Tuesday 30 May 2017

Demand for Property in India is not just driven by IT Workers

Despite the anxious news about the countries IT industry, buying property in India is still a good investment. Many reputed individuals working with the media have over the past few weeks forecast that there would be a large number of layoffs in the countries tech sector. According to such experts, a large number of layoffs in the nation's IT sector would have a harmful impact on demand for the domestic real estate as well.


The IT Real Estate Connection

Much of the real estate in Indian cities is driven by demand from consumers who work in the IT sector. Sales of real estate in cities such as Bangalore, Hyderabad, Pune, Gurgaon, Noida, Chennai, Mumbai, and New Delhi are particularly sensitive to demand from IT workers. Nearly forty percent of the demand for real estate in the cities mentioned is driven by mid-level managers employed in the tech sector.

While the leaders of the largest technology company in India have stated that the outsourcing of jobs from India to overseas is unlikely to result in job losses, many others with less skin in the game are speaking in a different tone. According to the latter, the job losses in the technology sector are imminent and because many more people in India are employed as an indirect result of the tech sector than are employed within the tech sector itself, the impact of layoffs in IT will reverberate across the country.  

Is There Reason to Cheer?

According to reports received by this property site, 9 Indian cities have been counted among the top 300 cities globally where commerce is vibrant and growing. Unsurprisingly the top two ranked Indian cities are Mumbai and Delhi at 17th and 22nd positions respectively.
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The two of the highest ranked Indian cities together account for a Gross Domestic Product of 400 billion dollars. Both Mumbai and Delhi are the fifth and sixth largest cities in Asia when measured by the size of commercial activity. While this may sound impressive, when considering per capita income (income per person), the cities rapidly fall in global rankings. Global cities such as Shanghai, Seoul, and Beijing have per capita incomes that are, conservatively, three or four times greater than those of New Delhi and Mumbai.

Why All is not Gloom and Doom

However, the good news is that a credible international study has concluded that the largest cities in India are driven by more than just technology. There is a great deal of buying and selling taking place in all eight of the cities mentioned. According to some property sites, just because there are an unusually large number of layoffs in the tech industry, it should not lead us to the conclusion that the demand for real estate will fall drastically in the cities mentioned.


Sunday 28 May 2017

Taramani: the new spot in the real estate in Chennai

Taramani has nearly turned out to be synonymous with Chennai's IT big tale and has been attracting the interest of realestate in Chennai builders and buyers for many years.

Located in the southern part of Chennai, Taramani is popularly known as the Rajiv Gandhi Salai stretch is one of the few locations in the town in which offer quite some land parcels and new residential projects. Placed adjacent to Adyar, Thiruvanmiyur, Velachery and Perungudi, it houses a number of the town's prominent IT parks like Tidel Park, Ascendas and TCS to name some.

This region has been known as the IT stretch for many years, but from the past few years the locality being converted into a residential hub which additionally enjoys top connectivity to the rest of the city in addition to the outskirts. It is noteworthy, that in past few years many instructional institutes too have mushroomed inside the location.
A property consultant working in this area said that appropriate social infrastructure and adequate vacant spaces  have brought benefit in this vicinity. Many new commercial institutions are rising and this in flip has caused positive market sentiments. Even in terms of amusement, there are many alternatives to pick from.
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Additionally, he commented on factors that have caused the hike inside the demand of real property within the location. He said that the property right here is tremendously cheaper and the locality is in close proximity to some of IT agencies, many IT professionals are moving base to Taramani. Due to high traffic movement in the town, safety worries and lengthy working hours, many city dewellers that it is a superb choice for an alternative housing. Because of the massive potential for growth in Taramani and its surrounding region, housing initiatives right here have also caught the eye of NRI traders. The Chennai property market has been moving in the positive direction due to  the development in this area.

Even though there are several positive factors which are driving the growth of this area, however there some demanding situations too. "One factor which is worrisome is that there's a delay in the expansion plan of Taramani Link Roadway and construction of hurricane water drains for this stretch has no longer but taken location.  In the absence of such fundamental civic facilities will have an effect on the actual property potentialities in the area and accordingly needs to be quick taken care of out.

A director of a renowned property corporation feels that small and medium belongings segments had been doing well. He further said that people rely upon repayment through EMI's for best housing initiatives. In addition to the residential sector, PG accommodations and hostels that cater to the requirements of students and professionals are also available in Taramani. The value of a 2 BHK unit is about 50 lakhs for a 1,200 square Ft residence unit and the apartment rental varies from Rs.7, 000 to Rs.12,000 and Rs.14,000 to 18,000 for two BHKs and three BHKs respectively.

