34th GST council meeting highlights.

Mar 25,2019 / By Supriya Mogarala / No Comment

34TH GST Council meeting in INDIA Highlights:

Decisions captured by the GST Council in the 34th meeting held on 19 March 2019 concerning GST rate on Real Estate Sector at New Delhi has discussed the details for implementations of the proposals made by the council in its 33rd meeting for lower efficient GST rate of 1% on affordable houses and 5% on the construction of houses except affordable house. The council has made a decision that the approach of the transformation is as follows:

Option in that respect of ongoing projects:

• The promoters shall be given one time option to pay tax at the previous rates (8% or 12% with ITC) on ongoing projects (projects where the construction and booking have started before 1st April 2019) which have not been finished by 31st March 2019.

• The option shall be operated once within the prescribed time frame and where the option is not regulated within the prescribed time limit, the latest GST rates shall be applied.

New Tax Rates:

New tax rates shall be appropriate to new or ongoing projects which have operated the option to pay tax in the new government are as follows:

New rate of 1% without ITC (input tax credit) on the construction of affordable housing will be available for all houses those who meet the description of affordable houses as determined by the GSTC and affordable houses being established in ongoing projects existing under the central and state housing schemes presently eligible for compromising rate of 8% GST (after 1/3rd land discount)
The new rate of 5% without input tax credit shall be suitable for the construction of all the houses other than affordable houses unless the affordable houses are booked before 1st April 2019. New rates shall be available to pay on installments on or before 1st April 2019. Also, commercial properties in which the carpet area is not more than 15% of the total carpet area of all the properties.

Circumstances for the new tax rates:

The new tax rate of 1% (on affordable housing) and 5% (on other than affordable houses) will be available under the following conditions.

The input tax credit may not be available

80% of input services can be purchased from recognized and registered personalities on the shortfall of purchases from 80%. Tax should be paid by the builder at 18% on RCM basis. However, tax on cement purchased from the unregistered person should be paid at 28% under RCM and RCM under capital goods at applicable rates.

Conversion for ongoing projects electing for the new tax rates:

• Ongoing projects and projects that have not been completed by 31st March 2019 opting for new tax rates shall changeover the ITC according to the prescribed method

• The changeover formula approved by the GST Council for residential projects to deduce the ITC taken for percentage completion of construction as on 1st April 2019 is to arrive at ITC for the entire project and then based on the percentage booking of flats and percentage invoicing the ITC eligibility is the determined transition would thus be on the pro data based on a formula that credit in proportion to the booking of the flat and invoicing done for the booked flat available to subject to a few safeguards.

The following analysis that will be applied to TDR/FSI and Long term lease for those projects those originate after 1st April 2019:

• The supply of long term lease of land by the owner to the developer will be an exempted subject to the condition that the constructed flats are sold before the issuance of completion certificate and tax paid on them. The exemption shall be withdrawn in case of flats that are sold after the issuance of completion certificate, but such withdrawal will be limited to 1% of value in the case of affordable housing and 5% of the value in case of those other than affordable housing. This will achieve fair taxation between the under construction and ready to move property.

• The accountability to pay the tax on TDR, FSI, and long term lease will be shifted from the landowner to the builder under the reverse charge mechanism (RCM)

Modification to ITC Rules:

• ITC rules will be modified to develop the clarity on the monthly and final determination of ITC and reversal theory of Real Estate projects. The change would clarify the procedure for accounting the input tax credit to commercial units that would continue to be eligible for input tax credit in a mixed project.

• The decisions of the GST Council have been presented in the simple language for better understanding and the same would be effective through circulars which alone shall have the force of law.

The progress for the implementation certainly of the new tax structure is acknowledged as it will give enough time to adapt operations to the latest structure. Justifying GST on under construction properties has been one of the Real Estate sector’s foremost requests. The move to reduce GST, combined with the implantation of RERA, will boost the demand and firmly renovate the sector.

Affordable Housing blog Buying property Real Estate Real Estate News Smart Residential Living Tips

Properties to Get Costlier as Stamp Duty in Mumbai Hiked to 6%/commonfloor

Mar 5,2019 / By Prahalad Singh / No Comment

Stamp duty and registration charges in Mumbai continue one of the largest sources of revenue for the state government of Maharashtra. As a matter of fact, the government has been pitching on Mumbai’s real estate boom to encourage growth and development.

