The Chennai real estate market is growing by leaps and bounds. It is a known fact the property market in Chennai is growing tremendously in tandem with the overall growth of the economy.
At such a time if you have land/s that you’d like to use productively it would be a good idea to consider joint venture development with a reputed residential builder. What’s in it for me? You might ask. If you were to sell the land directly then it would definitely fetch you a good price. However, if you choose to jointly develop the land with a good residential builder then not only do you get a percentage of the total square feet built but also cash advance. In other words you don’t entirely lose your property in Chennai instead you will own a few flats units.
In general the profit share ratio is 40:60 (owner / builder) and in some rare cases 50:50. This way the owner doesn’t have to worry about losing his property entirely and also about funds required to construct the apartment building in Chennai. For the builder he saves on the cost of purchasing land, which constitutes the major investment in a residential project.
Big residential apartment builders in Chennai consider joint venture only if the grounds available is more than 3 grounds, but there are smaller builders who consider smaller plot areas.
Some points to be kept in mind:
Landowner will have to execute a general power of attorney (GPA) favoring the builder
GPA must be on stamp paper of suitable value
Joint venture development agreement must be drawn before the builder starts construction
Joint venture development agreement will include complete details of the size, share, amenities and facilities, materials to be used, car parking allotted per apartment, etc. And also, the financial transaction details such as advance paid and the possession date.
Upon receiving the approved plan the owner must ensure that an allocation agreement stipulating his share of the property is executed.
On completion of the construction before possession the owner can get a certified engineer and measure the square feet allotted to him.
Should there be a breach on the part of the builder the GPA can be cancelled. So if you own a hot property in Chennai then you might want to consider joint property development with any of Chennai’s leading residential builders.
If you are wondering of what use it is to invest in a hot property in Chennai while you live far away from your hometown, then think twice BEFORE you drop the property investment idea.
As an NRI you can rent out your property in Chennai. Not just that you can repatriate the rental income and no prior permission is required. Tax will be deducted at source on rental income, therefore you can choose to repatriate the rental income or use it to pay your home loan fully/partially.
On the one hand you have a property that is fast appreciating in value, and on the other hand you have a monthly source of income by way of rent that can be used for whatever purpose you deem important.
Hire a reputed real estate agent who specializes in local and international properties/ residential developer with allied services, so you don’t have to worry about getting a tenant for your apartment in Chennai. You can always try the tried and tested formula of getting tenants through known sources, however going through an established real estate firm would be advantageous for you.
Normally tenants of big real estate agents are reputed officers from big corporate companies therefore your apartment is in safe hands and your monthly rental income is assured.
Properties on sale in Chennai are galore, choose the right one, and earn returns on investment while you are still working.
The recently held GRIHA PRARTHANA pooja at the MARG ProperTies Shoppe, Ashok Nagar drew a big response from the public. With hope and wish in the heart, and absolute sincerity participants took part in the powerful poojas.
Everyone offered prayers with complete hope and faith that the dream of owning a home will come true soon. It was a solemn and memorable event for the participants. Many were glad that they were able to avail of this fantastic opportunity free of cost and labor taking into consideration their busy work schedule.
Poojas were conducted every hour and Prasadam was distributed to the participants. The participants left feeling optimistic, with a smile on their faces and a firm belief the poojas will soon prove effective.
It was an emotional moment for many and most importantly a lot of positive energy was generated through the poojas, also the genuine concern of the organizing team was touching!
Participate in the GRIHA PRARTHANA at MARG ProperTies Shoppe, Ashok Nagar,chennai and save yourself the cost, time and energy of arranging special powerful poojas to help you buy your own home.
Rid yourself of relentless problems that have prevented you from buying your own home. MARG ProperTies Shoppe brings you Chennai’s most renowned poojaris to perform the best and most powerful poojas to ward off evil, reduce bad effects, and bring in positive developments in your life, thus enhancing your chances of owning your own home.
Participate in the MARG ProperTies GRIHA PRARTHANA , seek god’s blessings to remove the obstacles and difficulties in your life, and experience the difference in your lives.
According to Hindu customs and beliefs offering special prayers to different deities reduce the bad effects and bring in wealth, health, and overall prosperity to a home. Each pooja has a special significance and has it own merits.
Take advantage of this golden opportunity and participate in the powerful pooja to see quick positive results in your life.
