Post retirement – Chennai’s rich prefer apartments

Post retirement – Chennai’s rich prefer apartments  – As the apartment trend is picking up in Chennai, even the rich of the city are adopting this culture post retirement. Owing to security features and the exclusive luxury available in these units, the elite of the city are selling their old units and shifting to apartments in premium localities for comfort, calm and opulence.

“Chennai does not have much of ready-to-move-in retirement projects. Hence, the senior citizens prefer to move to the usual apartments having amenities such as security, health care services, gym, lawns and other maintenance facilities,” says Sridhar Reddy, senior vice president, Hanu Reddy Realty.

So, which localities in Chennai are being preferred by the retired elite? Local realtors point out that Rama Kamath Puram and Adyar areas are where the rich Chennaites prefer to move after retirement. Adyar being a premium locality of South Chennai, has several luxury projects in the price range of Rs 2-9 crore. Buyers with class and style prefer this locality. Gated community, modern security features and a lifestyle to boast of, Chennaites find this kind of housing most comfortable once they retire.

Apart from this, Raja Annamalai Puram and Mylapore are also on the priority list of buyers, moving from independent houses to plush apartments. “Adyar, RA Puram and Mylapore have the city’s premium projects which suit the status and taste of the Chennai elite. These areas have ample greenery and good view as desired by the senior citizens,” says K Vignesh, a local broker.

Developers such as, LCS City Makers, Gayathri Realities, Appaswamy Real Estate Limited, Casa Grande, ETA Star are active in the area. As per the Magicbricks data, both locations have numerous options in the luxury category of above Rs 2 crore. These are mostly 3 and 4BHK flats.

“Adyar and the nearby locations are also well connected to other parts of the city via the Mass Rapid Transit System (MRTS). The OMR and other 4-lane road network connects the locality to Besant Nagar, T Nagar, Nungambakkam, Anna Nagar, Oragadam and Sriperumpathur,” says V Krishnan from Avk Real Estate.

City-based realtors also reveal that majority of these buyers are moving here from North Chennai or from Anna Nagar, Shenoy Nagar, Besant Nagar where re-development is happening. The senior citizens are selling their independent bungalows and investing a part of the money in apartments in premium localities. The remaining is kept in the bank, fetching interest, till they use it for customising their units according to their requirement.

Source Times of India Magic Bricks

PG accommodation – Growing demand for PG accommodation in Chennai

PG accommodation – Growing demand for PG accommodation in Chennai – With the growing population of single professionals in Chennai, city-based realtors are receiving number of queries for single bed accommodation, close to office area and in vicinity to market places.

“People from other states are single and prefer Paying Guest (PG) accommodation. These units are well furnished with basic necessities, required in daily life,” says D Tony, a local broker dealing in PG homes.

As per the Magicbricks data, maximum number of such accommodation is available in Thiruvanmiyur within the price range of Rs 3,500-12,000 per month. Thorapakkam, Medavakkam and Adyar are the other locations where single bed units are available at a monthly rent of Rs 4,000-12,000.

Most of the PG accommodations are equipped with features such as, unlimited Wi-Fi connectivity, refrigerator, LCD television with DTH connection, common sitting area with sofa and dining table and two meals per day. A single bed, a study table and a wardrobe is available in each room separately for every individual.

Demand analysis

Majority of the demand for PG accommodation is in locations which are close to the IT corridors of the city. Sholinganalur, OMR, Karaipakkam are the most demanded localities for rental accommodation. However, maximum supply is concentrated in Thiruvanmiyur, which is based 12-km from the main corridor, but has cheaper transportation towards the industrial end.

Of all the loaclities, Medavakkam is closest to OMR and Sholinganallur where single bed accommodation is available within Rs 4,000-8,000 per month.

“People coming to the city from other states live here for hardly three-four months during their training period. Hence, they prefer PG accommodation rather than renting 1BHK apartments, where they have to pay large amount of security deposit,” says Ajinkya Sheth, owner of a PG accommodation in Medavakkam.

With the growing migrant population, the city is set to receive increasing number of queries for single bed accommodation. However, with limited options, one may need to shell out more money and look for 1BHK apartments in preferred areas.

Source -Times of India Magicbricks.com Bureau

மோடி அரசாங்கம்… ரியல் எஸ்டேட் வேகம் எடுக்குமா?

