Times of India July 28 2018 Edition – Times Property News Article mentioning 360 Property Management

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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

Online registration of properties nets Tamil Nadu 19% more revenue

Online registration of properties nets Tamil Nadu 19% more revenue

There has been a 32% increase in the number of registrations of properties and documents and 19% increase in registration revenue in Tamil Nadu during the period from February 13, 2018, to June 20, 2018, when the registration process went online, over the corresponding period last year.

While the overall number of registration of documents went up from 6.43 lakh to 8.51 lakh, revenue increased from Rs 2,234 crore to Rs 2,660 crore during the last four months when the system went online. The hike in registrations is primarily being viewed as a positive fallout of computerisation of the registration process, introduced on February 13, 2018, said IG registration J Kumaragurubaran.

Among the sub-registrar (SR) offices that saw an exponential growth in revenue are Mylapore – Rs 39 crore to Rs 72 crore – and Saidapet I – Rs 54 crore to Rs 70 crore. In some sub-registrar offices, especially those in and around Chennai like Thiruporur, Anna Nagar, Ashok Nagar, Sembium, Saidapet I and Pallavaram, there is a considerable fall in the number of registrations after the online system was introduced. Developers are of the opinion that the fall in registrations in some sub-registrar offices could be owing to man-made glitches, aimed at showing that the online system was a disaster.

“We find a lot of resistance among SR office staff to the online system. Blaming poor net connectivity for the delay caused in registration of documents, the staff subject customers to untold hardships,” said a developer.

Computerisation of registration process has brought in automation on a large scale. Apart from online booking, even the back office operation is done online at present, said Kumaragurubaran. The department has engaged 500 data entry operators through a contractor to handle the additional workload like scanning images and documents, he said. “Introduction of the online system has increased transparency in administration and accountability of registration department staff. We are keeping a close watch on SR offices that perform below par and from where lots of customer complaints emerge. Wherever people are found wilfully delaying the procedures, strict action will follow,” said Kumaragurubaran.

Though the overall revenue trend looks positive, it is too early to project the growth for the financial year, he said.

The slashing of guideline values across the state a year ago could have played a major role in boosting real estate transactions and registration revenue, said Confederation of Real Estate Developers’ Association of India Chennai chapter Vice-President S Sridharan.

Source: Economic Times, Chennai

After 20 years Chennai Corporation increases property tax rates

After two decades, Corporation increases property tax rates

After two decades, Corporation increases property tax rates

Civic body expected to mop up ₹1,160 crore after hike

After years of inertia, the Chennai Corporation and other urban local bodies in Tamil Nadu have revised the property tax rates. The new rates will be effective from this half-year period i.e., April-September 2018. The increase will not be more than 100% for commercial and rented residential buildings, and not more than 50% for residential buildings.

While the Chennai Corporation last revised property tax in 1998, other local bodies in the State revised it in 2008.

Accepting the proposals of the Chennai Corporation Commissioner, the Commissioner of Municipal Administration and the Director of Town Panchayats, the State government has issued an order paving the way for the hike in tax rate.

Following the revision, the Chennai Corporation is expected to collect ₹180 crore every half-year from 10.5 lakh residential building owners and ₹400 crore from 1.5 lakh non-residential building owners. Property tax collection in Chennai is expected to increase to ₹1,160 crore a year.

Last week, a Division Bench of the Madras High Court directed the Municipal Administration and Water Supply Principal Secretary Harmander Singh to take a decision with regard to the proposal submitted by the Chennai Corporation Commissioner D. Karthikeyan within two weeks regarding the revision of property tax and report to the court during the next hearing on August 3.

Assessees who have already paid property tax for this half-year will have to pay the arrears. “We will issue guidelines for general revision this week,” said an official.

In Chennai, all the 12 lakh property tax assessees will be asked to file property tax returns with the Chennai Corporation Revenue Department, with details on the extent of the building and the usage of the building. While the revision will impact all assessees, those whose nature of usage as changed from residential to commercial will find the hike particularly steep. During the previous revision in 1998, the civic body processed the property tax returns of assessees manually. So it required more manpower and at least six months to process the returns. Now, with advancement of technology, the civic bodies may encourage online submission. Currently, the Chennai Corporation has less than 80 property tax assessors to scrutinise the tax returns.

