parent document was mandated from June 11 to prevent fraudulent registrations.

In a circular, the inspector general of registration said that people, whose parent documents are with the financial institutions, can furnish statement from the respective banks that financial institutions are possessing the parent documents. The statement can be considered as a document for registrations, it added. As far as registration of plots and flats are concerned, the parent document was required to facilitate registration of the first unit from the same property. “However, the parent document is must during the resale of property to another person,” the circular added.

The registrations department made parent document an essential document for property registrations, wherein the document would be completely scanned by the sub registrar ahead of processing the registration. However, sources said, it caused inconvenience for the public since not all those registering their properties had the parent document, which are lying in different places including mortgaged with banks. Also scanning every document at the sub registrar office led to delay in registrations.

Against this backdrop, the registration department issued certain clarifications on June 13 to its previous order stating that only the first page of the parent document would be scanned for the verification purpose. It further said that those coming for registration must give an undertaking that documents, which are laminated could not be scanned for registration of land documents.

Source: Economic Times, Chennai

At your service | Times Property, The Times of India, Chennai | July 31, 2018

At your service

Chennai

With a growing number of house owners not having the time to take care of their property, they are beginning to rely on professional property management services to take care of their needs.

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 is also seen as an investment. Hence an owner, today, need not essentially live in the 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 find a tenant, or to help with anything that was related to the property such as a repair or 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 offer a range of solutions. They help in buying and selling 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 finalised. 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 by these organisations. 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.

“The prices for the services depend on the size of the property, its location and the specific work that we need to do. Generally, people think it is only NRIs who look out for such help. But even those who have multiple assets, or own a small building with many apartments, take our help,” says Prabhu Shankar, Manager, Nimmadhi Property Management. He offers a word of advice, “Verify if such a company is registered. You can try and do that by checking if that company has a GST number. Also, read the reviews online, see the customer feedback and check if anyone you personally know has enlisted their help.”

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

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

Sholinganallur emerging as Chennai’s property hotspot

Sholinganallur, located on OMR (Old Mahabalipuram Road) in South Chennai, is one of the latest property hotspots of the city. With the shoreline close by, the beaches and also a lake, the proximity to the IT corridor, the commercial establishments and business and entertainment centres -all makes this self-contained suburb one of the most sought-after localities in the city.

It all started in the early 2000s, with the Tamil Nadu government establishing the IT corridor along the OMR. Various IT parks as well as dedicated SEZs came up, and today, the area houses major BPO and IT/ITES companies. The lure of living close to the workplace led IT professionals to this locality.

Demand for residences began increasing – both for end-use and investment – and residential options began springing up. The Tamil Nadu Housing Board has built a township of 4,000 houses here, with IT parks, arterial roads, schools, parks, and so on. Many private builders have developed properties offering various options – multi-storey apartments, single-floor apartments, independent houses, villas and plots.

The locality boasts of good social and physical infrastructure that makes life easy for its inhabitants – good schools, other educational institutions, hospitals, shopping centres, banks, restaurants, etc.  Besides, it is known to have good water supply and no electricity problem.

Sholinganallur, being a major junction, connects the ECR (East Coast Road) and the OMR to all the important places in the city. The eastern side of Sholinganallur is well connected through the ECR Link Road and the western side through the Velachery Main Road.

The four-laning of roads has eased traffic considerably and the arterial roads provide efficient connections to the nucleus of the city. The international airport is a 45-minute drive and the railway station is 90 minutes away.  Roads are wide and public transport to and fro is good, comprising buses, taxis and auto-rickshaws.

Some of the prominent builders in the area are ASV Constructions, Adroit Urban Developers Pvt Ltd, Baashyaam Constructions Pvt Ltd, Deccan Estates, Lancor Holdings Ltd, Ceebros Construction, PS Srijan Developers LLP, The Nest, AKB Developers and Promoters, etc. – with the locality average rate of Rs 4,200-6,100 per sq ft.

Amenities offered are the latest, including swimming pool, jogging and strolling tracks, bar lounges, guest accommodation, indoor play areas, gymnasium and others. Also available are 2 and 3BHK builder floor houses, in approximately the same price range. The Mantri Group offers 3, 4 and 5BHK villas in the range of Rs 3.6-5.6 crore.

The area holds a lot of promise with the Indian Maritime University complex being developed here; the university has existed for many years, but the complex is coming up in a big way, with an aquarium, museum, food courts, a residential complex planned; a 5-star hotel in partnership with private players is being considered as well. Further, in the offing in Sholinganallur, is a financial city by TIDCO – the blueprint of which has been under consideration for some time – where global financial corporations will set up shop.

These developments are sure to drive up business activity and real estate demand in the area; yet, because of the shoreline, the area will always retain its scenic charm. Asset appreciation is, hence, expected to be steady in this area. All eyes, therefore, on Sholinganallur!

