Residential Projects/News in State Capital Region (SCR)

[k11]

Originally Posted by arunmani

I always wondered, a individual that can afford 2.5Cr or service a loan for a property of that value is well to do and would have all the other luxaries that he/she can avail. Are they satisfied with a small living area, or are they usually buying it for investment and renting it out.

Well to do people do not have time or will spend effort to collect rents, advertise, vacate, paint and maintain a house. . They keep the house locked. No renting and all. Only the middle class folks do all the renting out work.

[karkal]

Indiaproperty.com eyes up to $12M in Series B funding; existing investors may invest more

BY Sonam Gulati

The company’s demerger from Consim Info some time ago allows India Property to raise funds independently.

Indiaproperty.com, an online platform listing residential properties for buying & selling and run by Chennai-based India Property Online Pvt Ltd, is in talks to raise Series B round of $10-12 million for further expansion.

The development was first reported by Business Standard. The report also cites CEO Ganesh Vasudevan’s confirmation regarding the fundraising. According to him, the previous round worth $7 million came to the company only after its de-merger from Consim Info that owns and runs various other online properties such as Bharat Matrimony, Clickjobs.com and more.

Indiaproperty plans to use the Series B round of funding to improve technology and support marketing initiatives, Vasudevan told BS. The deal is expected to be completed in a couple of months.

The company demerged its operations from Consim Info some time ago and the demerger allows the firm to raise funds independently. The main body, Consim Info (now known as Matrimony.com Pvt Ltd), had earlier raised funds from Draper Investment and Bessemer Venture Partners while Canaan Partners and Mayfield Fund also took part. It is, therefore, possible that the existing investors may put in money in Indiaproperty’s next fundraising.

The site has more than 6 lakh property listings from all over the country and claims to have over 25 million page views a day. It also runs a news portal called PropertyBytes.com, which features news and updates about real estate business and market trends.

[karkal]

MMRF launched 2 projects Vista Oceana ( Villas) and Sai enclave ( 44 apartments) in the OMR Road, Chennai

[dkravind]

Jains Westminster at Saligramam- Arunachalam Road (on the Main Road- and back side of Forum Vijaya Mall ) :

3 Blocks of 17 floors each- Totally 618 apartments in 4.26 Acres of Land.
Construction in full swing and upto 14 floors is completed....Projected completion date is August 2014 (The sales person is saying that 75% of the units are sold....)

Availability - Now 2 bhk is available from only 14th floor @ Rs. 8000+ per sq.ft. and with other charges a 2 bhk of 1020 sq.ft is quoted at Rs. 88 Lacs (including registration etc..)

[skysun]

SOW GROW together

Strangers Turn Farming Buddies As Community Gardens Sprout Across The City, Cultivating A Habit Of Sustainable Living