The Maharashtra government’s decision to raise a 1% surcharge on stamp duty for properties in Mumbai, could negatively affect the realty market and home buyers, nowadays when property deals are already charged with high tax rates.

It would be raised on the sale, lease, mortgage, and gift of real estate transaction, within the area of the Brihanmumbai Municipal Corporation (BMC). The existing stamp duty on houses in Mumbai is 5%, which will now increase to 6%, making properties more costly.

Stamp Duty CF

How the Stamp Duty Hike Will Impact the Homebuyers?

This move is particularly discouraging for the mid-segment homebuyers who are thinking of buying property due to easy availability of options and reduce interest rates currently.

Hence, if the ready reckoner rate for a property is Rs 2.75 lakhs and the agreement value is Rs 5,50,000,00 lakhs, then, the stamp duty will be calculated on the agreement value of Rs 5,50,000,00 lakhs.

A Comparative Study of Property Charges Before the Hike

Assume you buy a 200 sqm flat near Andheri where the Ready Reckoner rate for residential property is Rs 264200 per sq.mt. Considering the property’s agreement value is the same as the Ready Reckoner Rate in the locality, your property price calculation will be as follows:

Total Cost of the property before the hike
A. Area of the flat	200 sqm
B. Ready Reckoner Rate	Rs 2,75,000/sqm
C. Price of flat (AxB)	Rs 5,50,00,000
D. Stamp Duty (5% of C)	Rs 27,50,000
E. Registration fee (1% of C or 30,000, whichever is less)	Rs 30,000
F. Total cost (C+D+E)	Rs 5,77,80000

A Comparative Study of Property Charges After the Stamp Duty Hike

Total Cost of the property after the hike
A. Area of the flat	200 sqm
B. Ready Reckoner Rate	Rs 2,75,000/sqm
C. Price of flat (AxB)	Rs 5,50,00,000
D. Stamp Duty (6% of C)	Rs 33,00,000
E. Registration fee (1% of C or 30,000, whichever is less)	Rs 30,000
F. Total cost (C+D+E)	Rs 5,8330000

The above table is showing that before rate hike one has to Pay Rs.5,77,80000 for a 200 sqm flat in Maharashtra but after a rise of 1% as a surcharge, for the same property, people have to pay Rs.58330000 which goes Rs.550000 more.

But wait, this isn’t the actual cost of the apartment. There are many other un-advertised costs which are hidden and are calculated over and above the advertised price. And yes, do n’t make the mistake of underestimating these costs as they normally make up to 20% of the advertised cost.

Here are what all the costs a builder/developer will charge you when you actually buy the apartment/property and sign the buyer’s agreement in Maharashtra:

What Are the Hidden Charges a Homebuyer Have to Pay to Buy a Flat in Mumbai?

Nature	Amount in Rs.	Calculation Basis
BSP	3000000	1200 Sq. feet * 2,500
PLC	120000	4% of BSP. PLC location depends on buyers
EEC & FFEC	60000	1200 Sq. ft * Rs. 50 per Sq. ft.
EDC & IDC	120000	1200 Sq.ft. * Rs.100/ Sq.ft.
Open Car parking space	125000	Fixed amount (differ from project to project)
Covered parking space	200000	Fixed amount (differ from project to project)
Club membership	45000	Fixed amount (differ from project to project)
Power back-up	30000	Fixed amount (differ from project to project)
Electric Connection charges	3000	Fixed amount (Approximate value)
Water, Drainage, and Sewerage	3000	Fixed amount (Approximate value)
Stamp Duty	180000	6% of BSP. Need to be paid to the government
Registration Fees	30000	1% for every state
GST Tax	360000	12% of BSP. Need to be paid to the government
Total Advertise Cost	3000000
Total (Extra and hidden costs)	1276000
Grand Total	4276000

Please note that all the charges are calculated on the basis of Super Built-up Area and not Built-up Area. As per industry standards, the difference between the super area and built-up area is approximately 18-20%. i.e. while you pay the price for 1200 sq.ft. (super area), the actual built-up area in your apartment would be somewhat 960 sq.ft. (1200 – 20% of 1200) = 960 sq.ft.