“Unlike Bengaluru, we do not impose any penalty on assessees who fail to file property tax returns on time. So the collection of property tax returns will be a challenge,” said an official.

Source The Hindu

Chennai development body to ease reclassification process

The Chennai Metropolitan Development Authority (CMDA) has introduced a slew of measures to reduce the inordinate delay in processing the reclassification of land use applications in the Chennai Metropolitan Area (CMA).

The measures include admission of such applications directly by the planning authority. Hitherto, the reclassification applications must be submitted only to the concerned local body, which would be forwarded to the CMDA for processing.

A recent office order of the CMDA said the reclassification proposals may also be admitted directly to the CMDA along with all enclosures as per the checklist, in addition of admitting in the local bodies concerned.

After introduction of the online admission for reclassification proposals, the applications should be submitted only online, it added.

Presently, scrutiny of registered documents is carried out to verify unauthorised subdivisions and the requirement for Open Space Reservation (OSR).

Noting that the detailed scrutiny of registered documents was time consuming, the order said the process would be taken up at the development stage instead of detailed scrutiny at reclassification level.

However, a disclaimer clause that the land use variation approval is not confirming the ownership right of the applicant over the property under reference and any claim on right or title over the property shall have to be proved before the appropriate/competent court to decide on the ownership’ may be included, the office order further said.

Yogesh Kabirdoss, Economic Times, Chennai

Chennai will be the fourth Indian city to join the league of 50 data-driven global cities

Soar towards sustainability

Chennai will be the fourth Indian city to join the league of 50 data-driven global cities and it holds a lot of promise in the time to come.

There is a new development that can change the face of urban governance in Chennai. The World Council on City Data (WCCD) is a global network of data-driven cities under the City Data for India Initiative. A few days back, it was announced that Chennai Smart City would soon join the list of three Indian cities (Pune, Surat and Jamshedpur) after getting certification from the WCCD. Currently, there are over 50 cities certified by the WCCD, the first ever ISO standard for cities.

Data indeed holds the key to future decisions. As a Chennai Corporation official puts it, “Data is missing in most Indian cities and even when it exists, it does so in silos. Urban planning requires accurate information about several factors such as pollution, encroachment, water bodies and green cover,” he says, adding that, “Drone mapping has a lot of potential in the time to come. Planning itself can take a while. One department cannot access the data in another department.”

Data collection:

So, from which areas will data be captured? If the website of WCCD is an indicator, there will be strong data points for cities that come under its purview. From basic details such as the population of the city, land area, GDP, and density of population, data will be gathered for several other factors such as population dependency ratio, number of occupied dwelling units, percentage of non-citizens in a city, employment indicators, energy consumption, and state of environment, finance, health and governance.

However, according to Ajit Chordia, MD of a leading real estate group, “Chennai has made it to the list more due to its past success with infrastructure, public transport, safety and decent water supply. While other cities are moving fast, Chennai is stagnating. Finances are poor; in a few years, water supply and sewage will not support the growing city and Chennai will take a dip in the ranking of the WCCD. Unless huge investments are made, cities like Vijayawada and Hyderabad will overtake Chennai.”

Improving urban governance

Making data on cities available in the public domain, as is the case in cities like London and Singapore, can bring about a major change for the good of the country. To start with, it will improve city planning and effective comparisons with other cities, and create benchmarks for measurement, which will lead to improvement of urban governance. A corporation official is of the view that, “Greenhouse gas mapping and resilience mapping can greatly benefit the city; these measurement aspects will be along the lines of globally-set standards. The idea is to constantly improve.”

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

Temple tanks to be restored using smart city funds in Chennai

Temple tanks to be restored using smart city funds

After a delay of over two years, the city corporation is pushing ahead with temple tank restoration project but the funds will be drawn out of the coffers of Chennai Smart City Limited.

According to corporation sources, the project executed under the ‘Sustainable Water Security Mission’ will see 15 temple tanks restored at a cost of Rs 2.28 crore.

