Homes, apartments, townships, luxury flats and what-not have today become part and parcel of life in Chennai. Wherever one goes, one can see new high-rise apartments being constructed, new villas coming or new townships becoming landmarks in different parts of the city. In this huge concrete jungle, how does one decide where to invest?
Once a place that was deserted, the road now wears a new look and name (Rajiv Gandhi Salai), with IT companies, commercial complexes and star hotels dotting the sides of the road. Definitely the hottest place to invest in property in Chennai right now. Good appreciation is predicted and it also gives great rental income if you are an NRI looking for investment.
2. ECR (East Coast Road), Chennai
The place known for its hotels, beach resorts and weekend parties. ECR offers a calm reprieve outside the bustle of the city, yet quite easily accessible to the centre of the city. Go for a beach-view apartment along the ECR and let the calm, beautiful home do the work in increasing your money!
3. Velachery, Chennai
Another part of the city that has grown phenomenally in the last few years. Velachery and the areas surrounding it – Madipakkam, Medavakkam and Pallikaranai – are the new hot names in the Chennai real estate scene. Exquisite apartments are available at budget rates, which will offer a definite appreciation in future.
Some of the other up and coming areas include –
Sriperambadur – predicted to be the new face of Chennai in a few years
Thirmangalam – think of it as an ‘extended’ Anna Nagar
These are just some of the hottest real estate areas and the list does not end here. Always remember to do your research thoroughly and be doubly-sure of where your money is going before making the final decision. We at MARG Properties are always willing to help and guide you through the process of building your dream home with us!
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?
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.
After months of researching and physically visiting several apartment complexes you have finally decided one that suits your needs best. Great! But what next? Does your search for a great apartment end with just a good looking apartment with great facilities? No, it dosen’t stop there.
Before you actually buy the property ask the residential builder for clear title papers; commencement certificate (CC). If the builder has a CC then it means the land is free from dispute.
Clarify if he can give you the completion certificate. A completion certificate is required during registration and stamp duty process, and also in the case of a resale of the property.The completion certificate is a very important document.
Check if any well known banks have tied up with the builder as most banks tie up only with reputed builders. You can be assured that you will be safe from any kind of fraud.
Visit the model apartment and also ask for the building plan. A model apartment is important as it will give you an idea of how your flat will look. This way you can check on the quality of materials used. In some cases buyers can upgrade materials by paying a little extra in advance to the builder. Also, the internal plan of an apartment can be slightly modified on payment of an extra amount to the builder. However, the residential builder must be intimated at the very beginning itself. Please note that not all builders accomodate such requests.
Clarify if there will be additional charges apart from the sale price such as legal fees, car parking fees, stamp duty fees, etc. When you budget get a complete list of all expenses involved and accordingly allocate funds.
You will need to ask the completion date of the property and when the property will be handed over to you. Finally before you move in measure the total built up square feet of your apartment to ensure that it is the same as mentioned in your sale deed.
Buying a property in your home country is an important decision for a Non Resident Indian. A major part of your savings go into investing in a property, and in many cases you may need a bank loan to buy property.
Buying property involves, money, effort, time and running around to a certain extent. Hence deciding the property you want to buy and the residential property developer you
would like to buy from will make a difference to the buying process. If you are looking to buy an apartment then buying it from a reputed residential builder is the best option.
The apartment complexes built by leading property developers offer you lifestyle facilities such as clubhouse, swimming pool, gymnasium, play area, alfresco dining, amphitheatre, vast open spaces and proper ventilation. The chance of being hoodwinked is zero. Your paperwork is made easier, simpler and the formalities are transparent. There are no hidden agendas or costs.
When you do decide to invest in a landed property or flat first chalk out your requirements. Every property buyer has different requirements.
Take into account your family size;
Are you a family of three or a bigger family of five?
Would you like a spacious apartment or are you a working couple and prefer a compact easy to maintain apartment? Are you going to be living in the apartment or is it going to be just an investment?
Check if you would be getting the number of car parks you require depending on how many cars or two wheelers you have.
Ensure that the car parks you are allotted are legal to avoid disputes of any kind in the future.Keep in mind other factors such as location, return on investment, proximity to hospitals, schools, malls,super markets, road and rail connectivity, availability of water, recreation points and everything else you require to lead a comfortable life.
A well thought out plan, a checklist of legalities involved and a comprehensive budget covering everything you may need to spend on right up to the registration stage will minimize difficulties for you.
The easiest and simplest option would be to choose a residential builder of impeccable reputation; one that offers you everything under one roof like MARG ProperTies’ brand shoppe.