TIPS: To enhance positive vibes, good health and usher in prosperity

TIPS: To enhance positive vibes, good health and usher in prosperity

Decorate the southeast part of the house with colours of green or shades of orange. Place green plants like a money plant because it symbolises wealth; Keep the southeast sector of your living room well-lit to enhance your earning power; Focus on the entrance to your home to welcome good energy (Chi) and avoid clutter in this area; place a bamboo plant near your front door, as it will attract good energy and financial security; Place a purple coloured smooth crystal ball or that of amethyst at southeast part to enhance wealth and luck.

A Rose Quartz smooth ball will attract a partner or strengthen your relationship with a loved one; To improve your children’s health and well-being, place small pebbles or stones in the west corner of your living room.

Source: Times Property, The Times of India, Chennai

Plot summary: Constructing your own house

Plot summary: Constructing your own house

Chennai

V S Rajasekaran talks about how buying a plot near Medavakkam in 1994 and building a house on it, has benefitted him.

While buyers today mostly have the option of apartments or villa to choose from, not many will have the luxury of choosing a plot to build their house upon. But for those who bought homes in Chennai a few decades back, they had the option of buying an empty land and constructing their house on it.

V S Rajasekaran, a government employee, is one among those who bought a plot. “I bought a 2,178 square feet of land near Medavakkam, in 1994. And in 1995, we constructed a 2-BHK house there and moved into it. We have been living there ever since,” he says. The fear of buying a plot or its encroachment always existed. Recounting this struggle, he further adds, “We ensured that the land came with proper patta (legal document for land ownership). Besides, we immediately started construction, which also helped. So, there was no fear.”

Having lived in Chintadripet, as a tenant in a rented house, he was glad to have moved into his own independent house. Medavakkam was far away from the bustle of the city. “It was considered a back of beyond area. There was just one bus-51H, which would ply between Saidapet and Tambaram, which would stop at a bus stop in Medavakkam. Travelling to other parts of the city was difficult. Thankfully, there are innumerable buses today, which help the residents here commute to many parts of Chennai. Also, there are good amenities that have come up in the area, like good hospitals, schools and shopping malls,” he says.

The plot and the construction together did not exceed Rs 3 lakh. Overall, he is glad to have made the investment.

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

Along the coast – ECR Chennai

Chennai

With a sound social infrastructure and residential development that fuels the growth of the commercial sector here, ECR is becoming a safe bet for homebuyers and corporate.

Once this area was considered the back of beyond. Severely lacking in infrastructure, and barely with any amenities, not many would have imagined buying a house in the locality. Today, East Coast Road, popularly abbreviated as ECR, has come a long way. Constructed along the scenic Bay of Bengal stretch, ECR cause of the area’s proximity to the coastline, were popular earlier, now other high-rise apartments are being developed in ECR,” says a Chennaibased realtor.

According to Magicbricks, the prices of multi-storey apartment in the area vary from ‘4,099 to ‘5,302 per sqft.

The average price of residential plot is ‘46,093 per sq yard. The residential houses will apis a popular hangout spot for the locals from the city and also foreigners who head here for fresh sea food and some good sea breeze.

It is known as the city’s entertainment and leisure hub and has also become one of the most sought-after residential localities. It is no longer just a weekend getaway that it was a couple of decades back. The neighbourhood has seen a steady transformation over the years. “This area was once a prominent weekend destination. But now, it is seeing an influx of people who want to relocate from the busier parts of the city to villas or high rise apartments here. While the sea facing villas, beproximately cost ‘8,768 per sqft.”

Shreya V, a corporate communication professional and a resident of ECR, says, “The real estate boom here is unbelievable. There are all kinds of property here, ranging from individual homes to studio apartments and spacious villas. The infrastructure has improved but it can become better. The social infrastructure here as also improved by leaps and bounds. The connectivity to this part of the area and also the roads here need to improve.” Thankfully, the proposal of widening of ECR road will now become a reality. The TN government is working on the six-lane road widening from Thiruvanmiyur to Akkarai in Injambakkam. Additionally, there is a project in the pipeline to lay a four-lane national highway on the ECR from Chennai to Kanyakumari.

