Follow this procedure in order to get back a certified copy of the property document

Get back

Legal documents are absolutely crucial when it comes to property related transactions. For instance, the sales deed is a proof of purchase and enumerates various important aspects of the property and transfer of ownership. So, without it, the property is legally unsafe to buy and technically also, unfit to be transacted.

If you are unable to locate your documents despite rummaging through your house, you can follow this procedure in order to get back a certified copy of the property document:

Step 1: Lodge a police complaint. The minute you realise that property documents have been lost, lodge an FIR immediately. “Lodging a police complaint is very crucial because a sale deed determines the ownership transfer after paying the required stamp duty. The deed is typed on a stamp paper which can’t be made again but can be copied,” says a real estate lawyer. Keep the FIR copy safely with you, as at the time of sale, buyers may ask for that as well.

Step 2: Give an advertisement in newspapers. Two notifications in two newspapers (one in an English newspaper and one in local daily) under the seal of a lawyer has to be given. “The notification usually states that for any issues or claim, if the copy is found it has to be returned to the owner/ lawyer,” says a real estate expert. Then wait for 15 days to see if anybody finds it and returns it.

Step 3: In case of a flat, you can furnish the copy of the police complaint to the Residents’ Welfare Association (RWA) seeking a duplicate share certificate. If the application gets approved, the RWA issues you a share certificate after charging a nominal fee. It’s advisable to also ask for an NOC (non-objection certificate) from them as it will help you while transacting the property at a later stage.

Step 4: Register with a notary. The next step is to notarise the loss of document on a stamp paper. Along with the two newspaper advertisements and the copy of the FIR, get the documents attested and registered with a notary. “The documents are attested and registered with the notary to ensure that your undertaking becomes legal,” explains a lawyer.

Step 5: Seek a true copy from the sub-registrar’s office. With the copy of the FIR and clippings of the newspaper notifications, the next step is to write to the concerned sub-registrar seeking issuance of a certified copy. “A sales deed has two copies. One copy lies with the purchaser while the other copy lies with the registrar. If the sales deed gets lost or stolen, the registrar issues the certified copy,” says the real estate lawyer. The letter, along with the relevant Application Form 22 (which can be downloaded from the department’s website), is to be submitted. Documents such as identity proof, FIR copy, passport and utility connections bill also have to be submitted.

After paying a nominal fee, the certified copy is granted in a couple of days.

Source: Times Property, The Times of India, Chennai

Buying a second house is the best bet

Buying a second house is the best bet

A second house is definitely a good investment. Lessons from the purchase of the first house can help you make a better choice the second time around.

Buying a second house can provide numerous benefits to a home-buyer. Primarily, a second house would serve as a good investment and may prove to be a money saving mechanism, in the long run. That apart, one can always make a better and more informed decision, owing to their prior experience, when they buy another house.

Kumara V, a city-based marketing professional, concurs. “In 2012, I bought my second house in Chromepet (Thiruneermalai Road). I purchased my first house in Bengaluru. But since I have been working in Chennai for more than 20 years, I decided to invest here. The experience of purchasing my first house gave me a lot of clarity while sealing the deal. For instance, I knew that all the legal documents relating to the property would have to be properly verified. The design of the house is also important when you decide to buy a house,” he says.

He purchased the 3-BHK flat, which cost him Rs 3,700 per sqft. He says that in six years, the price appreciated to Rs 4,200 per sqft. He said that the house would be for self-use as well as be an investment. “I wanted to live in a gated community that had all the amenities like a gym, swimming pool and plenty of open space around, where children could play. I also ensured that the builders were of a good repute. Also, it fit my budget besides being located in a place that is well-connected to the rest of the city,” says the marketing professional.

He suggests that buyers ought to purchase a house that will fit their budget, for which the EMI or loan is not a big burden.

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

Upward and onward – Chennai Real Estate

Several realty reports are suggesting a comeback for real estate across the country and a huge demand is being seen in the affordable segment.

The year 2018 has been a year of revival of sorts for the property market in Chennai. Recent reports suggest that new consumers now rule the previously investor-driven market.

The last two years saw a slew of reforms and regulatory measures being implemented and there was a certain degree of a confusion before the market could touch the new normal. According to Anuj Puri, Chairman, Anarock Property Consultant, “With the now discernible impact of RERA, DeMo and GST, housing sales are seeing an upward trajectory in 2018 q-o-q. New launches have also gone up this year with affordable housing witnessing significant growth. NRIs see India’s rebooted real estate market environment conducive enough to justify property investments, especially on the back of the depreciating rupee.” That is the national trend at large.

Earlier this year, many real estate experts observed a 50 percent jump in overall new housing launches in the second quarter of 2018 over the preceding quarter, with the maximum supply being in the affordable segment (less than 40 lakh). Interestingly, the affordable housing supply increased by 100 percent in Q2 2018 over Q1 2018, and this supply has led the overall growth.

