Metroplots Blogs

Star Ratings to Help Buyers

Mon, 04 Jul 2011 13:01:54 13JulIST

Property buyers are sometimes confused about builders when it comes to buying a new home, but things has become easier for buyers. Now there are advertisements on papers that tell you about star-rated apartments and villas that are sure to make buyers stop fretting.

Many of us know about star-ratings for electrical appliances, but a star rating for real estate developers is a new concept. Many potential buyers are excited about this new idea of assessing the properties by a third party which help save time.

The idea of rating real estate projects is only in the beginning stage in the country, international rating agency; Crisil seems to be the first organization to initiate it. Many of us are aware of the popular certifications given for green buildings, where aspects like construction materials used, installation of solar lights, rain-water harvesting are taken into consideration.

Star-ratings give buyers an overall view of the quality of the projects depending upon on various aspects, which will help buyers choose the best. These ratings are done for all projects, such as commercial malls, residential apartments, villas and townships.

According to Crisil, all star-rated projects continue to be under observation till they are completed and there is a pressure on the developer to make sure that the quality is maintained along with the commitment of providing excellent homes as promised.

Rising bank rates and real estate!!

Thu, 26 May 2011 18:09:58 18MayIST

There is a huge buzz about the increase in bank's lending rates. Now is this good or bad? And what are the effects it is going to have on the real estate sector as such??
There has been an increase in both the repo rate and reverse repo rate, which is actually not a good sign for investors. While repo rate is the rate at which RBI lends money to banks, reverse repo rate is the rate at which RBI borrows from banks. This means that in both the cases, an investor has to be paying extra in order to borrow money from the banks. But why is it that RBI has to increase these rates at a time when investment in flourishing and more and more people want to invest their money?
Enter INFLATION!! The main reason behind the hike in these rates is to curtail inflation which is hovering around 9% currently. Though we cannot deny the fact that the hardening of interest rates will definitely have an impact on the real estate sector, we have to understand that addressing a problem like inflation is the need of the hour. In a cost sensitive market like India, this rate hike might cause a ripple in the real estate market, but this will subside soon.
The good part about this whole thing is that even though this rate hike will affect the cost for developers as well, which is actually supposed to lead to a situation where developers pass on these additional costs to the investors, fortunately this will not happen because they do not want to take the risk of losing their customers who are already disturbed by the rate hikes. Now this is definitely a good sign for the investors.
Interest rates have definitely increased, which will slowdown the activity of real estate. But investors should not deter the idea of investment completely, considering the appreciation of properties that is happening around in Chennai.

Investing in properties-is it worth the cost?

Wed, 18 May 2011 11:43:44 11MayIST

There is a big talk about Chennai's real estate market booming and affordability of Chennaites increasing in the last few years. But how far this is true is still a big question. It is true that lots of people are migrating to Chennai owing to the increasing number of IT companies. There is a huge demand for residential properties on the OMR and GST stretch. Developers have correctly identified this opportunity and are coming up with nice community life style apartments on these stretches. True to their claims, these developers are definitely coming up with nice structures-a complete package of all that can will expect.

Money is definitely flowing into the real estate, no doubts about that. A lot of NRIs are looking at investing in Chennai apart from Chennaites themselves who are increasingly investing in gated community projects, thanks to the increasing income levels of people, readily available home loans and favorable lending rates by financial institutions.

Now comes the big question- is the property really worth the money spent on it?? Most of the developers state the cost of the land to be contributing to more than 50% of the cost incurred by investor. Now who decides the rates of these lands in different areas? In economic terms, it is purely supply and demand which is behind this. Real estate has become more like a share market, or even worse, where demand and supply gap give way to a big amount of speculation, which is the main reason behind property price rise.

The only way to stop this unduly price rise would be to introduce some sort of standardization on land values by experts. There has to be a common parameter for valuing the land in different regions. This way, credibility of builders will also increase and people will invest in properties with more confidence.

Time for investor friendly projects

Tue, 10 May 2011 16:13:30 16MayIST

It is a known fact that Chennai's real estate is growing by leaps and bounds-thanks to the numerous IT companies and MNCs setting shop in Chennai.

There has been a huge change in the mind set of Chennaites. People no longer want to live in old style houses and apartments. They want to live in a home that reflects them-their style, their mind and their personality. How best can one ensure this, other than owning his/her own home. No wonder people are looking at disposing their existing properties and buying new houses. The idea of having a swimming pool, gymnasium, club house, play area all within the same compound as their home, amazes investors. People have thus opened up to the idea of gated community living.

Owing to this increasing demand, the OMR and GST stretches are flooded with gated community projects, offering a whole lot of amenities and facilities to pamper investors-which is the good news. But the bad news is that even though investors love this idea of pampering, not many favor it, as it ends up burning their pockets. Unfortunately, not many builders seem to realize this.

The problem here is simple. The developers do not have a clear idea about their target market and their buying power. There is no study that is carried out to find out how a particular project will be welcomed, in terms of investor satisfaction. Of course, we cannot do away with the fact that there investors looking at elite living. But that is only a minority.