The residential landscape in the area has indeed changed. “When it comes to luxury segment, on the outskirts of the city, ECR is a popular choice. The area has uninterrupted supply of electricity and does not have shortage of water. This is what has attracted homebuyers to invest here. Gated communities have come up here. For some, a house here becomes their weekend homes, especially if they have bought a house here despite having to live elsewhere. Other than that, there are plots available which a few homebuyers are keen on buying and building a house of their choice,” informs a developer.

East Coast Road is also an important road in the state that connects Chennai with Cuddalore through Puducherry. According to Tamil Nadu Road Development Company Ltd (TNRDC), “The road was formed in 1998 by interlinking and improving a series of small village roads that were connecting the fishing villages along the coast of Bay of Bengal.” ECR is an important road, and it also witnessed residential growth, and hence it was not surprising to see commercial growth in the area.

Prominent localities such as Neelankarai, Panathur, Injambakkam, Thiruvanmiyur, Palavakkam and Uthandi are preferred locations on the ECR. Developments along the ECR definitely offer opportunities for both buyers and developers.

Source: Times Property, The Times of India, Chennai

Affordable housing takes centrestage

Affordable housing takes centrestage

Affordable housing takes centrestage

Affordability, being a relative term, is difficult to determine for a city as dynamic as Bengaluru, says a Vestian report

Over the past one year, the effects of the triple reforms – demonetisation, RERA and GST – resulted in a deceleration of new property launches in Bengaluru. While it dampened market sentiment, it also brought about a fair balance to the market, making it surprisingly end-user friendly, says Vestian, in its half-yearly report on affordable housing titled ‘Real Estate Trends 2018: Bengaluru Residential Market’ .

Furthermore, the government’s ‘Housing for All by 2022’ initiative provided a boost to most developers who were deliberating their entry into the affordable housing segment. Another factor spurring developers to take up affordable housing was the granting of infrastructure status to the segment, thereby opening up a whole gamut of incentives including ease of getting bank loans and a host of tax rebates. Buoyed by the various tax benefits and incentives associated with these policies and schemes, affordable housing is finally on a serious growth curve.

Residential market

Majority of the housing demand observed in Bengaluru has always been in price range of 25 lakh to 60 lakh. While the lower value is considerably sparse, given the rising cost of land in and around the city, the upper range hovering around 45-60 lakh attracts a significant number of buyers. With 2017 proving to be a period of learning for industry stakeholders, the most potent opportunity as deduced by the developer community was pegged in the sub-60 lakh category.

As such, the first half of year 2018 (H1 2018, estimated till mid-June) saw the launch of 13,356 units in the sub-60 lakh category, as compared to just 8,240 units six months earlier, in the second half of 2017 (H2 2017). This depicted a whopping appreciation of 62% in H1 2018 over H2 2017, a significant change in tide.

Out of the total number of new launches, approximately 65% belonged to the ticket size category of sub-60 lakh. On the sales front, H1 2018, estimated till mid-June, saw 3,762 units sold, as compared to 2,183 units sold in H2 2017. Around 72% of the total units sold, of the new launches in H1 2018, were in the ticket size range of sub-60 lakh.

A word of caution

While all seems positive at the moment with demand picking up, some caution needs to be tended to. The government has provided enough policies and incentives to boost the sector but if not treaded with care the glut of relatively cheap housing might potentially create a bubble of artificial demand. The U.S. sub-prime crisis of 2008 serves as an important reminder as to what may go wrong.

Therefore, affordable housing should be treated primarily as a tool to improve the housing situation, rather than create a situation that may spiral out of control. Policy-makers, as much as individual investors, need to tread carefully in the segment.