Government’s Decision to Deduce the GST Rates

This is not the end. Recently, the GST Council has made a decision to reduce the Goods & Service Tax (GST) rates for under construction projects to 5% from the effective rate of 12%. Keeping in mind the objectives of “Housing for All by 2022”, the government has reduced the GST to marginal 1% for affordable housing. Apart from that, completed projects which have received Occupancy Certificate (OC) will not attract GST.

Rationalization of GST Rate:

Residential Segment Type	Existing Effective GST Rate	New Effective GST Rate	ITC Availability
Residential properties outside affordable segment	12%	5%	Without ITC
Affordable housing properties	8%	1%	Without ITC

Once the decision will come into force, the property rate will decrease and will benefit the homebuyers across the nation. The above property calculation table where the GST rate is taken as 12% on the BSP, the buyer has to pay Rs.3,60,000 as GST charges on their home. The purchase will be reduced by Rs.2,10,000 (Rs.360000 – Rs.1,50,000). We can say that homebuyers will save up to Rs.2,10,000 on their purchase.

How the Stamp Duty Hike Will Impact the Mumbai Property Market?

Property in Mumbai is remarkably overpriced and most of the demand is moving towards Navi Mumbai and Thane. Now, those who are moving from the suburbs to the Island City will be the ones who would be most affected. If the surcharge is imposed, homebuyers will move to Thane and Navi Mumbai for their housing needs more actively.

Buying property Real Estate Real Estate News Smart Residential Living

Land Conversion Became Simpler Through Online in Karnataka/commonfloor

Feb 28,2019 / By Prahalad Singh / No Comment

The State Government took a significant decision of cutting down on procedures and made the end-to-end process online. Conversion of agricultural land for non-agricultural use will now happen within a month as the government has simplified the process and launches affidavit-based online land-use conversion.

This move has been taken to approach the increasing complaints from the landowners and took after the unnecessary delay made by the authorities in the process of land conversion. The new process will not only speed up the process of land conversion by reducing unnecessary delays and paperwork but also will help to control the widespread corruption in the entire process.

This online system will speed up activities such as housing, solar projects, infrastructure, development, tourism projects among others need lands. This move will enhance the ease of doing business in Karnataka.

Earlier, a citizen seeking conversion of his land/plot of agriculture land had to submit about 20 documents including a host of NOCs including those related to land acquisition and tenancy laws along with the application. In many cases, they would run from one place to another trying to get these documents or bribe to get these services or just quit their attempts showing unwillingness.

State Cabinet accepted a proposal from the Revenue Department and decided to reduce the number of documents to be submitted to 2-3. An applicant will now have to submit RTC copy for the current year, a copy of mutation record, an 11E sketch (only if the land conversion request falls within the same survey number) along with an affidavit. After getting the required documents, the Revenue Department will collect the rest by communicating with other departments through its online process. If a department doesn’t submit its comments within one month from the date of the receipt of the document, then the revenue department will assume that they have no objection, and initiate the process of conversion.

What is Agricultural Land?

Agricultural lands are mainly for agricultural activities. Law doesn’t allow to build houses, industries, factories, etc. on the agricultural land despite the ownership of the property. Non-farmers are not able to buy agricultural land in India.

What is Non-agricultural land?

If any activity in the nature of development is carried over on the land which makes land unfit for cultivation is known as Non-agricultural land. You can develop on the said land provided only after obtaining all the necessary permissions from the local authority.

Things to know about Land Conversion?

Lands that have been declared as agricultural cannot be used for residential, commercial or industrial purposes; without conversion of the same into non-agricultural land. The process of converting agricultural land into a non-agricultural land is called land conversion, or in other words, DC Conversion as the conversion is generally endorsed by a Deputy Commissioner.

Online process of land conversion

Under the online system, the applicant needs to submit a request with land details as well as information like the survey number and an affidavit. For half-done conversion or if the RTC has multiple owners or in case of Pyki RTCs, the applicant must submit an 11E sketch.

The software will forward the application to the concerned Urban Development Authority (UDA) and the officials will verify the details after confirming if the request is in compliance with the master plan of the area.