Taramani is new hotspot in real estate projects in Chennai, which will develop in the coming years.
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Monday 24 April 2017

Chennai real estate market suffered Rs 1,100crore revenue loss in 2016

After demonetisation chennai realestate market sufferes a revenue loss of Rs. 1,100 crore in 2016 and also reported 46% fall in sale of residential apartment.New launches plummeted by 29%, and sales witnessed a relatively restrained decline of 9%.

Some of the New projects in chennai are


       DLF Commanders Court



        Reflection




  Casa Grande The Address




Keeping in mind all the problems of investors although its at times a lifetime decision for few, so revenue model startups must work is something other than from Broker / Builder Listing their Property and Paying them as this eventually creates a Biased Platform for the End User.

Propchill brought a tool that allow potential homebuyers to inspect a property before seeing it in person and save valuable time and money.


Saturday 25 February 2017

Realestate Market 2017 Of Chennai is on Rise






2016 was year of several big announcements. From the Smart Cities mission to demonetization, there have been several headline-making events that will change the face of Indian real-estate in the times to come.Chennai  Realestate embraced these changes and lived up to its standing of being fully a city that bounces back, whatever the odds.

Chennai is among those metros which has a healthy diversification of economic growth driver. Its economy has a broad industrial base, with Chennai's port and its thriving IT/ITeS and BFSI sectors contributing to its growth. The city's building sector includes the automobile, computer, technology and hardware industries.

This diverse economic base ensures that the city continues to attract new businesses and industries, guaranteeing sustained and robust demand for both commercial in addition to residential projects in Chennai . Also, being among India's IT hotspots, Chennai has witnessed a constant influx of talent and skilled workforce.

In 2016, over 70% of the office space absorption in the city was from the IT/ITES sector. The city also witnessed a record gross absorption of 6 million sq. ft. This is a 20% increase over the prior year. With limited option of ready-to-move-in office spaces, occupier demand is only likely to rise.

The steadily-improving office market scenario will have an evident positive affect residential property in chennai demand, as well. This means that locations in Chennai where office space market activity is higher – including the Southern suburbs - will dsicover significantly increased traction.


The Government's recent demonetization move has triggered more cash being pumped in to the banking system, and this may make substantial funds available to banks for lending to businesses, construction, infrastructure development, and home buyer financing. Chennai, using its massive development and growth potential, is likely to be certainly among the principle beneficiary cities.

Friday 17 February 2017

Considering Selling Property in Chennai Using the Internet or Brokers?







Owing property in Chennai is a blessing for most of us most of the time. When it comes to try and sell a piece of real estate in Chennai, things can become more complicated and at times first generation owners of properties, or those who inherited a piece of property and now wish to sell, can rue the day the real estate in Chennai passed into their hands.

Taking Expert Help to Sell

In many instances it can seem beneficial to take on the aid of a lawyer or property consultant so that the property in Chennai or for that matter any property in any part of India can be easily sold.

Middlemen, though at times crucial, can also misguide a buyer and take a hefty commission to boot. The disadvantage to deciding not to place buy home in chennai through an intermediary is that one may not be able to gain access to a large enough pool of attractive prospective buyers.

Are We Evolving With the Times?

Today buying and selling properties has taken a quantum leap from how property in Chennai was bought and sold as recently as fifteen years ago. With the aid of the web, buyers and sellers of real estate can be brought together easily. Yet a disadvantage buyers face when selling property in Chennai or in any other large Indian city is that they risk believing all the information online they come across.



 

Which are the upcoming projects in Chennai's real estate

 

Remodelled social Infrastructure and connectivity entice buyers in Chennai

 




The True Internet Dilemma

While the Internet is an indispensible resource to be used when buying and selling apartments inChennai or buying and selling apartments in any other city, it can at the same time be detrimental to gaining a greater clarity of the ground reality, something that can often only be garnered by someone with a ground presence in a particular locality.


To further complicated matters, a great deal of information online is spurious and can misguide a seller despite his or her sincerest efforts. Additionally, the ground reality at a locality changes rapidly and the Internet, though quick, can often fall behind in providing the latest information. Developers in Chennai may also skew information online to favor certain projects and to belittle others leading to sellers having to contend with misguided buyers who have a bias against a particular property in Chennai.  

Tuesday 7 February 2017

Tamil Nadu mandate registration of agents engaged in the realty sector Under RERA



Developers failing to deliver housing projects punctually may land in jail as per the draft rules for the true estate act released by the state government on Saturday. The act was passed by the central government in March 2016 and it was left to the state governments to frame rules under it.