மோடி அரசாங்கம்… ரியல் எஸ்டேட் வேகம் எடுக்குமா?


நரேந்திர மோடியின் தலைமையில் புதிய அரசாங்கம் அமைந்திருப்பதால், பல்வேறு துறைகளில் பல மாற்றங்கள் வரும் என்கிற நம்பிக்கை உருவாகி இருக்கிறது. தொழில் துறை மற்றும் உள்கட்டமைப்பு துறைகளின் வளர்ச்சி சிறப்பாக இருக்கும் என்கிற எதிர்பார்ப்பு இருக்கும் நிலையில் ரியல் எஸ்டேட் துறையின் வளர்ச்சி எப்படி இருக்கும், மோடி அரசாங்கம் இதற்கு என்ன செய்ய வேண்டும் என முன்னணி ரியல் எஸ்டேட் நிறுவனத்தைச் சேர்ந்தவர்களிடம் கேட்டோம்.


”பங்குச் சந்தைபோல, ரியல் எஸ்டேட் துறையில் உடனடி எதிர்வினையை எதிர்பார்க்க முடியாது. புதிய அரசாங்கம் எடுக்கப்போகும் பல்வேறு முடிவுகளைப் பொறுத்தே இந்தத் துறையின் வளர்ச்சி இருக்கும். எனவே, ரியல் எஸ்டேட் துறையில் குறிப்பிட்டுச் சொல்லவேண்டிய மாற்றம் ஏதும் ஏற்பட வேண்டுமெனில், குறைந்தபட்சம் 6 – 9 மாதங்களாவது காத்திருக்க வேண்டும்.

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Chennai – Top destinations for your second home

The concept of second home buying seems to be taken well in Chennai with 36 per cent of the total buyers in the city are looking for second investment, the recently released Housing Sentiment Index (HSI), a report jointly developed by IIM-Bangalore (IIMB) and Magicbricks (MB) has reported.

Both NRIs and natives are among the buyers, the local realtors reveal. On one hand, where NRIs invest for capital appreciation, natives look for rental returns. So, if you are one of those looking for investment options in the city, here are a few options.

OMR

OMR (Old Mahabalipuram Road) is the hub of IT professionals as this is the closest area to the IT corridor of Chennai where 30,000-35,000 people are employed at present. Hence, investing here can fetch good rental returns. “A 2BHK flat of 1000 sq ft commands Rs 15,000 per month as rental charge. These kind of units are quite fast moving as the rental demand always remain on peak in these areas,” says A Jagan, owner of Ananthi Realty Solutions.

Apart from this, developers in the region tend to offer good discounts and freebies because of high supply. “Some developers offer up to 30 per cent off on booking or free car parking with each flat to attract investment from property buyers,” informs Jagan.

As per Magicbricks listings, a 2BHK flat in OMR is available at starting price of Rs 20 lakh which may go up to Rs 95 lakh depending upon the amenities installed in the township. The area also has numerous 3BHK apartments as well which is available for Rs 33 lakh.

Tambaram-Sholinganallur stretch

This is a popular stretch of Chennai which attracts NRIs, HNIs as well as middle-class segment for investment. The area boasts independent house supply as well as multi-storey projects which suits varied budget range.

Localities lying on this stretch are Medavakkam, Ranganathapuram, Thiruvalluvar Nagar, Koilambakam, Gowrivakkam, Sembakkam which have numerous new projects in the area. Developers like Sanjay Homes, Amethyst Homes, Atikramya Builders, Parsn Urban Development are active in the area.

“The area holds great potential for capital gain as well as rental returns. The IT corridor in close proximity to Sholinganallur drives rental market here while the peaceful and natural beauty towards Tambaram end drives those buyers who want a second home away from the city,” says Udhai Kumar, a city based realtors.

As per Magicbricks data, a 2BHK apartment is available here within the price range of Rs 45 lakh, whereas an independent home with the built up space of 1000 sq ft is available at the starting price of Rs 70 lakh. These are 3BHK duplex homes with one room at ground floor and two rooms at first floor along with attached bathroom. As far as rental market is concerned, a 2BHK flat commands Rs 13,000 rent per month whereas a 3BHK flat fetches Rs 15,000 rent per month.