The temple tanks included in the project are Gangadeeswarar Koil tank in Purasawalkam, Virupaacheeswarar temple in Mylapore, Biragi Madam Venkatesa Perumal Koil, Angala Parameswari Koil, Ekambareswarar Koil and Kasi Viswanathar Koil in Royapuram zone, Prasanna Venkatesa Perumal and Peyazhvar Koil in Saidapet, Kandasamy and Aathimottaiamman Koil in Kuyapettai, Chenna Malleswarar Chenna Kesavaperumal Koil and Mallikeswarar Koil in George Town, Kalyana Varadaraja Perumal Koil in Kaladipet, Thiruvetteswarar Koil in Teynampet zone, Kasi Viswanathasamy Koil in Ayanavaram, Sengazhuneer Pillaiyar Koil and Katchaleeswarar Koil in Royapuram zone.

“The project would involve removing garbage found in the temple tank and then desilting it to increase its water storage capacity. We will form bund and strengthen the structure because a few tanks in the north Chennai neighbourhood are in a really bad shape,” a corporation official said.

The corporation also intends to capture rain water from roof tops of houses and buildings surrounding the temple tank and re-route the water into the tank’s bed. “Sunken wells too will be provided to help ground water recharge process,” the official added.

The proposal would be placed before the upcoming Chennai Smart City Limited board meeting for approval, officials said.

Initially, the corporation identified 17 temple tanks for restoration. The final list, however, does not include the Thyagaraja Swami temple in Thiruvottiyur and the Madhava Perumal temple in Mylapore with the civic body providing no explanation for the exclusion.

Source: The Times of India, Chennai

Chennai ~ Senior living – the emerging market

Senior living – the emerging market

Chennai

The desire among today’s senior population to lead an independent and productive life has translated into an opportunity for real estate developers.

India is currently witnessing a demographic shift, owing to a steady increase in life expectancy on the back of improved healthcare access. Consider the fact that our much touted ‘demographic dividend’, urban youth population, will reach a median age of about 29 years in less than a decade (according to UN-HABITAT), making us one of the youngest nations globally. Such benefits, however, come with their own realities including an equally large ageing population in the next few decades.

In recent years, there has also been an aspirational change in the mindset of senior citizens in general. There is an increasing desire among today’s senior population to lead a secure, independent and productive life after retirement. This growing trend has translated into an opportunity for real estate developers to provide residential products customised to the specific needs of the elderly in India.

Factors to be considered:

While the southern part of the country was one of the early adopters of the concept of senior living, we are witnessing projects coming up across several parts of the country in recent times.

With affordability being a key factor for end-users, developers of such projects need to keep construction costs as low as possible;

Hence projects need to be in the peripheral areas of cities where such large tracts of land are more affordable than locations near the city centre.

The perks:

To ensure that senior living projects are viable, amenities are a must in the project.

Projects need to have basic amenities including 24X7 power and water supply, 100 percent power back up, security, maintenance and housekeeping.

Other specialised offerings include, assisted care for the elderly and ailing, dedicated medical staff and tie-ups with surrounding hospitals, in-house healthcare offerings (medicine store, emergency response system, doctor on call, nurses, etc).

For connectivity and travel, transport facilities to and from surrounding social spaces (parks, malls and restaurants), recreational facilities, community rooms, concierge services for day-to-day requirements of the residents and so on.

While the finer details would vary from project to project, these are a few key amenities, which should be part of any senior living project in India.

Over the past two years, several regulatory reforms have brought about a change in the real estate sector in the India. Increasing transparency coupled with a changing consumer mindset has led to confidence returning in the market, and the emergence of alternate asset classes. Such assets are also garnering the interest of investors who can see the long-term benefits in the changed environment. While such new formats might see a comparatively slower pace of expansion vis-à-vis other formats such as Tech Parks and Logistics Parks, the growth of this sunrise segment is imminent in the longterm, given a sustained demand for the same from a large aging population in decades to come.

Anshuman Magazine, Times Property, The Times of India, Chennai

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

Chennai Metro rail will chug into suburbs first – OMR on wait list

OMR on wait list, metro rail will chug into suburbs first

The much-anticipated metro rail line to link the IT hub on Old Mahabalipuram Road may take a backseat as Chennai MetroRail Limited (CMRL) will begin work on Phase 2 with the design and construction of the facility to connect the suburban and core areas of the city which are primarily dependent on MTC buses. Some of these stations planned will run parallel to existing MRTS stations, which are expected to be taken over by CMRL in December.