Kamini Mathai | TNN



As Shakuntala Devulapally was digging into a p at ch o f e a r t h at the Cancer Institute (CI) premises to prep it for a vegetable garden, a man named Anand J walked up to her and offered to help.
Since that day, for the last two months, Anand, a farmer from Andhra Pradesh, who moved to Chennai to be by his 10-month-old son’s bedside as he undergoes chemotherapy, has been helping Devulapally and her volunteers in their efforts to turn the CI backyard into a community garden.
“I do nothing all day except worry about my son’s health,” says Anand in Telugu. “I don’t speak Tamil, I don’t have friends, but working on this garden makes me feel a little better. It reminds me of home,” he says.
Devulapally, who volunteers with Restore, an organisation that works towards sustainable living, says that it is people like Anand who give community gardening its true meaning. “Doctors, their children, patients’ families, they’ve all worked hard to create this garden,” she says. The gardening community at CI — strangers till they began bonding over mud and mulch — has managed to get spinach, gourds and basil, aloe, papaya, banana, sweet lime, sappota, and mangoes off the ground.
“The plan is for the Cancer Institute to use these home-grown organic vegetables when they prepare food for the patients,” says Devulapally, and adds that they have not planted any flowers because of their high pollen quotient. “Pollen can trigger allergies in the patients and we want children to be able to walk around the garden and not have to stay away,” says Devulapally. Restore, which is spearheading the garden, is open to people donating saplings from their garden.
“Gardening is therapeutic and a great distraction for caregivers of patients,” says Dr Vidhubala E, associate professor of psycho oncology at CI. “Having a garden around is calming,” she says.
While kitchen and roof-top gardens have become increasingly popular in the city in the last few years, the concept of community gardens – which, by definition, is a piece of land cultivated by a group of people – is only now taking seed in Chennai.
For the last year, 47-year-old Anna Nagar resident Madhusudan Rao has been getting his Urban Gardener Club (UGC) together at Tiruvallur, 45km outside the city. Rao owns a two-acre piece of farm land, which he has divided into patches that he rents out to families who want to grow their own vegetables. For those who cannot afford an entire patch, which costs around 10,000 per annum, they can work in the common garden for 1,500 per annum. “The idea is to get families interested in gardening. We take care of the power, water supply and irrigation, and the families need to come here every three to four months – more often if they like — to participate in the process,” says Rao, who believes gardening is one of the best stress-busters. “Why spend Sundayin front of the television, or at the mall, when you can be one with nature?” asks Rao, and adds that the only difficulty he faces is erratic power supply. “And there is no greater feeling than cooking with the vegetables you have grown yourself,” he says.
Navin Mardia, a member of UGC, agrees. “The other day, I drove out to the patch I had rented with UGC and picked up some ladies finger and cucumber. I cannot explain it, but it just tasted better than any ladies finger I have bought at the market,” says Mardia, an automobile part manufacturer. “I like the idea of having my own mini farm, which I would definitely have not been able to afford on my own,” he says.
In 2012, Restore, through their gardens initiative, got a community farm off the ground in Kottivakkam, thanks to a local doctor who donated her land for the purpose. “There are about 10 people regularly farming in the plot, and they have managed to grow quite a number of vegetables, which they share amongst themselves,” says Anita Balasubramanian, a volunteer with Restore.
In another initiative, this time on the
outskirts of Hosur, Laxminarayan S and his software engineer friends — all in their 30s — pooled in money to buy a 10-acre plot of land, on which they have begun farming. “We all had the same agenda – to be selfsustaining – and if you cannot afford to do it yourself, community farming is the best way to go. Fruits, vegetables, greens, we have plans to grow it all,” says Laxminarayan, a project manager at a software firm. “I already have a terrace garden. A community farm seemed like the logical next step towards self-sustained living,” he says.
kamini.mathai@timesgroup.com


GREEN THUMBS: (above) For the last two months, doctors, patients’ families and volunteers have been working on growing greens in the Cancer Institute (CI) backyard. “The plan is for the institute to use these home-grown organic vegetables when they prepare food for the patients,” says Shakuntala Devulapally, volunteer at CI. (right) Anand J, parent of a patient, who regularly tends the garden






RENT-A-GROW: A few months ago, 47-year-old Madhusudan Rao started the Urban Gardener Club in his two-acre plot in Tiruvallur. He rents out patches of land to those who want to grow greens. “The idea is to get families interested in gardening,” says Rao






HATCHING A PLOT: Last year, software engineer S Laxminarayan and his friends bought a 10-acre plot near Hosur, which they are turning into a community farm. “I have a terrace garden. A community farm seemed like the logical next step towards self-sustained living,” says Laxminarayan


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[TShyam]

Home prices may have been on an upward spiral for many years, but the cost of owning a house in India remains near the most affordable level in over three decades, shows data compiled by mortgage giant HDFC Ltd.

The average price of a home, purchased with a housing loan, rose to over Rs 45 lakh in the 2012-13 fiscal marking the fourth consecutive year of uptrend from about Rs 25 lakh in the year 2008-09, HDFC has said in a presentation.

However, factors like an even greater surge in the personal income levels, tax incentives and lower interest rates, have resulted into houses becoming more affordable to purchase, it said.

As per an 'affordability' ratio compiled for over three decades by HDFC, the average cost of owning a house stood at 4.7 times of the annual income of the home buyer in 2012-13.

The affordability ratio, which takes into account the annual income of the home buyer along with the price of the house, stood at as high as 22 in the year 1994-95, but has been mostly on a declining trend since then.

This means that a home buyer, on an average, needed an amount equivalent to nearly 22 times his or her annual income in 1994-95, but an amount less than five times of the annual earnings is required for purchasing a house now.

HDFC has released this dataset as part of an investor presentation on its latest fiscal financial results.

