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

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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