Outlook

While affordable housing is considered more as a need-based acquisition, it has high prospects of becoming an attractive proposition to an investor as well. Growth corridors in Bengaluru such as Electronics City, Attibele and Chandapura in the south, Tumkur Road in the west, Budigere Cross in the east, and Doddaballapur Road and Devanahalli in the north, that presently offer more of affordable options could potentially become affluent markets in future and yield a substantial return on investment. Additionally, upcoming infrastructure in these peripheral regions portend well for their viability.

For Grade A developers in the city, the segment is no longer looked down upon but has turned into a strong and lucrative avenue for generating profits. Today, the segment holds the key to unlocking inventory, reducing the demand-supply gap and provide for a rewarding business proposition. Besides, the Centre’s recent move to increase the carpet area for residences eligible for interest subsidy under the Credit Linked Subsidy Scheme has come as a boon for the affordable housing sector. The new rule will cover many ongoing projects under the Prime Minister’s Awas Yojana and expand the market size.

Over the next 3-5 years, the momentum for sub-60 lakh housing in Bengaluru is expected to gain ground at a rapid pace, thereby benefiting the long-neglected end-user of affordable housing, as well as work for the betterment of the economy.

With transparency setting in on the industry, on account of the recent reforms, affordable housing is projected to become one of the principal demand drivers of real estate in the near future.

Source : The Hindu

 

 

Mitsubishi to invest Rs 180 crore in Shriram Properties’ project in Chennai

Mitsubishi invests Rs 180 crore in Shriram Properties’ project in Chennai

Chennai

In the maiden Japanese investment in the Indian real estate, Mitsubishi Corporation, Japan (“Mitsubishi”), has agreed to invest around Rs 180 crore in a large residential property being developed by Shriram Properties in Chennai.

Kentaro Koga, General Manager, India / Myanmar, Real Estate Business, Mitsubishi and CEO of its investment arm, DRI India said “Given its strong brand, execution and delivery track record, and focus on customer value, we believe this partnership will support our growth aspirations. We are looking forward to working with such credible partner in an important sector in India.

As per the transaction, Mitsubishi will pick up 70% stake in an ongoing residential project named “Shriram Park 63”. The project is being developed at GST Road in Chennai, with over 1,450 residential units and 2 million square feet of saleable area.

M Murali, MD Shriram Properties said “With positively changing industry landscape and improving market outlook, timing is appropriate for accelerating the development and leveraging best of both companies towards creating sustainable value for stakeholders.”

Shriram has pursued the partnership model for accelerated development in several of its past and current projects. The Mitsubishi partnership is an extension of this strategy aimed at leveraging strengths of both partners for superior value.

In the past the builder has partnered with Sun Apollo, Hypobank, Xander, Amplus Reality, ICICI Prudential, Motilal Oswal, and ASK Property Investment, many of whom had profitable exits as well.

The company said that Shriram has already pre-sales of over 25% in the Chennai project that has revenue potential of over Rs.1,000 crores in next 3-4 years.

Foreign investors, including Chinese, Japanese and Korean, have specifically shown a lot of interest industrial development projects in the backdrop of implementation of Goods & Services Tax. However, not much investment has come through so far.

So far investors from Singapore, Canada and United States has made huge investment in the Indian real estate sector.

Recent key announcements regarding Wanda Industrial New City to be developed by Dalian Wanda Group, industrial parks by China Fortune Land Development Company Private (CFLD), Japanese investment zone at Supa and Chinese industrial zone in Vadodara indicate their increasing interest in India.

Source: Economic Times

Imported sand from Malaysia selling briskly in Tamil Nadu

Imported sand from Malaysia selling briskly in Tamil Nadu

Chennai

River sand imported by the state government from Malaysia is selling briskly at the Ennore Port, with 30% of the stock being sold in two weeks. In the wake of rising demand for the construction material, the government has placed an order for a second consignment from the Southeast Asian nation.

Officials at the Kamarajar Port at Ennore said about 15,000 tonnes of river sand had been sold. The sand has been stocked at the port premises where lorry operators who have made bookings arrive to take the loads.