The city connect

To be more specific, Chennai’s new supply doubled to 4,200 units in Q2 2018 compared to only 2,100 units in Q1 2018, which is an increase of 100 percent. Over 64 percent new supply was added in the affordable segment.

A report by Knight Frank also said that buying interest was more inclined towards projects that were closer to completion and more so in the affordable segment, between Rs 25 lakh and Rs 40 lakh. And with 6,520 units launched in H1 2018, it was the highest in the last three years. The prices also declined by 4 percent YoY as developers doled out discounts to lighten inventory load.

“The Chennai office market that has been reeling under an acute supply crunch over the past three years has seen some respite in H1 2018 with the supply scenario easing somewhat with 10 percent growth in new completions. The paucity of quality office space also led to a strong rental growth. The residential real estate market, on the other hand, has begun on a positive note as H1 2018 shows the promise of a potential recovery in residential market volumes. H1 2018 saw the highest number of units launched in a single period during the past three years and the persistent drop in sales was largely muted as well, compared to the preceding period,” says Kanchana Krishnan, Director – Chennai, Knight Frank.

Arjun Narayanan, Times Property, The Times of India, Chennai

Siruseri: A buyer’s market in OMR Chennai

Chennai

Siruseri is one of the rapidly developing areas of the city, which is attracting a lot of traction due its improving connectivity and proximity to the IT hubs.

Amenities make this an ideal destination for professionals working in private companies located on the OMR;

It is home to SIPCOT IT Park, the largest IT Park in Asia, with some well-known companies having their base in the park;

The presence of basic infrastructure facilities such as separate sub-station for power supply, separate telephone exchange and high speed data connectivity have added to its popularity;

Several IT companies have already booked land in this area and some have already started building their campuses;

Siruseri boasts of housing well-known educational institutions including international schools and research institutions;

One big factor, which favours this locality is its affordability and availability of apartments, plots and villas, mostly preferred by the service class;

If you are an end user and searching for a good locality, then you can consider Siruseri.

Source: Times Property, The Times of India/Magicbricks Bureau, Chennai

Space it out – for space crunch

Intelligent planning, while building, renovation and even while making cosmetic changes to one’s home, is the best way to deal with a space crunch.

When it comes to real estate, space is a luxury. And one that not everybody can afford. Small apartments, although quite popular among buyers as well as builders, seem to be grappling with the issue of space.

Smaller apartments definitely have plenty of takers. Whether it is the increase in the floating population of Chennai, or the space crunch that is the bane of every big city; whether you picked a small house because it is your first real estate investment or simply because a small apartment fits your requirements, the bottom line is that a little more space is always welcome.

According to Vijay Rajan, an architect, making the most of the space available to all comes down to intelligent planning. Even the smallest of houses can be more spacious than they look, if planned intelligently. “Small homes are mostly part of apartment buildings where the home owner does not have much say in the basic frame of the house. But that should not deter one from making the best of the space available to them,” he says. For small houses, functionality of space is paramount and hence special attention needs to be given to various aspects of building to ensure this. Even when the overall area is not as much as one would like, there are quite a few ways the space crunch can be addressed at the time of construction itself. “For smaller houses, one needs to ensure that the flow of the house is compact and efficient. There can be absolutely no unutilised spaces in the house. One way to do this is to give functionality to all the odd spaces in the house. Also, thinner walls inside the house can add a precious few inches to the overall area,” he adds. The basic layout, the design, the reusability of space, use of lighter colours and maximising natural light, are some of the basic things to keep in mind.

Although the best way to go about increasing space efficiency is to work with the idea right from the planning stage, it might not always be possible. Today, the real estate sector is giving abundant thought to space efficiency. However, residential units constructed in the past continue to struggle with the minimal space they started out with. “In most existing homes, renovating can increase usable space to a great extent. Simple things like breaking down half the wall between the kitchen and dining area not only increases the open area but also brings into play an extra platform that can provide functional usage to both the segments,” says Nivetha B, principal architect. For a long time, the idea of renovating consisted mostly of covering up the balcony space so that it became part of the room, thereby increasing internal space. Although this does make sense, there are better ways to do it. “When you decide to cover up a balcony or verandah, you are reducing the outdoor space of the house which in turn actually reduces the feeling of space rather than increasing it. What one could do instead, is to take in the balcony but instead of c overing it up completely, install wall-to-wall windows. This ensures enough natural light and exposure to the outdoors in such a way that you don’t feel boxed in,” she adds.

Use of multi-purpose furniture is also a sure shot way to make your home accommodate more than it could. “Dual usage is a great idea for smaller homes since any space can be tweaked according to personal needs and requirements. There is a lot of variety in terms of space-saving furniture that is available these days. Intelligent use of such furniture can help the hall double up as a second bedroom and the bedroom could be used as a study or office during the day, increasing usable space,” says Arun Nagappan S, a senior designer.

