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Buying property Infrastructural development Real Estate News

Elevated Expressway to improve Chennai suburban real estate

Dec 21,2017 / By / No Comment

Areas in and around south Chennai lack infrastructural facilities and faster connectivity from the main city. Now, the municipal authorities are looking after the issue and will soon come up with an elevated expressway that would connect the Chennai international airport and Tambaram with the southern town of Chengalpattu.

Chengalpattu Airport Elevated Road

Chennai Metropolitan Development Authority (CMDA) planned this 40-km elevated corridor which will link the city airport with Chengalpet over the Grand Southern Trunk Road. The elevated road will be built at an estimated cost of Rs 2,400 crore, the corridor would have a toll plaza each at the entry and the exit points.

While the stretch of the GST Road between Meenambakkam and the outskirts of Tambaram is maintained by the state highways department, the remaining part comes under the National Highway Authority Of India (NHAI).

The highway would act as a gateway to the south of Tamil Nadu. A similar corridor is being planned by NHAI to connect Tambaram with the area, the airport elevated road is projected to be opened to the public by 2019 as the bids have already been allotted for the development.

Chengalpattu-Tambaram Elevated Road

The National Highway Authority Of India (NHAI) is planning to construct a 30-km, four-lane elevated road between Tambaram and Chengalpattu to ease the National Highway-45. The construction work would initiate in 2020, after the tender period for developing four-lane road between the airport and Chengalpattu will be over.

Presently, the corridor is planned till Chengalpattu which will be stretched to Tindivanam. Once the elevated corridor is functioning, motorists could move effortlessly from Tambaram to Chengalpattu without the interruption of traffic in Perungulathur and Guduvancherry.

The present connectivity through NH-45 opens at 20 locations which cause everyday traffic congestion. Also, there are nine sub-urban railway stations along the road resulting in pedestrians crossing the highway. The average journey speed of this corridor is 24 kmph, which is far below the standard of a national highway.

How is this elevated expressway going to impact the property market?

The elevated expressways will smoothen connectivity to the affordable hubs in southern suburbs of Chennai. Tambaram which is located on the GST Road serves as a midway to the IT and special economic zone (SEZ) corridors.

With a developed job market and effective road connectivity, Tambaram is seen as one of the preferred locations to purchase a home in Chennai. Situated along the Trichy-Chennai Highway, Tambaram is sub-divided into East Tambaram and West Tambaram. The locality attracts a lot or real estate investors or home buyers because of the close proximity to commercial industries.

Most of the projects in West Tambaram are ready to move and offers investment opportunities where the properties are offered at Rs 3,000 per sqft. Projects in East Tambaram offers properties at Rs 4,000 per sqft onwards. The new connectivity would comfort the travel to the further south and would make it a better option for those homebuyers who seek to visit their home in the suburban area.

Chengalpattu will also be benefitted because of the new development. With non-stop connectivity to the airport and rent for commercial properties might see an upward trend. Many big shot companies like BMW, Ford, Tech Mahindra, Wipro have established their production plants in the vicinity.

Once the new infrastructure is active, the affordability of the area might lure people staying in more luxurious and less developed areas such as Guduvancherry and Perungulathur. The average price of an apartment in Chengalpattu is Rs 3,700 per sqft. Other nearby localities such JCK Nagar, Abakkam, Paranur, Singaperumal Koil and Nenmeli offers properties in the same price range.

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Buying property Real Estate Smart Residential Living

Walk-to-work concept is gaining momentum in Indian Real Estate

Dec 6,2017 / By / No Comment

The concept of new urbanism and walk-to-work is gaining momentum in major cities. The concept of new urbanism inspires developments such as housing, workplace, and shopping in the vicinity of each other, and walkable streets and blocks and reachable public spaces play a vital part in such developments.

According to Colliers Research, about 90 million sq ft of office space under the different stage of construction across India is likely to complete in the next three years, and to be precise IT-ITeS districts of the cities will promote such walk-to-work concepts in Indian cities.

Bengaluru residential developers have already started trying out the concept of walk-to-work with projects near Whitefield and Hebbal. Integrated developments with schools, colleges, malls and public spaces within 500 mts to 1 km range will further counterpart such walk-to-work growths.

Tier 1 developers are concentrating on integrated developments. Some of the most popular samples of the integrated township are Prestige Shantiniketan and Brigade Metropolis in Whitefield, World Trade Center in Yeswanthpur. More developers are going to join the league.