Source Swati Kamal, Magicbricks Bureau/Chennai

How to take a premise on license basis in chennai

How to take a premise on license basis

Chennai

If there are many licensees (unrelated as opposed to a family, where it is an accepted practice for one member to sign) seeking to take a premise on license basis, these are things to remember:

It is advisable to sign the leave and license agreement since it will guarantee equal protection/recognition as licensees;

Licensees need to ensure that the agreement explicitly records split of license fee payable and also respective obligations towards his/her share of the aggregate license fee. However, all licensees will be responsible for total fee;

Licensees should insert a provision (in case one of them wishes to exit), wherein the entire leave and license agreement need not terminate, but can have the remaining licensees take over exiting licensee’s obligations – with consent of the licensor;

If the licensee is going to incur expenses in furnishing the premises, add a clause that ensures licensor will have to repay such money (albeit on a depreciable value basis) spent in case of premature termination of agreement;

Licensee should reserve right to retain possession of premises, free of rent, if upon termination of term or agreement, the licensor fails/refuses to return security deposit;

Licensee should insist on adding a clause protecting and recognising permissive use of licensed premises by the licensee for duration of the term, even if the licensor sells/mortgages etc, the licensed premises.

Source Malav Virani, Times Property, The Times of India, Chennai   

The concept of a smart home

Live smart

The concept of a smart home is no longer the stuff of science-fiction. In fact, the shift towards automated living has gone mainstream with wider acceptance among consumers. Read on…

Archana Das, a Charted Accountant, welcomed home a beagle a couple of years ago. However, he didn’t seem too happy with his new home. “After work, when my husband and I would return home, he would continuously bark at us; not eat well; be in an irritable mood and not sleep soundly,” Das mentions. So what could be the reason behind such behaviour, Das wondered. She soon launched a probe to find an answer to this question. “My caretaker did not take optimum care of the pet, and at times, would lock him in the house alone and go off for her own recreational activity. Hence, when we used to return home, he would bark at us,” she adds. Though Das immediately fired the caretaker, what worried her more was the fact that such an instance could happen again. So, how does she keep a track of the activities of her pet and ensure he is safe when she is away for work or even travelling? The question was a daunting one indeed, but she soon found an answer. “We installed closed-circuit TV cameras at home as it would help us not only keep a tab on the activities of our pet, but also ensure that he is safe and well-taken care off,” adds Das. Thanks to constant technological advancements, Das now lives in a ‘smart home’.

What is a smart home?

Smart homes are homes, which are powered by computing devices and information technology that connect various gadgets and instruments in the house to provide enhanced comfort, convenience, security, and entertainment to residents in a sustainable way. In the Indian context, it is one of the fastest evolving markets expected to grow at 30 percent Y-O-Y.

Evolution of the smart home market:

The factors that have contributed to the growth of smart homes in India are as follows:

1. Increasing penetration of internet and mobile technology;

2. The affluent, young and well travelled middle-class who is seeking a better lifestyle and high standard of living;

3. To reduce and possibly eliminate the component of human error in safety and security;

4. A change in the spending and saving pattern of the people.

What is driving the acceptance of smart homes?

According to Chetan Bafna, Founder and CEO, Lockated, a smart home in the current times is primarily being used only for three purposes:

Social prestige;

Convenience;

Safety and security.

Hence, in search for a better quality of life, people are now increasingly adopting smart solutions and technologies that help them stay connected even when they are away to make life more convenient, comfortable, controlled and healthy.

Not a domain of the rich anymore:

Every product goes through a typical lifecycle: early adaptors > influencers > inspirational > mass adoption. Today, since everyone has access to computing technologies and internet, yesterday’s luxuries have become today’s necessities. Hence, though there was a time when smart homes were the prerogative of the very rich – it is no longer the case.

Technology taking big strides:

A smart home is a concept that is finding greater acceptance on account of changing lifestyles across urban India. And with urban living getting more and more complex, the threat to safety and security has also increased. “Smart homes allow residents to have control over their homes and belongings even while they are not present physically in the house. The most popular device used is home surveillance and security systems. These are especially popular with working parents of young children who are either left home alone or in custody of nannies,” says Ashutosh Limaye, Head Research & REIS, JLL India.

Also, due to an increased awareness among consumers, products with a focus on data analytics and remote connectivity are getting popular.

“Home automation features such as curtain controls, mood lighting and auto load shut off are extremely popular among the HNWIs and millennials. We are also seeing a wider adoption of technology for lighting management systems, as well as wiring devices, circuit protection, cable management and air purifiers for a healthier, energy-efficient and cleaner home environment,” says Sudhir Pillai, General Manager, homes, Honeywell Home and Building Technologies, India.

In short, with convenience, comfort, control, health and well-being no longer considered a luxury but a necessity, people are increasingly adopting smart solutions and technology to meet these demands.

Upgrade to a smart home:

– Shrinivas Chebbi, President, Partner and Eco-Buildings, Schneider Electric (India)

Starter kit for affordable homes: You can install a basic video door phone and convert the existing modular switches to smart switches.

Performance kit for high-end homes: You can further add lighting controls (dimming, mood/scene control); motorised curtains, air conditioner control and even multimedia and TV.

A luxury kit for independent villas: Luxury kits primarily include a camera integration, air-conditioner control, AV projector/screen controls, time scheduling controls, garden sprinklers, garage door automation. The controls can be extended to include fountains, landscape lighting etc.

Shehzin Shaikh, Times Property, The Times of India, Chennai