Explaining the improved affordability in the housing market, HDFC said it has been possible because of rising disposable income, tax incentives (on interest and principal repayments) and affordable interest rates available to the home loan customers.

The lender further said that the mortgage market was also witnessing a high demand growth because of increasing urbanisation and favourable demographics of the country, where 60 per cent of population is below 30 years of age and there is a rapid rise in new households.

Interestingly, the affordability ratio has remained in the range of 4.5-4.7 for the five consecutive years now, although the home prices have nearly doubled in this period.

Excluding a temporary dip during 2008-09, the home prices in the country have been rising for 11 years now, after hitting the lowest level in two decades at below Rs 15 lakh in the year 2001-02. However, the average annual income of a home loan customer has almost tripled during this period from less than Rs four lakh to close to Rs 12 lakh currently.

To be precise, the affordability ratio of 4.7 during the the last fiscal 2012-13 is the fourth lowest ever figure, after after 4.3 in the year 2003-04, 4.5 in 2008-09 and 4.6 in 2011-12.

As per industry experts, the housing loan demand would remain strong as long as the affordability ratio stays in the range of 4.2-5.5 times, while various tax incentives on home loans are making them affordable for the consumers.

HDFC further said that the tax incentives also lower the effective interest rate on mortgages, while the Union Budget 2013-14 has provided an additional one-time benefit of interest deduction up to Rs 1 lakh for first time home buyers, provided the loan amount and property cost does not exceed Rs 25 lakh and Rs 40 lakh, respectively.

As per its presentation, the effective interest rate on home loans currently stands at 5.5 per cent, down from 8.1 per cent in 2002 and 11.6 per cent in the year 2000. The effective rate takes into account tax benefits on principal and interest repayments made by the home loan buyers.

HDFC said that a low housing penetration also implies huge growth potential, because mortgages as a percentage of nominal GDP in India stands very low at 8 per cent. It is lower than the figures for many countries including China, Thailand, Malaysia, South Korea, Taiwan, Hong Kong, Germany, Singapore, USA, UK and Denmark.

Established in 1977, HDFC has financed over 4.4 million housing units on a cumulative basis and its net outstanding loans stood at over Rs 1.7 lakh crore as on March 31, 2013.

It saw its standalone profit after tax rise by 18 per cent to Rs 4,848 crore in the last fiscal, while operating income grew by 22 per cent to Rs 20,797 crore. At consolidated level, the profits rose by 22 per cent to Rs 6,640 crore and total income grew 19 per cent to Rs 35,987 crore.

http://www.moneycontrol.com/news/bus...35.html#toptag

For all the bitching about high home prices, here is a stunner from HDFC, our largest home loan lender! But the average income of the population who approaches HDFC for a loan might not be the best denominator for measuring "affordabilty".

[DSKSATHISH]

CONSTRUCTION COMPLETED OF AKSHAYAS 36 CARRAT AT P.H.ROAD, CHENNAI....

[saysenthil]

Interesting read....

Homes for the hoity-toity and hoi-polloi

Transforming your imagination and dream into reality is the task of this duo. Panning across south India, they have built boutique hotels, Le Waterina in Chennai and 37th Crescent in Bengaluru. They have created sassy homes for celebrities including Mohan Lal, Priyadarshan, Trisha, Meena and many more. "Our approach is that 'you' are the key – the key to our ideas that will shape your world. From the initial planning to the final project, our approach aims at finding ways to do everything within your programme, budget and time," say Vivek and Sajith in unison about their firm.

Sajith and Vivek were batch mates at the Manipal Institute of Technology, Mangalore, and they bonded more than just friends. In 1995, they started their architect firm in Calicut, Kerala. After a stint with designing and building a school in Chennai, their first mega project was to build actor, Mohan Lal's house in Egmore, which found them winding up their operations in Calicut and move to Chennai for good. "Mohan Lal had already decided who would design his house. But, by word-of-mouth, we got an opportunity to showcase our design to him which he liked it," says Sajith. "We have also completed his new beach house at Injambakkam recently," he adds.