The Magarpatta city in Pune is also one such successful example of a viable development model integrated with the commercial zone, housing developments, institutions, healthcare facilities and entertaining spaces with best in class infrastructure.

At the same time, Transit Oriented Development (TOD) trends should create a balanced land-use blend with residential developments along the transit corridor that help in succeeding controlled developments within the cities.

With a focus on the creation of mixed-use development in the effect zone of transit stations that are within the walking distance of (500-800 m), TOD is possible to lessen the average travel time and expenditures on transportation.

TOD should also include a facility for public spaces, systematized parking and support foot-travelers, bicyclists and non-motorized transport (NMT) users in cities.

Recently, India has observed a notable economic growth, Indian cities are emerging at a rate faster than other cities in the world. According to the Ministry of Urban Development (MoUD), the urban population in the country, which is approximately 377 million, is expected to grow up to 600 million by 2030.

This rapid development coupled with growing residential and commercial developments has led to many critical significances such as road traffic issues, increased pollution, public safety, and flooding. This, in turn, is weakening the livability quotient in the fast urbanizing metro cities.

While India’s collective annual infrastructure investment amounts to 35% of GDP, the government evaluates that it needs USD 1.5 trillion in infrastructure investment in another ten years. Even this huge amount will possibly only help bridge the infrastructure shortfall rather than create room for future infrastructural development.

As per the study was done by Colliers Research, the real estate developers should also focus on mixed-use developments at city fringes or beyond the city limits to house the overflowing population of the urban region to stabilize population explosion in main cities.

This planning method will not just ease the burden of urban infrastructure but also drive affordable housing as it remains as a distant dream owing to the high land cost in overbuilt areas in the city.

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Buying property Real Estate Real Estate News

BDA to give residential projects another shot

Nov 30,2017 / By / No Comment

The Bengaluru Development Authority (BDA) has taken a turnaround from its earlier standpoint that it would not take up any new residential projects till all its current flats get homebuyers. Recently, BDA has gone ahead with floating proposals for two mega residential projects worth Rs 759 crore. The projects will come up at Konadasapura village in Bidarahalli Hobli in Bengaluru

The project will have more of 3BHK options as most buyers are seen to prefer this over 2BHK or 1BHK flats in its previous projects. The upcoming project will have 1,344 flats (3-BHK – carpet area of 1,150 square feet), 672 (2-BHK carpet area of 672 square feet) and 448 (1-BHK carpet area of 450 square feet). They are going to construct a total of 22 blocks, each of 14 floors.

A senior official of the BDA said, “We believe it to get a good response as it is located in the suburbs. This residential project is a part of many other property development projects, comprising of commercial complexes, amusement parks, and others.”

He further added that the BDA decided to take up the project to achieve revenue as it is facing a serious financial crunch. The BDA is anticipating on accepting business models that private builders use. The official said this is the first big residential project that the BDA is taking up after the Karnataka Real Estate Regulation Act (RERA) came into effect.

The BDA is trying hard to sell the flats that are already completed. The agency had to announce schemes like ‘across-the-table’ sale of flats for applicants because of the poor response from the public. The official said that after the initiative, 500-odd flats were sold, but a majority of the 2-BHK flats left unsold.

Last year, the BDA had marketed 3,100 flats for sale but received only 800-odd applications. The homebuyers had shown more interest in 3-BHK flats. Another BDA official said, “Our earlier experience tells us, there is more demand for 3-BHK flats so we have decided to build more of them. The project will also address various other issues like parking. In one of the projects, parking lots will be made available for more than 1,500 cars. We are hoping that people working in the IT sector may be interested in the project location is close to Whitefield.”

Peripheral roads will be constructed around the housing project borderline of 24-m width. Facility for solid waste management and other facilities has been made.

 

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Buying property Real Estate Tips

Guidelines to distinguish between a good floor plan and a bad floor plan

Nov 29,2017 / By / No Comment

There are many ways to judge while buying a property when it is mainly for the end-use purpose. One of such things is the floor plan. There are various things and components that contribute to making a good floor plan.
Here are few guidelines to distinguish between a good floor plan and a bad floor plan and how you can classify these:

View
For a pleasing view of the home, keep the kitchenette away from the entrance. The visitors should have a vision of the living room interiors and there should not be any obstruction in the inside view.