Once the details are verified, the officials will ask the applicant to pay an online fee and fine, if any. The authorized deputy commissioner will digitally sign the conversion order which could be downloaded and printed by the user.

For online process applicants can visit the official website: www.bhoomi.karnataka.gov.in

Buying property Real Estate Real Estate News Smart Residential Living

Ozone by Srijan Realty : A Luxurious Paradise for Homeowners

Jan 2,2019 / By Priyanka / No Comment

Gone are the days when people were merely content with a roof over their head, no matter how compact; earlier, all that homeowners needed was four walls and basic amenities like parking and 24/7 water supply. However, today, our fast-pasted modern lifestyle and burgeoning disposal incomes have led to a much higher standard of living, which is reflected in our demand for homes that are luxurious as well as comfortable.

Srijan Realty is in tune with the needs of this generation, which is why we offer ready to move in and under construction premium homes, with approvals from leading banks and financial institutions. Let’s take a look at our award-winning Project Ozone in South Kolkata, which encompasses a whopping 530 luxury 2/3/4 BHK apartments at the starting price point of just 70 lakhs!

Prime Location: Your daily work commute is sure to be quick and convenient when you live at Ozone, as it is located at the South EM Bypass, which is very close to Shahid Khudiram metro station near Garia. Driving to work or to nearby malls, banks, schools, and hospitals is also hassle-free, as our complex is well-connected by a network of roads.

Amenities Galore: We go well beyond the basic amenities of ample parking space for you and your visitors, 24-hour water supply, and 24-hour backup electricity, as Ozone has an exclusive 30,000 square feet club with luxurious facilities. You can play indoor and outdoor games of your choice, keep yourself fit by working out at the gym or by practicing aerobics and yoga at our dedicated center, cool off with a nice long swim, and relax at the sauna and Jacuzzi. You can also socialize with like-minded people and celebrate festivals at the spacious community hall, as well as host parties in the party area. You will never get bored while staying at Ozone, which also houses an amphitheater for performing plays and enjoying a larger-than-life movie experience. What’s more, your elderly parents and relatives will love taking quiet walks in the senior citizens’ park, and your kids can safely learn to swim in the toddlers’ pool.

Safety First: As Srijan Realty considers the safety of you and your family to be paramount, we have an experienced security team that constantly monitors the complex via strategically placed CCTV cameras. The security guards will call you to alert you of potential visitors, and only authorized persons will be allowed to enter your building. If you notice anything amiss from your house or require assistance due to a medical emergency, the security team is just an intercom call away. Metros have witnessed an increase in the number tragic house fires recently, but we are fully prepared with an advanced firefighting system.

Peaceful Environment: Living in polluted cities not only causes and worsens problems such as asthma but also robs of you mental peace. Our hectic jobs and family responsibilities leave us only a couple of weekends to de-stress at a greener and more peaceful environment. Living at Ozone means that you no longer need to book weekend getaways to escape the overcrowded city’s noise and air pollution. Your dream home is in perfect harmony with Mother Nature, with its verdant lawns, lush green parks, and nearby natural water bodies. You can contemplate the mysteries of life in the Meditation Centre or rejuvenate after a long day at work by taking a leisurely stroll. The serene environment is not only great for the elderly but also for children, as your kids can learn to play games outside, instead of staying glued to their phones and iPads.

The Perfect Investment: While you savor each moment spent at your elegant home in Ozone, you will also be pleased to see a steady appreciation of your real estate’s value. And if your job requires you to change cities or countries, your luxurious investment will pay for itself in the form of rental income.

So whether you’re looking for your dream home or are keen on investing in real estate, your search ends with Srijan Realty’s well-designed Ozone project!

blog Buying property Real Estate Smart Residential Living

Top Micro Markets in Chennai – Residential Segment

Sep 25,2018 / By sunil deo / No Comment

Chennai the Capital city of Tamil Nadu also known as the “Detroit of India” since over one-third of the country’s automobile industry operating from here.
Chennai is among the safest city in India, and is exemplified by the fact that it has the third-largest expatriate population in the country.
Being an epicentre of various Religious, Social, Economical & Educational centres, it’s also Among the Fastest growing Real Estate business option in Southern India. Providing good returns to the Investors & a safe & secure option to the end users.
Chennai has grown significantly in the last few years. Education prospects and employment opportunities, along with a decent lifestyle, are the key drivers that attract people to the city. With increasing population, the city’s real estate landscape has also grown and is now spread across various zones.
The market is largely end-user driven and as a result, there is minimal speculation. Whilst this results in a slow and steady growth, the fundamentals remain intact and the future growth potential of the city is undisturbed.