Source -Surbhi Gupta, Magicbricks.com Bureau/timesofindia

Are the investors finally hitting the Chennai market?

Is Chennai, a traditionally end user driven market, gradually garnering interest of the investors? Let’s find out!

As per the Housing Sentiment Index Report, jointly evolved by Magicbricks and IIM-Bangalore, investor sentiments in Chennai are quite high. Investors in the city, though less in number as compared to the actual buyers, seem to be more optimistic about the property market than those planning to purchase property for end use.

As per the report, the HSI (Housing Sentiment Index) for those planning to buy a property as an investment stood at 124 during the Jan-Mar 2014 quarter. This is was in contrast to the HSI of 111 recorded for end users.

Does this mean investors have finally accepted Chennai as a destination worth parking their money in? Has it finally caught the fancy of the investors? Well, let’s find out.

There are three kinds of investors in the Chennai market today, informs S Ramakrishnan, director, Harmony Homes. “A large number of buyers in the market today who are buying for investment purpose consist of second and third home buyers. These are not hardcore speculators, but those who have money and want to park it safely. It helps that the suburbs of the city are offering ample options to these buyers at reasonable rates,” he says.

The fact that rental yield in the city has been increasing consistently also acts as an additional impetus to those buying a second home. As per PropIndex, during the Jan-Mar 2014 quarter the gross rental yield in different localities in Chennai varied from 2.04 to 4.35 per cent. This was an improvement over the range recorded in the previous quarter at 2.28 to 3.81 per cent. In fact, gross rental returns are the highest in locations that are eyed by these second home buyers, such as OMR and Shollinganallur.

NRIs are also showing a keen interest in the market. “NRIs may not be very keen on earning rental returns from their investments but look for capital appreciation in the long run,” adds Ramakrishnan.

It is probably these investors who have pushed up the sentiment index. Actual speculators in the market are still very few. Nonetheless, as Chennai is considered to be a safer real estate investment than many other cities, investors are slowly showing interest. However, Chennai still cannot be considered a conventional investor destination. But surely the seeds have been sown for the same.

Source: Magicbricks.com Bureau/Timesofindia

In Chennai the demand for plots continues to grow

With the Candy GPS Report identifying Chennai as one of the 12 cities around the globe with the potential to show strong residential property price growth in the next few years, land developers are bullish about their projects. However, the residential segment is finding the going tough at present due to a combination of factors.

Demand for vacant plots, however, continues to grow across micro markets though liquidity crunch has impacted the tempo of investment. Smaller to medium range investments in the price range of Rs 7 lakh – Rs 12 lakh are now consistently pushing the land developers to continue to undertake development.

Depending on the affordability level and the price segment, demand varies in the city. For instance, areas, such as Wallajabad and Achirapakkam are hot spots for those who are looking to invest in the price range of Rs 7 lakh – Rs 8 lakh. Whereas, those who can afford Rs 12 lakh and above, areas like Oragadam, Sriperumbudur and Sunguvarchathiram are the favourite locations with multiple options.

The demand for plots predominantly driven by salaried classes has been steadily growing due to scarcity of land for development in the city, rigid development control rules throttling the land development and conversion of land for housing purposes taking a prolonged time. Lack of clarity in title deed, legal issues and prohibitive cost are major factors that deterred availability of land for development in the metro.

Over 10 organised developers are catering to this segment across micro markets in Chennai besides several unorganised players operating in the market.

However, with the government creating awareness through their website and displaying approval details for plotted development projects in and around the city, today’s investors are cautious to opt for only DTCP approved plots and those that are offered with the provision to avail of plot loans. This provides a cushion to investors as the lending institutions do the due diligence exercise before offering plot loans to the borrowers.

Moreover, plot loan is available only on the guideline value of the property and not on the market value of the property. This necessitates a higher upfront investment from the investors while opting for plot loans.

Source: Times of India

Top 12 realty investment destinations -Chennai in list

Chennai in list of top 12 realty investment destinations

Strong English speaking skills and a wide mix of industries that promotes cross pollination of work culture has made Chennai one of the top 12 cities in the world for real estate investments. This is the first global recognition the city has received; it is also the lone Indian city on the list.

