After a long hiatus, the scenario at the Indian Real Estate sector has slowly started to liven up. The real estate sector in India has been struggling to make an impact with the people for quite some time now after a year long period of stagnation and declining transactional activity. However, in recent months, there has been noticeable development in the real estate front. Things are looking positive in the realty market as both property investors and property developers are coming out in numbers to revive the industry.
Simultaneously, the demand for housing and commercial space in India among the NRI’s is on the rise. The growing consumer demands has made the real estate builders think fresh and innovatively. The real estate developers are working hard towards meeting the expectations of the NRI’s who return to India for settling down. They are taking into consideration their tastes and upgrading the trends for the year 2012 so as to cater to the needs of all the classes by creating global standards of living at an affordable pricing.
The Real Estate trends that will be most sought-after by NRI home buyers in the coming year 2012 will be as follows:
• NRI home buyers are going to be thinking long-term as they basically looking to settle down here. It must be noted that NRI’s home buyers are thinking advance for the 1st time in a decade ie; homeowners are simply planning on staying longer.
• Markets reveal that the prices will drop. Foreclosures increase will visible anywhere between 7-10%. Pricing competitively, yet in a reasonable manner will make the customer to take notice of the property over the gazillion other choices existing in the market.
• It is common knowledge that no matter how low the mortgage rates are, they are bound to increase over a period of time. In order for governments to recover from their own debt loads, rates will eventually start to rise up. Long term rates are expected to rise sometime around mid to late 2012. However, keeping the mortgage rates low will help both the property seller and the home buyer.
• All new construction concerns need to be as early as possible. The most common issue being housing shortages has been an impending issue since early 2011. This needs to be given due attention so as NRI’s don’t feel the pinch or any hardships while looking for a suitable luxury apartment in the coming year.
The average income of Indians is going up every year and it is no surprise that we are now demanding world class amenities within the comfort of our own city.There is no exception to this rule and plush that luxury apartments in Chennai are now coming up rapidly at different parts of the city.
Green landscaping, central air conditioning, electronic access, swimming pools with Jacuzzis, recreational centers, etc are some of the common value additions in these luxury apartment buildings.
This has also led to the concept of townships becoming fashionable in Chennai, due to ever increasing demand for luxury homes in Chennai. Customers are willing to pay that extra cost in order to realize their dream of a luxury home and builders are ready to oblige.
Integrated townships provide high-end amenities and have apartments of various sizes and prices that can fit into your budget. A township includes all the basic social facilities required – such as schools, hospitals, shopping malls, recreational centers, etc within the complex itself. Premium villas and penthouses with beautiful landscapes housed within these townships are much in demand among the elite rich.
* Fitness centers
* Spas
* Walking areas
* Children’s play areas
* Fully automated homes
* Party halls
* Clubhouse
* Gymnasium
* Swimming pools
* Servant rooms
… and much more.
If you are willing to invest and are looking for a luxurious lifestyle, it is easy to find your home in Chennai. The city is definitely turning out to be a hot place for Luxury apartments!
Chennai’s real estate boom is simultaneously witnessing a spurt in the number of malls sprouting in key growth areas.
Earlier Spencer plaza, mount road was the only mall people frequented however times have changed now. With expansive growth in residential properties across Chennai, malls are being constructed at different suburbs. This is wonderful news, as people living in different corners of Chennai need not commute to one single destination for shopping. Malls with Multiplexes, food courts, ATM, leading brand showrooms, beauty salons, super markets, business centers, restaurants etc will soon be accessible to all.
Some of the malls in Chennai include:
· Marina Grand Mall, Egattur, OMR
· Prestige Forum Mall, Arcot Road, Vadapalani
· Spectrum mall, Perambur
· Shriram Properties Mall, GST Road
· Estancia Mall, Vallancheri, GST Road
· DLF Mall, Velachery High Road, Guindy
· DLF mall, C-In C Road, Egmore
· Phoenix, Velachery
· Ozone Group Mall, Koyambedu
· PS Group Grand Chennai Mall, Velachery
· Hiranandahani Mall, Navalur, Egattur, OMR
· Skycity Multiplex, Vanagaram
· TVH Mall, LB Road, Adyar
· Matrix, Vadapalani
· Grand Venus, PeramburA
· Ampa Skywalk, Poonamallee High Road
· Chandra mall, Virugambakkam
· Coromandel Plaza, Siruseri
· Ramee Mall, Anna Salai
· Chennai Central, Nungambakkam
· Express Avenue, Royapettah
· Citi centre, Beach Road
· Abirami mega Mall, Purasawalkam High Road
· Globus, T Nagar
· Ispahani Centre, Nungambakkam
· Spencer Plaza, Mount Road
· MARG JUNCTION, OMR
Every mall in each of these locations attracts visitors from all the neighboring localities. Also, with the mall culture catching up in Chennai people will soon mall hop to experience other malls.
