Owing a property in Porur: Is it a profitable option?

Jul 23,2018 / By Priyanka / No Comment

Porur is a small town located on the south-west outskirts of Chennai. On October 1, 1977, the locality was upgraded from village panchayat to town panchayat and is now one of the developed places of Chennai. It was included in the Chennai Corporation (City limit) by the year 2011. Porur has been a favorite among the home buyers mainly because it has emerged as a major hub for Information Technology (IT) companies.

There are three IT special economic zones (SEZs) in Porur, namely the TCG IT Park, Jayanth Tech Park and DLF IT Park. A large number of young professionals are working in this suburb, so for them investing in a house either for own use or for rental is a good choice. According to sources, the property prices in this locality has gone up when compared to the previous quarter.

Besides IT, Porur is also well known for two educational institutions; viz. Meenakshi Ammal Dental College and Ramchandra Medical College. These two institutions attract a large number of patients who look for places to rent out.

The area is well connected to the rest of the city via road. The Porur flyover has eased the traffic congestion which was a bugbear to the residents.

Real Estate Market:

In the recent times, there has been a migration of people opting to live in the peripheries of the city. So areas such as Porur, Perungudi, Vandalur and becoming so popular these days. The reason for this is improved road and rail connectivity which reduces commuting time.

Another reason is the high disposable incomes of double income earning couples who can invest in cars, in most cases for both partners, which negates the dependence on public transportation.

The demand is mainly for affordable housing units – in the range of INR 35 lakh to INR 60 lakh. People are also looking for social infrastructure such as schools, hospitals, restaurants, theatres and shopping in the proximity. The customers are also cautious about investing in projects which don’t have the approvals or are involved in lawsuits.

Porur is one of the fastest growing suburbs in Chennai and is expected to grow faster in the coming years. The locality aims to become the next residential locality for IT professionals due to the number of IT parks and IT SEZs (Special Economic Zones) in the area.

Good Projects in Porur: Navin’s Eden Park, Sobha Serene, Golden Opulence, Urban Tree Infinity

Buying property Real Estate Smart Residential Living

What kind of unique issues you might face while buying a property ?

Jul 12,2018 / By Priyanka / No Comment

There is a pattern that is followed while carrying out property transactions. However, every property is unique in some way. Likewise, every transaction has unique features. This uniqueness of the transaction also gives birth to certain complications sometimes that might temporarily shake your property-buying plans. So, let us discuss what kind of unique issues you might face while buying a property and how you could act consequently to let any difficulties not disrupt your plans that are made up with so much emotional effort and eagerness.

Time is of the essence: Time always plays an important role in property deals. That is why all experts it a good time and due diligence before you finalize a deal. Typically, if a seller is in a great hurry, you might look at it as a red flag. But, there are cases where the conditions do not permit the seller to spend too much time in carrying out the transaction. For instance, If the seller, say, he/she is an NRI, they would justifiably be in a great hurry to finish the task and leave to their present country of residence.

If the urgency shown by the seller is valid and not just an eyewash, and if you do wish to purchase this property, you must be ready with some financial arrangement that would speed up the deal. This is one reason why various buyers get a pre-approved loan. Being in touch with a chartered accountant or a lawyer could also speed up the process in this case.

Money does matter: In a traditional process, the buyer initially pays 10 percent of the property sale as an earnest deposit after which a sale agreement is created. Before the property is registered, the buyer must pay the complete amount. On the other hand, some sellers might ask you to pay a token amount as soon as a verbal agreement is reached.

This amount could be a couple of lakhs or less. It differs from person to person. According to experts, it is a bit risky to pay any amount of money till the sale agreement is created, sometimes you might lose the property if certain personal impulses of the seller are not met.

If such a situation a situation comes that you are at the receiving end, you may consider meeting the sellers demand. Under no circumstances, however, should you pay the money in the case. Do note that the government has banned the use of over Rs 20,000 cash in property transactions. Holding cash of over Rs 2 lakh is also barred.

Also be careful of the fact that quite a lot of big and small expenses would appear out of nowhere while your purchase is in progress. So for this purpose, you need to keep some money with you. In case you are buying a property for Rs 30 lakh, rest assured you would end up spending Rs 35 lakh at least (we are factoring in here only registration changes, stamp duty, loan –processing fee, etc., and not renovations).

This is the sort of calculation involved in the process, make your purchase plans according to your savings.

Real Estate News Smart Residential Living Tips

5 Property Layouts That Is Outdated and You Should Avoid Them

Jul 11,2018 / By Priyanka / No Comment

While purchasing a property, the layout of an apartment plays an important role in a homebuyer’s decision. For instance, the layout of the property you have put out in the marketplace for sale does not appeal the potential homebuyers, it could be a deal breaker.

What is a bad layout?

Some apartment layouts are either so old that they do not conform to the design sensibilities of the modern-day homebuyer or they are different from the regular ones. Below are some features of a bad layout:

Master bedroom close to the entrance: Home buyers may not want guests to have a full view of their master bedroom the moment they enter the house, making the most private room, most public. A layout like that can create complications while cracking the deal.

Secluded living room: A living room that is isolated from other rooms of the house can be a deal breaker. Living rooms are normally connected to only the entrance and no other rooms in the house. This can be one of the major cause of disconnect between the residents and the property. It keeps them away from the rest of the house making it uncomfortable.