Common area
Space used by huge cupboards, big doorways are a waste and are of little use in average-sized apartments. Rather, go for built-in furniture such as convertible sofas, shelves, desks or tables that can also be used as iron table etc.

Room size
Choose a rectangular room over a square one. A good floor plan is the one that has a room of at least 12 ft long and 10 feet in width.

This means that in India the typical size of the bed is about 7-9 ft in length. The extra 5 ft space should be left for free movement in the room as well as placement of other things.

If you are thinking of a master bedroom, space should be at least 7-10 ft along with a master bathroom and a walk-in closet.

Loading
Homebuyers should make sure that the loading area should not be more than 30 percent and less than 25 percent as the common area spaces get compact.

The variance between carpet area and the super area is known as loading and is generally 30 percent of the total floor plan area.

Furniture
Any furniture in the residential space is kept at least 3 feet away from the wall. Make sure that there is enough space for placing furniture at different angles to avoid overcrowding.

Kitchen
A good floor plan provides an open kitchen as it offers easy access to other parts of the house and makes the common area appear large.

Make sure the kitchen and dining area are side by side as these are the most used areas of the home and should have a suitable access.

Bathrooms
This factor totally depends on the homebuyers’ necessities. Generally, a 1BHK has 1 attached bathroom while a 2BHK flat might have two, one attached to the room and the other one with the hall.

For a 3BHK flat, the third bathroom can be replaced as a storeroom, if you have a small family. It is suggested to keep the common area bathroom functional for guests.

Balconies
The area used for building the balconies is not calculated in the Floor Space Index (FSI). However, real estate developers add this in the carpet area to manage the loading.

Therefore, go for a larger balcony rather than several small balconies to make sure healthy ventilation.

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Buying property Real Estate Real Estate News Smart Residential Living

Why property buyers are looking for ready-to-move-in properties

Nov 22,2017 / By / No Comment

Home buyers look for a safe and secure place which provides all types of amenities, facilities, and suitable environment. Ready-to-move properties create a new image and a symbol of the new beginning of life.

In the frantic life, everyone wants a place where one can rest and spend quality time. To provide such ease and coziness many of prominent real estate developers are providing ready-to-move-in apartments.

Nowadays, the home buyers are very smart and they invest in projects that are safe and productive. Before making the final call, they make detailed checks on the realty firms, they properly inspect the developer’s track record, past projects and opt for ready to move in flats.

It is found that a good number of home buyers are interested in buying ready-to-move-in property when compared to under construction property, as under construction property requires waiting time, which can take a couple of months and sometimes even years to get possession. There are many other reasons which can cause the delay of the project, due to which home buyers prefer ready to move property.

Advantages of buying ready-to-move-in property:
Instant possession: Buyers do not have to wait to occupy the property. All buyers have to do is make the payment, sign the required papers and move in.

Tax Benefits: Most home buyers avail of home loans to purchase a property. For a ready to move in property, the tax benefits are plenty from a home loan payment. A home buyer is allowed to claim a deduction from their income of up to Rs. 1.5 lac on the principal under Section 80C of the Income Tax Act and an additional deduction of up to Rs. 2 lac on the interest component of the home loan, under Section 24B.

Verify legal status: It is easy to check if the developer has obtained all the necessary papers such as Occupancy Certificate, Completion Certificate etc. Since the project s already completed. You should also get lawyer to cross-check the Land title to save yourself from any future difficulties

You buy what you see: Home buyers pay for what they see. The buyer gets a fair knowledge about the project, locality, and other facilities as there are people already living in the apartment society.
No service tax: You need not have to pay service tax if you buying or investing in a ready to move in property.

Instant relief from Rent: Denizens who are shelling out high rent or traveling very far for their work incline to buy the ready to move apartment because they want speedy relief from the high rent they are paying or travel cost and one can get it in ready to move properties.

Neighborhood: This is one biggest advantage of ready to move properties. You can see who your neighbors are, what community they belong to and if you would like to be with them or not.

Infrastructure: The decision of purchasing a home also depends on the infrastructure. You should consider whether the location is well connected and has necessary infrastructure such as roads, transport facilities and educational institutes etc. nearby.

Buying a property is always a big financial decision. So, discover your options and do your assessment well beforehand and make your buying decision only when you are financially stable and confident enough about it.

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