Source: Times Property, The Times of India, Chennai

Ready to roll – considering ready-to-occupy homes

Ready to roll

With several advantages to its credit, home buyers in Chennai are increasingly considering ready-to-occupy homes.

Buying a house is one of the most important decisions of one’s life. Usually, there might be a long waiting period mixed with anxiety about realising one’s dream of owning a house. This wait has decreased substantially with ready-to-occupy projects gaining popularity. With income levels rising and increase in number of HNIs, ready-to-occupy projects are finding more takers in the city.

“In a significant trend seen in Indian real estate recently, ready to-move-in property has become the flavour of the season with buyers preferring to buy what they see. Also, they prefer to mitigate risks associated with new projects including incessant delays. In fact, as per our survey, a whopping 63 percent of prospective buyers in Chennai prefer ready-to-move-in projects, one of the highest among all metros,” says Santhosh Kumar, Vice Chairman, ANAROCK Property Consultants.

There are many advantages that a ready-to-occupy property has over an under-construction development. Instead of a sample flat or just the floor-plan, you actually get to see and feel the finished project. Also, in case of an under-construction project, there are many incidents where in they are not completed within the promised time-frame much to the distress of the buyers. Also, as ready to move in property require complete payment before moving in, most of the buyers are end users who are looking to shift from their rented properties.

There are other financial implications also guiding this choice. As Santosh puts it, one of the major factors contributing to this rising interest is that GST is only restricted to under construction properties while ready-to-move-in homes are exempted from it. Thus, a buyer need not pay this new tax which could have increased the cost of the property by as much 8 percent.

So, it is in some sense advantageous for ‘real’ buyers to opt for ready-to move-in homes.

Developers in the city are now offering ready to move in apartments for sale, which now have been constructed. This has helped slightly to pep up housing demand. Also, with many freebies, discounts offered with lower risk ready-to move-in property, housing demand in the country may finally grow at a decent phase.

There are several areas in Chennai where one can purchase a ready-to-occupy house, which will provide good ROI in future. “The residential areas such as Porur on Mount Ponamalle High Road, and micromarkets located along Rajiv Gandhi Salai (Chennai’s designated IT corridor) such as Perumbakkam, Sholinganallur, Thalambur, Navalur and Siruseri, which enjoy proximity to major IT corporates, have potential to yield good ROI as the pricing are relatively stable in these locations owing to presence of good inventory levels,” says Shyam Arumugam, Senior Associate Director, Office Services (Chennai), Colliers International India.

As per ANAROCK data, Chennai currently has as many as 30,220 unsold units as on Q3 2018.

“Of these, nearly 30 percent are ready-to-move-in (approx 9,070 units) as on date. The top five areas with maximum ready-to-move-in supply include Old Mahabalipuram Road (OMR), Oragadam, Guduvanchery, Mogappair West and Kelambakkam. Largely driven by IT/ITeS and industrial sectors, these areas are likely to give returns anywhere between 5-10 percent over the next one to two years depending on location, developer and the property-type,” says Santosh.

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

Metro rail to build subway at Anna Nagar

Chennai

Tired of a long wait for vehicular traffic to slow down, pedestrians have taken to crossing the roundtana at Anna Nagar. They have been at the mercy of motorists, who stop at will, as there are no traffic signals in place. But this is soon set to change. Chennai Metro Rail Limited (CMRL) is constructing a pedestrian subway at the roundtana to link the four corners of the intersection making crossing the road relatively easy for pedestrians. The subway will also help metro rail commuters get to the nearest station in no time.

Work is on to excavate soil at the intersection to build the subway. An entry point with glass panels similar to those constructed for underground metro stations has been built on one end of Third Avenue. “Work is happening round-the-clock. We will open the subway as early as possible,” a metro rail official said.

Once opened, the subway will make it easy for metro rail commuters to cross the road and get to the nearest station. The intersection has two underground metro stations — Anna Nagar East and Anna Nagar Tower — on either side. The subway is also expected to take a considerable number of pedestrians, who face the hassle of crossing the intersection, underground.

“Ever since the roads were opened and traffic was made two-way, there were no traffic signals in any of the junctions in Anna Nagar from roundtana to Thirumangalam. It is very difficult to cross the roads near the roundtana, as vehicles move in all directions. A subway in this junction was much needed,” said M Rajarajan of Anna Nagar.

Changes to the traffic flow was made in December 2011 to facilitate metro rail construction. Several main and adjoining roads were made one way.

When traffic was restored to two-way after the underground metro line between Nehru Park and Thirumangalam opened in May 2017, residents complained of frequent snarls and minor accidents near the intersection due to the absence of traffic signals.

CMRL has built similar pedestrian subways or has integrated station entry points to existing subways in several locations. At Central metro, CMRL is building three pedestrian subways in addition to renovating the existing one.

Source: The Times of India, Chennai

Points to consider before investing in a villa

Points to consider before investing in a villa

Chennai

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