This 18 year-old firm's journey which began by word-of-mouth, still continues without a website, social networking or marketing strategies. Sajith and Vivek Architects have forayed into versatile arenas of real estate designing and building by showcasing their work and with goodwill. While actor, Meena wanted a traditional house, PM Shaji wanted his on more modern and contemporary lines. Mohan Lal's vacation house at Ooty is as much-talked-about as also Four Frame Studios for Lissy, director Priyadarshan's wife. "The Priyadarshans' was a tough project as the whole place had to be designed within 150 x 20ft, which is something you will not realise till you step in," says a proud Sajith.

On their exhaustive list are apartments ranging from 3000 -15,000 sqft for builders like Akshaya, Adroit Urban Developers, and Patio in Rutland Gate for Vijay Shanthi Builders, and hotels and resorts. Patio is on a 22-grounds property, while the tallest residential towers, Abov at Siruseri, comprising of 38 floors, is a high-end apartment complex on 6700 sqft with luxury amenities. Looking forward to the opening of the mall at Rajakilpakkam, and the four-floor structure for Classic in an area of 20,000 sqft on OMR, this duo have their hands full with office and retail complexes as well. Their USP is that they handle each project personally. This probably explains their 'lean-mean' workforce of 20 only at their office.

The duo does a lot of travelling overseas looking for new ideas and trends. However, they prefer to keep all their buildings white. Why? Because they believe that white is a concept by itself, and will never go out of fashion. Interesting!

According to Sajith, to build a vertical city in Chennai is a difficult proposition because of certain government rules. Commenting on the new Phoenix Mall in Velachery, he says, "It might be the biggest mall now, but it is highly suffocating in there."

On a concluding note, their advise is, "Build a home that is both, traditional and contemporary, so that you never get bored of it, What makes a home is a home, and an interesting one at that!" Ahem!

[k11]

Originally Posted by saysenthil

On their exhaustive list are apartments ranging from 3000 -15,000 sqft for builders like Akshaya, Adroit Urban Developers, and Patio in Rutland Gate for Vijay Shanthi Builders, and hotels and resorts. Patio is on a 22-grounds property, while the tallest residential towers, Abov at Siruseri, comprising of 38 floors, is a high-end apartment complex on 6700 sqft with luxury amenities.

Patio is a beautiful complex. The white paint complements the exterior design.
It is one of the best small buildings I have seen, my favorite in the area too.

[DSKSATHISH]

Residential options in Guduvancheri

On the south western part of Chennai lies Guduvancheri nestled between Chengalpattu and Tambaram on the GST Road. A developing locality, Guduvancheri consists of many important towns such as Vellancheri, Adhanur, Thiruporur, Kayarambedu and Thailavaram, among others. The residential real estate market of this locality witnessed maximum supply of budget properties worth Rs 20 lakh in the Jan-Mar 2013 quarter.
Apart from affordable homes, the type of buildings found here are residential house, multi-storey apartment, villa and single floor apartment. Residential plots are also available. The capital value of residential properties is between Rs 33 lakh to Rs 55 lakh while the capital value of residential plots range between Rs 11lakh to Rs 95 lakh. The rental value of residential properties is between Rs 5000 to Rs 40, 000. Rajaram Kolle, real estate broker of KGC Propertye says “Guduvancheri is a fast developing suburb of New Chennai. In comparison to other parts of Chennai, the capital and rental value of residences here are affordable. Since Guduvancheri is close to IT and BPO companies, it is a preferred residential destination of young professionals.”
Several new projects such as Shriram Shankari by Shriram Properties, Sai Kirupa by M2 Venturez and Sai Krishna Divine Boulevard by M2 Venturez can be found here. The value of these upcoming properties is Rs 12 lakh to Rs 48 lakh and above.
The social infrastructure of this area is well developed. Police station, electricity office, telephone exchange, government primary health centre, schools and colleges are located in the district itself. Industry majors such as Ford, Accenture, Mahindra World City, HCL BPO, My TVS, Sitel India and SEZ are located in and around Guduvancheri.
GST Road connects Guduvancheri to other locales. The Suburban Railway of the Southern Railway network also connects it to the other parts of Chennai. Taxis and Madras Transport Corporation (MTC) buses are the popular modes of transport.
Realtor Udaya Kumar of Prop Shop says “The future of Guduvancheri is bright. Availability of ample residential plots provides the opportunity for further real estate growth. All those investing in Guduvancheri now will reap multifold benefits within three to four years from now.