Image result for OMR on wait list, metro rail will chug into suburbs first

Vijay Kumar Singh, Chief General Manager, underground section said a consultant to make a detailed design for corridors 4 and 5 would be appointed next month and work would begin in July. “In six to eight months preliminary design will be ready. Work will begin on corridors 4 and 5 on a priority basis and these will be ready in six years,” he said on May 29 during a media tour of the stretch between Little Mount and AG-DMS, which was opened on May 25. Initially, OMR was supposed to get metro connectivity before the other two corridors.

Corridor 4 will link the city through Vadapalani, Kodambakkam and T Nagar. Corridor 5 will connect the northern suburbs in and around Madhavaram with a part of OMR at Sholinganallur via Adambakkam, Madipakkam, Kovilambakkam, Medavakkam and Perumbakkam. It will be an orbital corridor connecting lines running across all radial roads including Poonamallee High Road, Anna Salai, Arcot Road and OMR.

Running along some of the stations in these corridors will be the existing MRTS facilities, which will be merged with CMRL. Singh said the actual merger may happen by 2018-end.

“Consultant report has been forwarded to southern railway for analysis and it will be sent to the railway board in Delhi. Based on their feedback, methods and modalities for integration will be decided. The report has given us various ways to go about integration and the financial model to adopt,” said L Narasim Prasad, Director, System and Operation.

In corridors 4 and 5, metro stations have been planned close to MRTS stations like Lighthouse, Thirumaylai and Adambakkam. However, the services in these stations may not be merged, as officials said the two mass transit facilities will only be integrated through walkways to provide commuters access to multi-modal transport facility. It means commuters will have to step out of metro stations and use a walkway, a pedestrian subway or a foot over-bridge to enter MRTS stations.

In a proposal last year, Southern Railway told CMRL that trains operating on the Chennai Beach-Velachery line could terminate at Fort Station instead of Beach. The merger will help CMRL operate better quality coaches on the stretch, provide a wide array of passenger amenities including food stalls and above all integrate MRTS and metro services with MTC buses.

U Tejonmayam, The Times of India, Chennai

Why the corporation fails to clear the mess that Chennai makes

Why corporation fails to clear the mess that Chennai makes

On October 2 last year, source segregation of municipal solid waste started in earnest among city residents. But eight months on, it not only remains an alien concept but is also scoffed at by residents who find it convenient to dump domestic waste in plastic bags at the nearest bin.

“Nobody collects trash from our doorstep. The corporation never insisted that we need to segregate waste,” said J George of Chetpet.

But this was not the first attempt by Greater Chennai Corporation (GCC) to implement source segregation that has fallen flat. Senior corporation officials though pin the blame on residents for the civic body’s rather dismal service record. “Segregation should start at home. But people throw waste into bins wrapped in plastic bags,” said P Madhusudhan Reddy, Deputy Commissioner (health), GCC.

Reddy said the corporation created awareness on the importance of separating waste but people in Chennai “lack incentive or interest” to take it up. To address this lacuna, the corporation is mulling to penalise residents who do not segregate waste. “A notification will be issued soon,” said Reddy. Ironically, at present, the corporation does not have a foolproof measure to ensure that the segregated waste is not mixed and taken to landfills in compactor trucks.

The corporation’s idea to pull up residents points to its scattergun approach to solve what essentially is simple, say activists. For instance, the Nochikuppam fishermen settlements at Santhome have been source-segregating waste for nearly two years now.

“Almost five blocks in the colony segregate waste. We have appointed an employee and a part-time worker to collect segregated waste and compost it within the settlement. For around 450 homes, we spend Rs 15,000,” said Ashok Rajendran of Chennai Trekking Club which has taken up the initiative.

Activists say had the corporation brought on board NGOs and tasked them with the responsibility of taking the message of segregation to the masses, things would have been better. “The civic body’s awareness component is not interesting and informative, and hence it is ineffective,” said Arun Krishnamurthy of Environmentalist Foundation of India.

Reddy said inviting NGOs was considered but was dropped since it required a “financial component”. But Krishnamurthy contested it and said that there was never a hint from the corporation that it needed assistance from entities that worked for source segregation of waste. “We would have taken up the work on a volunteer basis if they had asked us,” Krishnamurthy said.

But the corporation has its plans, said Reddy. “We cannot discuss proposals to invite NGOs now. We have engaged representatives. One person per ward and another person per zone will take the message of segregation to people’s homes,” he said.

Pradeep Kumar, The Times of India, Chennai