Top Localities

The IT/ITeS and Automobile sectors are the major contributors for the Economy of the City. As the Southern and Western suburbs are transforming into employment-generation clusters hosting various IT and financial services, it has been witnessed that maximum Residential Developments have been launched here.
Ambattur and Oragadam in West Chennai, and Old Mahabalipuram Road (OMR), Gudavanchery and Pallikaranai in South Chennai are amongst the top localities for residential property developments and investment.

1. Ambattur

Tagged as Chennai’s most popular suburb with two lakes, namely Thangal and Ambattur Lake, the locality is rapidly developing into a fine residential hub. Famous for its storm-water drain network, Thangal Pond Park and TI Diamond Chain, Ambattur also has an assortment of well-known educational institutions, banks, restaurants, malls and religious places.

Earlier, Ambattur was popularly called an auto ancillary hub. However, with the emergence of many IT companies, in addition to small-scale production units, the economy of the area is now predominantly industrial. The famous Ambattur Industrial Estate is the largest small-scale industrial estate in South Asia. Additionally, popular companies like Britannia, TVS, and Dunlop have their plants in the region.
VSNL-Tata Communication’s satellite earth station is also located here, at the Ambattur-Red Hills road. Popular local channels such as Jaya TV, Vijay TV and the like, broadcast signals from this station. Another important establishment, just 5 km from Ambattur, is Heavy Vehicles Factory (HVF), which produces military tanks.

The locality is well equipped with great social infrastructure. It hosts reputed educational institutions like TI Matriculation Higher Secondary School, Sir Ramaswami Mudaliar Higher Secondary School, St. Peter’s Engineering College, NIIT and Velammal Engineering College. Noteworthy hospitals in Ambattur include Sir Ivan Stedeford Hospital, Essvee Hospital, and Teja Hospital.
The commercial infrastructure in the area complements its developed social infrastructure, with malls like Yes Yes Arcade and J. M. Shopping Centre, situated within 2 km from the locality, and popular dining places such as Pizza Park, Kattikarumbu Vegetarian Hotel, Madurai Appu, Five Star Chicken, and Saranya spread out in the region.

Ambattur is home to several places of worship, such as Sri Rama Anchanayar Temple, Murugan Temple, St. Joseph’s Church, St Andrew’s Church, Ambattur Church, Noor Sanath Al-Jama Masjid, and Tamil Nadu Thowheed Jamath.

Connectivity and Transit Points

Ambattur has excellent connectivity in terms of roads and public transportation.
 Karukku Main Road, Pudur Main Road, Surappattu Road, Kallikuppam Road, Chennai-Tiruttani Highway, Chennai Bypass Road, and Tonakela Camp Road connect Ambattur to the rest of Chennai.

 The main bus stops in the area include Ekambara Iyer Street, Oragadam, Prithvipakkam Down, LIC Zonal Center, Pudur, and Kallikuppam Arch bus stops, falling within a 5-km radius of Ambattur.

 Ambattur Railway Station, Pattaravakkam Railway Station and Thirumullaivoil Railway lie within 4 km from the area, helping commuters travel quickly.

 The locality also enjoys proximity to Chennai International Airport, which lies at a distance of around 23 km, and can be reached within an hour via Jawaharlal Nehru Road.

Residential Market Trends

Apartments and houses dominate the properties in this region. Ambattur is tagged as a well-developed locality because most of the projects here, are completed and ready for occupancy. The average super built-up area price here is Rs. 7289.5 per Sq. Ft. & the Locality has witnessed an appreciation from Rs. 7252.5 per Sq. Ft. to Rs. 7289.5 per Sq. Ft. 2nd Quarter of 2018 as compared to the 1st Quarter of 2018.