“About 50,000 tonnes of sand have been imported from Malaysia. The number of trucks transporting sand from the port has increased in the last three days,” a port official said.

While 195 lorries carried nearly 460 units of sand on October 19, 182 trucks ferried sand out of the port. On an average, about 2,000 to 2,500 tonnes of sand are being sold per day. “If the sale continues at the same pace, the sand will get exhausted in the next 20 days,” the port official added.

The Public Works Department (PWD) has fixed a price of Rs 10,350 per unit of imported sand weighing 4.5 tonnes.

Apart from sand lorry owners, members of the public can also purchase sand through the web portal of the PWD’s sand operation wing.

Tamil Nadu State Sand Lorry Owner’s Federation S Yuvaraj said the market for river sand sourced from abroad is growing in the city. “There is a strong demand for such sand. The waiting period for getting the imported river sand is just one day,” he said. While the state government’s first consignment of imported sand arrived at the Ennore Port on September 23, the distribution was kick-started on October 8.

PWD officials said around 225 to 275 bookings are made every day to buy the imported sand. “The order for the next consignment of river sand has been made,” a senior PWD official told TOI, adding that it was expected to arrive at the port from Malaysia in the next two to three weeks.

Yogesh Kabirdoss, Economic Times, Chennai

South Chennai is hub of property fraud in city

South Chennai is hub of property fraud in city

Chennai

South Chennai accounts for the highest number of fake property registrations in Chennai zone, with forged Power of Attorney (PoA) topping the list of documents used for the scam. North Chennai is in second place followed by the southern suburbs falling under the  Chengalpet district registrar’s office.

Data accessed by TOI shows that sub-registrar offices in South Chennai had recorded 500 fraudulent registrations over 20 years. A total of 165 petitions on fraudulent land registrations were reported in North Chennai, followed by 117 at Chengalpet, 73 at Kancheepuram and 66 in Central Chennai district registrar offices.

“PoAs make up the largest proportion of forged documents used in land registrations. Bogus legal heir certificates, fake pattas and forged identity cards are the other documents used for this purpose,” a senior registration official told TOI.

In one such case two months ago, the Central Crime Branch police registered an FIR, with the subregistrar of Madhavaram as an accused for creating a fake PoA to sell a plot worth ?4 crore by forging the identity card of a person born in the city, who currently lives in Australia.

Officials said sub-registrar offices in southern pockets of the city have always been on the radar for fraudulent registrations. “About three years ago, a popular layout promoter lodged a complaint that his housing plot falling under the Neelangarai sub-registrar office has been sold using a fake PoA. Further inquiries revealed that the plot was sold to a leading jewellery shop owner in the city, who told us that he was unaware of the forgery,” another registration official said. Housing plots in subregistrar offices under the ambit of Tiruporur sub-registrar office that have not recorded any transaction for a number of years are also vulnerable to such frauds, added the official.

Complaints on fraudulent registrations started pouring in at the registration department after district registrars were given the powers to cancel them in 2011.

However, the powers were withdrawn in 2017 in the wake of a Supreme Court order, which categorically asserted that only civil courts have the authority to declare such registrations null and void.

Later, the office of the inspector of registrations began a review of these complaints filed with the respective district registrars across nine zones in Tamil Nadu.

The Chennai zone comprises 64 sub-registrar offices located in different parts of Chennai, Kancheepuram and Tiruvallur districts, which are functioning under north, central and south Chennai, besides Chengalpet and Kancheepuram district registrars.

“The menace of impersonation and fraudulent registration of properties will end only if Aadhaar is made mandatory,” a top registration official said. Last week, the state government notified the Tamil Nadu Registration (Identity Verification for the Registration of Documents) Rules, 2018 of the Registration Act, 1908, allowing authentication using Aadhaar details obtained from the Unique Identification Authority of India (UIDAI) with a rider that it should be with the consent of the individuals concerned.

Yogesh Kabirdoss, Economic Times, Chennai

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