The Tamil Nadu Real Estate (Regulation and Development) Rules, 2016, create for public comments, also mandate registration of agents engaged in the realty sector.But, the principles don't address the vital dilemma of according single window approval for buildings, which developers  in Chennai opine could be an impediment in the successful implementation of the pro-consumer act in one of many country's largest urbanised states.


Welcoming the draft, Con federation of Real Estate Developers'Associations of India (Credai) Chennai president Suresh Krishn said there was not much difference between the state draft rules and the central draft rules for the act."However, the draft rules haven't addressed the single window clearance approvals for housing projects in Chennai, which is needed for the successful implementation of the act.

As per the draft rules, home buyers will get full refund whenever you want "if the builder hasn't followed enough time schedule ".Additionally, it says developers must refund the client within 45 days once he doesn't adhere to enough time schedule. The draft rules offers constitution of a real estate authority and an appellate tribunal before which aggrieved consumers can represent their grievances.



Builders also needs to register their projects with the authority detailing all aspects of the project. The authority may also have an exclusive website, where profile and track record of promoters and litigations over their real estate  in Chennai projects will be uploaded. In accordance with government sources, public can send their comments on the draft rules within 21days. 

"The rules is going to be notified after getting passed in the assembly ," an official told TOI, adding that "it's unlikely that the draft rules is going to be introduced in the ongoing session." The rules also state that promoter must pay a rate of interest of 2% as well as the RBI's repo rate (the rate at which the central bank lends money to banks).

Saturday 7 January 2017

An Opportunity to Own Affordable Property in Chennai




Homeowners searching for an affordable property in Chennai should certainly consider Korattur as this locality has affordable homes surrounded by good amenities. Korattur lies between the lively locality of Anna Nagar and the more industrially inclined Ambattur. Korattur has been known to have had residential properties from as far back as fifty years ago.  

A Planned Yet Affordable Locality 

Unlike many other regions, residential properties in Chennai at Korattur have been built according to a plan by the Tamil Nadu Housing Board the layout of which was created in the 1950's and 1960's. Unlike many other localities which have suffered from poor planning and where development has hence been chaotic, Korattur, since it was well planned in advanced, is quite well organized. Those who wish to buy a house in Chennai at Korattur should bear in mind that prices here range from 6,000 to 9,000 rupees per square foot. Rental values here for a 2 BHK house range from between 15,000 rupees to 18,000 rupees per month.  

A Close Proximity to A Bursting Hub 

Korattur is on the outskirts of Chennai, however the reason for this regions attractiveness is that it is in close proximity to Anna Nagar which is a fully developed micro market. Anna Nagar and Korattur are only seven kilometers apart. Other reasons which make Korattur an attractive region at which to own property in Chennai is the presence of a suburban railway line which connects this region to others in Chennai. Additionally the presence of good road transport in the form of autorickshaws and busses also make owing real estate at Korattur attractive.  

Distant Yet Connected  

Realty experts claim that residents of Korattur enjoy easy connectivity to regions such as Chennai Central, Kilpauk, Kolathur, Ambattur and Anna Nagar. Additionally the NH 205 connecting Chennai to Andhra Pradesh is only a few minutes from Korattur. Experts also believe that the construction of the new metro line connecting Madhavaram to Siruseri shall provide Korattur better connectivity to the rest of Chennai. Once the mentioned metro line is completed, projects in Chennai, in and around Korattur will benefit not just from better connectivity to the surrounding areas but also from an appreciation in the value of existing homes in the region.  

Excellent Preexisting  Infrastructure  

The locality of Korattur looks poised for unrestrained development as it is the backdrop of many new residential apartments in Chennai. Many existing Tamil Nadu Housing Board flats are being replaced by newer, swankier apartments in Korattur. Realtors and builders in Chennai are also eager to develop this region due to the pre existence of the well developed social infrastructure which is crucial to attract new investors to any region. Social infrastructure in the form of schools, colleges, and hospitals is present at Korattur and every street in the locality has metro water connectivity and a sound sewage system as well.  

What the Future Holds 

With the presence of two large water bodies such as Korattur Lake and Puzhal Lake, Korattur does not suffer from any dearth of portable water supply which is otherwise a common complaint in Chennai. Insiders believe that within a few years Korattur will become a thriving center for IT and ITeS. It is believed that organized retail in the form of branded showrooms and malls shall being to take off in Korattur within two to three years.  

Conclusion 

Within a few short years, property in Korattur, just as in Guindy, may become a darling for investors eager to own property in Chennai Ample green cover in the locality also makes it one of the most attractive places to own affordable real estate in Chennai