2. Oragadam

Oragadam is an industrial suburb located on the outskirts of Chennai. Nestled between Grant Southern Trunk Road (GST) and NH-4, the region boasts of being the biggest automobile hub in South Asia. It also enjoys proximity to the industrial hub of Sri Perumbudur, which is just 15 minutes’ drive away via Sriperumbadur – Thiruvallur – Redhills Road.

Until a few years ago, the place was relatively unknown, but since it is slowly turning into a multi-faceted industrial zone, Oragadam has undergone rapid growth in recent years. Today, some of the world’s leading companies such as Renault, Nissan, Moserbaer, Apollo Tyres, TVS Group of Companies, Ashok Leyland, Vehicle Testing Centre, and Senmina have their base in Oragadam.

Oragadam also scores positive on liveability front. There are several educational institutions, and banks such as State Bank of India, Bank of Baroda, Federal Bank, and Cooperation Bank of India. Apart from vital facilities, the area has numerous religious places like Dhuraimurugar Siva Marabu Sithaananda Dhiyana Sabai, Pillar of Fire of Jesus Prayer House, and Vallakottai Murugan Temple. Buoyed by these factors, various residential projects have come up in the area.
Further, the social infrastructure, hospitals, educational institutions, and residential buildings are expected to grow at a fast pace, making it one of the important areas in Chennai.

Connectivity and Transit Points

Being strategically placed between NH-45 and NH-4, Oragadam is well-connected to Chennai International Airport, Chennai port, and Chennai Central railway station.

 Buses are a major mode of transportation. With the availability of Chennai Metro buses, transportation to the city just becomes easier.

 The nearby railway station is Potheri Railway Station, which is around 40 km away. Autos can be frequently found for local transportation.

Residential Market Trends

Once touted as an industrial area, Oragadam has slowly become a residential area too, with several residential projects encircling the region. Oragadam’s residential market trends have seen ups and downs in the past. According to the Apr-Jun quarter of 2018, Oragadam property rates have gone up to Rs. 5546.5 per sq. ft. The region is still under development and holds a great potential for a greater residential expansion. As per the property type, over 70 per cent are plots and around 20 per cent are apartments. Various builders like Hiranandani, Arun Excello, Tata Housing, and Park City have constructed their residential projects in Oragadam.

3. Old Mahabalipuram Road (OMR)

The 50km stretch that extends from Madhya Kailash temple situated in Adyar right up to the south of Mamallapuram in Kanchipuram district is known as Old Mahabalipuram Road (OMR) or State Highway 49 A (SH-49A). The road strategically merges with East Coast Road (ECR) and yields the most convenient method of commuting between the southern peripheral localities in Chennai such as Thiruvanmiyur, Palavakkam, and Neelankarai.

The development of this road led to the emergence of IT/ITeS companies such as Satyam Computer Services, HCL Technologies, Accenture India, and Infosys in the area, giving OMR the IT Corridor title. The road harbours multiple micro markets such as Taramani, Perungudi, Thoraipakkam, Karapakkam, and Sholinganallur, generating a prominent real estate market with escalating demand for commercial and residential properties.

The locality consists of resourceful social infrastructure developments. Noteworthy educational institutions situated along this stretch include Sishya OMR School, American International School, Abacus Montessori School, MNM Jain Engineering College, Dhanraj Baid Jain College, and St. Joseph’s College of Engineering. Multi-specialty hospitals present along this highway include Apollo Hospital, Aditya Bone and Joint Clinic, Lifeline, and Global Hospital. There are also a plethora of entertainment centres, restaurants, and supermarkets to meet the varied needs of the residents.

The region comprises nine important stretches, namely Madhya Kailash, Taramani, Perungudi, Thoraipakkam, Sholinganallur, Navalur, Padur, Kelambakkam, and Thaiyur.

Connectivity and Transit Points

OMR, also known as ‘Rajiv Gandhi IT Expressway’, plays a pivotal role in linking the multiple localities situated by the banks of this stretch.

 It also offers excellent road connectivity to destinations such as Mamallapuram, situated outside the city limits. Subdivided into segments, the road has tracts of development pending that will further improve this road network. This road also facilitates travel from Thoraipakkam to Pallavaram via Thoraipakkam-Pallavaram Radial Road. Vandalur and Kelambakkam can be reached from here via Vandalur-Kelambakkam Road.