Just as the demand for hi end residential property is increasing consumers today look for a good shopping experience. With a buoyant job market, adequate disposable income, improving lifestyles, and increasing entertainment centers, Chennai offers a plethora of choices when it comes to both housing and shopping.
It is interesting to note that the growth of the new urban cool residential properties is in line with the changing lifestyles of people in Chennai. After all when people live in state of the art apartments/houses can lifestyle options be far behind?
If you are buying a property in the outskirts of Chennai then check for the following details with the developer:
Land rights document
Does the land come under city corporation limits?
Does it come under a Taluka area?
Check for non agricultural clearance if it is rural land
Has the developer obtained permission and required clearances from the area development board?
Has the respective government bodies legally approved water and electricity connection?
What are the administrative fees, duties and taxes to be borne by the property buyer?
Clarify the stamp duty, registration fees, documentation fees, electricity and water connection charges, car parking charges and maintenance fee.
Additional important expenses property buyers in Chennai need to be aware of include: Value Added Tax and Service Tax. In some cases, when the project reaches the possession stage property buyers will need to pay VAT and service tax in addition to the other expenses.
Service tax is tax levied on commercial and residential construction. In general the rate of service tax is 4 per cent of the total construction cost. The residential Builder’s agreement with the buyer must reflect this point.
VAT has replaced the earlier sales tax and all builders’ pay VAT. The builder can choose to pay two per cent of the total building cost or calculate it on item basis for materials like sand, cement, bricks, etc.
The service tax and VAT put together would roughly work out to 2% of the price mentioned in the sale agreement in the case of apartment complexes with less than 12 units, and for buildings with more than 12 units it would roughly work out to 6% of the total price.
Sometimes escalating construction costs can impact the amount charged by the builder, howeverreputed residential builders don’t levy any additional charges because of rising construction costs. Also, the rate quoted will include all taxes and that is the final price.
Are you in the process of buying a property in Chennai? If yes, then you might want to know how to register a property in Chennai.
Once you have shortlisted the hot property that you want to own, then the next logical step is to enter into an agreement for sale with the seller/residential builder. The agreement for sale is between the seller and purchaser. The deed must mention:
·Name
·Father’s name: example, Mr Praba, son of Mr Shanmugam Illangovan
·Advance amount paid with details of cheque number/demand draft number/cash paid
·Balance amount to be paid and various other details
Please bear in mind that the final sale deed completes the sale transaction. Who can draft the deed? An advocate, licensed document writer, or a chartered accountant who has a document-writing license can draft the sale agreement.
Only licensed copywriters or licensed typewriting copywriters must prepare the document copy, also the copy sheets sold by the registration department must be used. Cost of each copy sheet is 1 Indian rupee. There is a fee that you will have to pay for document writing and the fee is prescribed by the government.
When can you register? The registration must be completed within four months of the execution date. This timeframe is not applicable to wills. If you are unable to register within the prescribed timeframe then you can pay a fine and complete registration at a later date. The percentage of fine varies depending on the time delay.
Where can I register the property? Registration with the relevant district or sub registrar’s office is mandatory. Documents needed for registration are: Stamped, signed and executed deed; required registration fees, duplicate registration fees, sub division fees, etc. It takes about 3 days for the documents to be returned.
Please note a list of stamp vendors is available with the registration department of Tamilnadu. These vendors a re licensed to sell stamp paper at face value and commission to the vendors is borne by the government. Stamp paper is also available at the Sub Registrars’, Treasuries, and Assistant Superintendent of Stamps, Chennai. Stamp duty can be paid as cash or demand draft.
The overview of property registration in Chennai will give you a better understanding of the process!