Dining area in the center of the house: Dining table kept right in the center of the house can be distracting and a hindrance. And, it is a bad layout too. Each room of your house should be easily accessible for a layout to be convenient.

No attached bathrooms: You can see in a lot of old properties, bedrooms do not come with attached bathrooms. One has to move out of the bedroom to access bathrooms which is an apt example of a bad layout. Nowadays, attached bathrooms are a must with each bedroom in the house.

No flow of rooms: A layout where there is no flow of rooms – where some part of the home is visible from each room – could turn off the deal. If there is no flow of rooms, the people in one room could feel isolated or feel the lack of space. The flow of rooms makes the house look spacious.

Buying property Real Estate Smart Residential Living

Reasons to invest in Kharadi

Jul 11,2018 / By Priyanka / No Comment

Kharadi is Maharashtra is the recent favorite among the home buyers. This bustling residential area houses some of the best residential spaces across Maharashtra. The residential apartments in Kharadi are available at an affordable price, making the market even more attractive.

Interestingly, there has been an increase in the overall property prices in the past three years. Approximately 170 projects have been launched in the region. However, water supply has been an issue in the area for a while, the civic authority is promising to address the issue in the coming days.

A business hub: Kharadi is home to some of the biggest IT parks namely World Trade Center, MIDC Knowledge Park, Eon IT Park and Zensar Knowledge Park. The locality is also an SEZ and an EON Free Zone. Besides, there are many other multinational corporates here.

Presence of commercial spaces in the neighborhood makes Kharadi a perfect investment destination and home buying choice for home seekers.

Well-developed social infrastructure: Educational institutions such as International School, Shankarrao College of Pharmacy, Nirmala Convent and URSAL College are settled in the locality. Moreover, there are a number of reputed hospitals like Rakshak Hospital, Prathmesh Hospital, New Municipal Hospital and Aditya Hospital along with popular bank and restaurants.

Connectivity: Kharadi is well linked to other parts of the city through major roads including Kharadi Road, Kharadi South Main Road, and Magarpatta Road. There is also an accessibility of a healthy public transportation system. The state highway MH SH 27 is linked to the locality, which further boosts the connectivity.

Residential Real Estate: There is an availability of a variety of residential options which includes affordable as well as luxury apartments. Austin Engineers Regalia, Nyati Elysia, Kumar Urban KUL Nation and Rama Erande Group Swami Raj are some of the key projects in Kharadi. Panchshil Towers, Marvel Realtors Aquanas, and Marvel Realtors Cerise are some luxury projects in Kharadi offering some of the premium amenities.

Most of the residential properties in Kharadi offer scenic views of the serene surroundings. There is also plenty of greenery across the locality.

Challenges: Many housing societies in Kharadi are facing water shortages for quite a long time and are completely dependent on private water tankers. According to the residents, there are a large number of illegal water connections had been channeled for commercial purposes — roadside eateries being one of the receivers. As per the estimate, Kharadi homebuyers paid Rs 3 crore as property tax to the PMC. At the same time, the water-deprived housing societies have to shell out around Rs 4.7 crore for private water tankers.

Real Estate News Smart Residential Living

Commonfloor Launches SmartGuard for Future-Ready Apartment Complexes

Jul 4,2018 / By Priyanka / No Comment

CommonFloor, a Quikr company that offers home seekers, sellers and real estate professionals an extensive online real estate ecosystem, announced the re-launch of a SmartGuard solution. A new feature on the CommonFloor Groups app, it will provide residential communities with improvised security features to manage visitor information and enhance residents’ safety in the society.

The new enhanced version is based on the recently conducted consumer survey on CommonFloor Groups. It revealed some of the key concerns related to child safety, need for better documentation processes and an easier mechanism to track vendors and visitors that goes beyond manual tracking. This new and improvised feature helps build smarter communities across the country.

The robust, cloud-based online platform transforms security guards into Smart Guards who can connect, communicate and collaborate with residents and apartment associations in a hassle-free manner.

It is an easy way to manage visitor entry as every information is recorded digitally.

It allows residents to approve visitors’ entry with OTP (one-time password), without dependency on an intercom.
It also allows residents to pre-approve hassle-free entry for their guests to avoid any waiting time involved in manually registering their names at the front gate.
It gives real-time notifications on the attendance details of domestic help and other staff members, the arrival of the school bus and daily vendors, among others.

CommonFloor Groups is a platform that brings residents of apartment communities together in order to build a close-knit, digitally well-managed and happy community. Currently, about one lakh+ communities across India are using this app who will benefit from the enhanced apartment safety and security features.

CommonFloor would soon be adding more features like timer options and SOS alerts that will address other unique concerns, thus building a strong firewall for apartment security.

About CommonFloor: CommonFloor is a Quikr company that offers home seekers, sellers and real estate professionals an extensive online real estate ecosystem. This ecosystem innovatively combines at a single stop: Exhaustive search options for both renting and buying property; Easy to use analytics; Apartment and locality reviews; a comprehensive and verified database of apartments across India; Apartment community management tools. Visit www.commonfloor.com for more details.

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Author Archives: Priyanka

Owing a property in Porur: Is it a profitable option?

What kind of unique issues you might face while buying a property ?

5 Property Layouts That Is Outdated and You Should Avoid Them

Reasons to invest in Kharadi

Commonfloor Launches SmartGuard for Future-Ready Apartment Complexes