 Other link roads of this stretch include Maraimalai Adigal Bridge-Irumbuliyur Road and Medavakkam-Karapakkam Road.

 Guindy Railway Station, situated 14km from here, facilitates local rail travel to various parts of the city. Chennai’s main railway station, Chennai Central Railway Station, is situated 20km from OMR, and can be reached via Rajiv Gandhi IT Expressway.

 Chennai International Airport, located on GST Road is at a distance of 14km from OMR, which takes around half an hour to reach via Inner Ring Road.

 More common methods of transportation such as autos and buses are easily available on this stretch. Autos come in handy for short-distance travel, and several bus stops are located in all the critical areas such as outside IT parks and colleges to travel to other important areas of Chennai.

Residential Market Trends

The housing market of OMR is littered with residential projects. In fact, many instances have indicated a demand over supply condition, which has ultimately given rise to an increment in property prices.

Maximum demand here is for multi-storey apartments, more specifically 2 BHK residences. The current average super built-up area price is Rs. 6,350 per sq. ft., which has decreased by Rs. 180 per sq. ft. when compared to the first quarter (Jan-Mar) of 2018.

4. Guduvanchery

Guduvancheri, also referred to as Kooduvancheri, is a promising suburb, situated in the south-western part of Chennai. The locality falls along the bustling NH-45 that connects Chennai to many other cities of Tamil Nadu. It is sandwiched between Tambaram and Chengalpattu, and falls on the Grand South Trunk Road (GST Road).

Surrounded by a number of water bodies, Guduvancheri has come a long way from being just another locality in the outskirts of Chennai to one with great potential. With a myriad of lakes and parks like Nandivaram Lake, Thaangal Eari Lake, Rajiv Gandhi Nagar Lake, Thiruvalluvar Park, and Potheri Park, Guduvancheri contrasts with the otherwise crowded and buzzing localities of Chennai with a calm and serene atmosphere.

Guduvancheri is surrounded by areas like Urapakkam, Maraimalai Nagar, Potheri, Adhanur, and many other developing suburbs of Chennai. The locality also shares proximity to a multitude of IT Parks like Accenture, Ford, and Mahindra World City.

Guduvancheri has well-developed social infrastructure, with a functional police station, a good number of street lights, and the presence of a fire station in the area. A number of educational institutions like Bharathiyar Matriculation Higher Secondary School, Saint Mary’s Matriculation School, Guduvancheri Boys Higher Secondary School, and SIP-Guduvancheri dart in this area. Apart from these, a host of SRM Institutions like SRM School of Hotel Management and SRM School of Management fall within a 3 km radius of Guduvancheri.

The area is also home to a number of healthcare centres such as Christudas Hospital, Sri Venkateswara Clinic, Vasantham Clinic, K. R. Nursing Home, and Sumana Goodwill Home. Commercial establishments such as restaurants, grocery stores, supermarkets, and other shops offering basic amenities dot the area in reasonable numbers. Some of the popular restaurants in the area are Blueberry – The Cake Cafe, Adyar Anandha Bhavan, and Cafe Coffee Day.

Connectivity and Transit Points

Given its proximity to GST Road, which works as a threshold to Chennai from other south Indian cities, Guduvancheri is well connected with not just the important localities of Chennai, but also a number of other south Indian cities.

 Roads like Nellikuppam Road, Lake View Road, and Station Road make sure that the locality has smooth connectivity.

 Public transportation in Guduvancheri is just as good as its roads and streets. A number of buses ply through the locality, making stops at Srinivasa Puram Bus Stop and Guduvancheri Bus Terminus. One can find buses to various destinations within Chennai like T. Nagar, Tambaram, Chengelpet, High Court, Koyambedu, Hasthinapuram, Ambattur, and Vadapalani from here.

 Guduvancheri Railway Station of Chennai Suburban Railway Network facilitates quick inter-city rail transportation. By boarding the trains at this station, one can reach Chennai Beach, Nungambakkam, Egmore, Kodambakkam, St. Thomas Mount, Meenambakkam, and many other places.