The Candy GPS Report, published on Friday, identifies 12 cities around the globe with the potential to show strong residential property price growth in the next few years. The report — produced by Candy & Candy, Savills World Research and Deutsche Asset & Wealth Management — said, “Prices in these rising cities are generally much lower than in the world cities, which make them more accessible and attractive to yield seeking real estate investors.” The list ranges from well established cities such as Melbourne, Australia, to centres in developing economies such as Jakarta and Chennai, that have a high number of ultra-high-net-worth residents, it said. Read more

List of ‘green buildings’ countries outside US -India is Third

India 3rd on list of ‘green buildings’ countries outside US

India has been ranked third on the list of top 10 countries in leadership in energy and environmental design outside America, according to the latest US Green Building Council report.

Canada followed by China occupy the top two slots in the ranking of the top 10 countries for Leadership in Energy and Environmental Design (LEED) outside the US.

The report said the list demonstrates the global reach of the movement that is transforming the building environment into healthy, high-performing structures that benefit the planet and its people.

From India ITC Maurya Hotel in New Delhi, built in 1977, Platinum under LEED, was notably mentioned in the report.  Read more

Chennai Ambattur Affordable rental options

Affordable rental options in Ambattur

 

Are you looking to rent a property in North Chennai? Do you have a limited budget? If your answer to both these questions is ‘yes’, then Ambattur could be the end of your property search. Developed as a suburb in the North, Ambattur offers several properties for lease within Rs 10,000 per month.

As per the data with Magicbricks, within a budget of Rs 7,000-10,000 per month, home seekers can get semi-furnished 2BHK apartments of sizes ranging from 800-1200 sq ft. Unfurnished, 1BHK apartments can be rented within Rs 7,000 per month. Offering properties at such reasonable values, Ambattur is sought by several middle-income home seekers.

The locality not only offers properties at an affordable price but also at prices lower than its nearby localities such as Anna Nagar and Mogappair. In Anna Nagar, a 1000 sq ft unfurnished apartment is rented for below Rs 15,000 per month. Similarly. in Mogappair, a minimum of Rs 14,000 per month is needed for an apartment of this size. “Ambattur is an economically viable option for renting properties in North Chennai,” says a resident of the locality and a user on Magicbricks. Read more

Chromepet real estate offers ample new developments

Are you considering buying a home within the modest budget of Rs 25-40 lakh? Then, Chromepet can be considered as your choice of location. Situated in South Chennai, Chromepet is one of the areas of the city, which offers ample new developments coming up in this budget range.

If you are thinking why Chromepet, then take this. The location has made its way into the list of top 10 preferred localities for buying home by PropIndex (Jan-Mar 2014), the quarterly India Apartment Index published quarterly by Magicbricks. Local realtors attribute this rising preference for Chromepet to the enhanced connectivity to other parts of the city.

“Chromepet gained preference because of its centralised placement. As the highway has opened up, it has improved the housing demand here. IT professionals employed in Thoraipakkam and OMR have generated maximum demand,” says Venu Krishan, a local broker in the area.

As per Magicbricks’ listings, the majority of the housing units in Chromepet are 2BHK, followed by 3BHKs. The locality offers 2BHK flat at the starting price of Rs 27 lakh, whereas a 3BHK flat is available for Rs 40 lakh. Majority of the units are in ready-to-move-in category that acts as an advantage to the location.

“Since the time the water issues have been sorted out, the residential demand has started pouring in again,” says Senthil Kumar, owner, VL Dreams.

The connectivity between Chromepet and Old Mahabalipuram Road (OMR) has improved since the time State Highway 109 or Pallavaram-Throraipakkam Road went operational. Apart from this, the area is one of the stops on NH-45 which connects the main areas of Chennai, such as Guindy and Nungambakkam with Chromepet.

Apart from this, Chromepet is also close to Chennai international airport which is just 4km away from the place. Moreover, Chromepet also has a railway station of its own that enhances its accessibility to the important areas of the city, such as Chetpet, Nungambakkam, Kodambakkam, Mambalam, Guindy, Pazhavanthangal, Meenambakkam and Trisulum.

Talking about infrastructure, Chromepet boasts about numerous townships that have well-built roads and basic amenities. The area also has leading schools and colleges in close proximity that makes living convenient for the residents.

Hence, if you want to stay close to the airport and also near your office at OMR, Chromepet can be a decent location to invest in.

Source: Time of India / Magic Bricks