[kvijayasundaram]

Source:
http://www.asvconstructions.com/asv-...v-exotica.php#

[karkal]

North Chennai home rates grow fastest

CHENNAI: Northern parts of Chennai have long been considered the backwater region of the city. But the residential price index (residex) put out by the National Housing Bank (NHB) shows that Ayanavaram, Kolathur and Purasawalkam have seen the maximum appreciation in residential prices in the last six years across the country.

Prices in these localities have registered a 650% growth during the period. In actual terms, apartment prices have gone up from 1,500 per sqft to more than 9,000 per sqft in Aynavaram. It is impressive taking into account the fact that the city's overall residential index grew only 214% during the same period.

Areas that have witnessed the second highest increase in apartment prices are Virugambakkam, Anna Nagar, Kilpauk and Nungambakkam. The average price in Nungambakkam, for instance, has appreciated from 12,000 per sqft to 30,000 per sq ft. Going by the residex, Egmore and Chetpet, where prices were very high in 2007, have seen the minimum growth - just 76% in the last six years. Price in Egmore, for instance, has gone up from 8,500 per sqft to 15,000 per sqft.

On the other hand, prices have more than doubled in Dr Radhakrishnan Nagar more than tripled in Tondiarpet, Perambur, Chromepet, Guindy, Velachery, Mylapore, Adyar and Thiruvanmiyur. The south Chennai residential hubs started off at higher base prices in 2007 when the NHB started indexing residential price fluctuations across the country. Other areas such as Ashok Nagar, T Nagar and Saligramam have seen close to 400% increase.

Chennai's growth is impressive in comparison with many other cities. The maximum growth in the National Capital Region has been 160%, in areas like Vasant Kunj, Punjabi Bagh and Shalimar Extension. The situation in Bangalore is no different either. Lavelle road, where the property prices have appreciated the most in Bangalore as per NHB, saw only 161% growth. Mumbai has done a shade better. Lower Parel, Matunga East and Mahim West witnessed 260% growth in the past six years. Appreciation in most other areas of Mumbai ranges from 50% to 150%.

Lack of adequate infrastructural growth in outlying areas of the city is one of the key factors for prices still shooting up in Chennai's central business district, said Confederation of Real Estate Developers' Association of India Chennai chapter president Sandeep Mehta. "There is more stress on the core city. There are very few projects coming up within the city, but the demand is many-fold. On the other hand, there are a lot of projects coming up on the outskirts. But people are hesitant to go there because of lack of good connectivity and other infrastructure.

[skysun]

Source : TOI epaper

[k11]

Inrcedible price run in the city - I am looking at this with my jaws dropped.
Suburbs including OMR have been left in the dust by Chennai city property appreciation.

I remember back in 2009 looking at homes in PG for 12K and saying to myself that the prices cannot go higher and has reached saturation.

At sametime, I was considering DLF property in Egmore at 8.6K at prelaunch thinking to myself who will buy an Apt at these prices.

35K in PG is real eye opener now. DLF is now closer to 20K.
Prices have tripled in the last few years.

We really had some very good opportunities, back in the 09 period.

Now if I only get a time machine,
let me know if you know someone selling one.

[k11]

City is actually full, there is no more space.
Somebody has to sell for anyone to buy. Just read an article in times on Chennai's prices.

Govt people still have a lot of opportunity.
They can still get into suburban land or flat's allotments. Once you buy a couple of them and hold them for ten or so years.

Down the road, these can always be sold and you can always put some extra money and buy a city flat.

An alternative is buying 2-bhks in resale market. It will cost 75L or so in good areas.
There are many deals available in resale market.

With a 15L down payment and it is possible to get an apt with 55-60K EMI.
It will be hard for one person to get this but if you are married and have two incomes, it will be possible. Single people can live with their parents for few more years, rent out this Apt for 20-25K and pay the remaining 30-35K from your paycheck.

Both my parents were ranked CG officers, they had hard time buying place even years ago. Rates were low before but incomes were much lower too. A 10L small flat was a very big deal for them. Funding was non-existent and during those days builders used to finance as bank would not extend loans easily.

People did it even during hard times. With increasing salaries the commitment will reduce as time goes by once you are in.

The whole point is start buying small. Never wait for money to accumulate. We would never have enough money, we will have to start at some point or other. There are many options for as low as 20L in realty market.