 Air transport is facilitated by Chennai International Airport, which can be reached via NH-45 in less than an hour. Since the airport is close to Meenambakkam, an affordable option would be to board a train from Guduvancheri to Meenambakkam, and catch an auto from the Meenambakkam station to the airport.

Residential Market Trends

Guduvancheri boasts of abundant land availability, especially in terms of residential plots and lands. Because it is in the wake of development, the dominant property type in the area is residential plots, followed by apartments.

The residential plot prices are extremely reasonable in the area. The average super built-up area price for apartments here is Rs. 6148 per Sq. Ft.

5. Pallikaranai

One of the fastest growing residential areas in India, Pallikaranai is a hot favourite destination for investors. Located in South Chennai, the locality is in close proximity to the OMR (Old Mahabalipuram Road), which is one of Chennai’s biggest IT/ITeS corridors. On the other side, there is the GST Road (Grand Southern Trunk Road), which is yet another major IT/ITeS Corridor in South Chennai. Simply put, the area has a lot going for it in terms of demand for residential space. And to top it all, it is also close to the Chennai International Airport, located only 12 km away.

The southern half of Pallikaranai is where the residential market is booming. One of the biggest wetlands in South India, the Pallikaranai Marshlands, occupies the northern half. Although this makes half of Pallikaranai useless to builders and real estate investors, the residents and visitors can appreciate one of the last natural wetlands South India has to offer. It is one of the last surviving wetland ecosystems in Chennai, and birds from around India and other countries migrate here during different seasons.

Connectivity and Transit Points

 The major road that runs through Pallikaranai is the Velachery Main Road, which leads to Velachery to the North. Buses on this road can be caught to go through Velachery, onwards to the many key locations in Chennai, like St. Thomas Mount, Koyambedu, Besant Nagar, T Nagar, Nungambakkam, Egmore, Central, and Marina Beach – commuters may need to change buses once along the way, rarely twice. The primary bus stops to catch buses at are the Pallikaranai Bus Stop, Narayanapuram Bus Stop, and Balaji Dental College Bus Stop.

 The nearest railway station is the Velachery MRTS Station, which can be reached by catching a bus on the Velachery Main Road and getting off at the Velachery Station Bus Stop. The railway station is part of the MRTS (Mass Rapid Transit System), and trains from here go to OMR, ECR, Besant Nagar, and Marina Beach.

 Another major road that runs through Pallikaranai is the Pallavaram-Thoraipakkam Radial Road or 200 Feet Road. It runs from GST Road (Grand Southern Trunk Road) to OMR (Old Mahabalipuram Road), intersecting the Velachery Main Road in Pallikaranai. This road can be used to travel to the IT/ITeS corridors in South Chennai and the airport. There is a bus stop at the intersection, Kamakshi Hospital Bus Stop, which can take commuters to their destinations.

Residential Market Trends

Given the rapid growth this locality witnessed over the past decade, most of the residential buildings are already built and ready-to-move. Among these, the most common buildings are multi-storey apartments, while there are a substantial number of individual houses. Land plots are also available for purchase, as well as builder floor apartments. Villas are very few in numbers.

The sales rates for apartments in Pallikaranai sits around Rs. 4,630 per sq. ft. to Rs. 6,564 per sq. ft., and has been steadily increasing over the past couple of years to get here a good sign for future growth.

The average super built-up are price here for apartment is Rs. 7912 Sq. Ft.

*Ave. SBA Price represents Average Super Built-up Area Price i.e. Rs. Per Sq. Ft.

Some of the Newly Launched Projects in Chennai are:

Casagrand Woodside, TVS Emerald Lighthouse, Ananda Bhavani Nagar, I Dream Mandhra, KSR Rishap Nagar

1 … 11 12 13 14 15 … 22

Category : Buying property

34th GST council meeting highlights.

34TH GST Council meeting in INDIA Highlights:

Properties to Get Costlier as Stamp Duty in Mumbai Hiked to 6%/commonfloor

Land Conversion Became Simpler Through Online in Karnataka/commonfloor

Ozone by Srijan Realty : A Luxurious Paradise for Homeowners

Top Micro Markets in Chennai – Residential Segment