Proper research leading to planning of projects in such a way so as to bring about a clear demarcation between economy, premium and elite living, with pricing of property accordingly, will ensure complete investor satisfaction on one hand, and better results for developers on the other.

pushparajan properties ISO 9001:2008 Certified Property company

Wed, 04 May 2011 17:24:28 17MayIST

pushparajan properties is the complete property which deals Lands,Apartments ,individual house in chennai,tamilnadu,This company is set by E.pushparajan in 2006, it is now well known for procuring prime commercial and residential locations at the lowest possible rates. As a Property Sales Company we believe that in todayâ��s professional scenario a consultantâ��s job is not just limited to showing the sites, arranging meetings & signing the deal. We as a company ensure full team support and coordination. All the major deliberations regarding legal requirements and title documents are also done by our team. We make sure at our end that the property offered is legal and commercial in nature and is built as per statutory norms more : contact:8939729165 off:044-45980555 site: www.pushparajanproperties.com

Real Estate and Interest Rates

Wed, 04 May 2011 09:20:39 9MayIST

History has always told us that if Interest Rates goes up property prices will decline, but with rising incomes fuelling inflation and majority of indian population investing in either gold or Real Estate Asset class can this be a true?

Ever thought of being on a vacation forever.. Aamoksh One Eighty Retirement Resort gives you the option to do exactly that.

Tue, 16 Mar 2010 16:45:58 16MarIST

You are done with your successful career, your children are well settled, all your responsibilities have been taken care of, now you have the time to pursue your hobbies and your dreams.

Aamoksh One Eighty is bringing the concept of fun retirement communities to India where you can do that and lots more. Services customized to suit your requirements, facilities to meet all your ends and a lifestyle which is fun-filled, adventurous and healthy. Aamoksh One Eighty Retirement Resort is designed to ensure that you can live life to the fullest. Enjoy your hobbies, learn new skills, socialize, join a NGO, grow lovely flowers, travel to a new destination, read new books, do anything but bother about your boring daily chores, we are there to take care of all that.

Aamoksh One Eighty is a joint venture between Aamoksh Leisure Living and One Eighty. One Eighty has been in the business of managing retirement communities for more than 30 years and currently manager 40+ communities across USA and Canada.

The first property is coming up at the foothills of Kodaikanal, in a picturesque setting surrounded by hills. The retirement home is part of Bahri Beautiful Country, an integrated township with Retirement homes, second / weekend homes, golf course, medical centre, club house, spa, resort and foodcourt. The property has 169 independent villas of 1 / 2 / 3 bedroom configuration with all facilities customised to suit the requirement of seniors. More information about the company and the property is available at www.aamokshoneeighty.com

To Buy or Not to Buy

Tue, 18 Aug 2009 20:16:42 20AugIST

With the economy picking up slowly, at least in the papers and TV, it is only natural that real estate prices are expected to grow after hitting the rock bottom. From the eyes of an NRI, unsure of how much the prices have dropped, a big dilemma creeps in whether or not this is the right time to purchase property in Chennai/India.

This is the situation: The government is trying its best to increase the confidence in buyers by decreasing the interest rates for loans. Banks are putting up stalls and kiosks on streets selling home loans like fruits. There is a property fair happening every other weekend at some corner of the city. And guess what, all the developers are present there with their brochures and pamphlets. Most builders have shifted to low budget projects where each apartment costs somewhere between 10 Lakhs and 25 Lakhs addressing the consumer power in this financial situation.

The buyer knows deep down that this is indeed the right time to buy property but he is still doubtful. We can't blame him because more than him/her being worried about whether or not this is the right time to buy, he/she is unsure about the completion of the project. This notion has developed in the last 2 years after reading news articles on buyers asking for their money back due to the delay in completion. The delay is due to the many cancellations of previously booked apartments, which turned out to be expensive suddenly for some buyers who had gotten hit by the crisis.

This is exactly why low budget housing makes sense because the consumer is not blocking much of his capital on purchasing these properties. From what we have seen so far in the industry, there's a lot of demand for low budget housing in and around Chennai and hence it is a good time to buy. In conclusion, the entire country's confidence in Real Estate has to pick up if Real Estate has to pick up.

Some Low Budget housing projects

1. Unitech Unihomes - http://metroplots.com/project/view_project/?project_id=43

2. Puravankara Cosmocity - http://metroplots.com/project/view_project/?project_id=18

3. Vasavi Majestica - http://metroplots.com/project/view_project/?project_id=24

4. India Bulls Greens - http://metroplots.com/project/view_project/?project_id=37

5. Vasavi Magilam - http://metroplots.com/project/view_project/?project_id=23

Metroplots.com - Negotiate on property prices

Fri, 24 Jul 2009 18:37:29 18JulIST

If you have seen Russell Peters shows, you might recall this bit where he talks about how an Indian & Chinese cannot do business with each other. The reason being, an Indian loves to bargain and a Chinese hates reducing his price. It was funny to listen to but it is a fact! We, Indians love to bargain. We negotiate everywhere. We haggle at the vegetable market, Clothes stores, Cars showrooms or anything that involves buying or selling. Metroplots, being a destination for expensive property buying and selling, is no different a scenario.

So, we have come out with a feature to Negotiate with the Landlords, Builders and Agents.

For example: Check this property in Chennai out

http://metroplots.com/property/viewproperty/?property_id=3823

http://tr.im/tYSg

The price that the Consultant has quoted is Rs. 4.5 Crores. As a user, if you think you would have probably bought it for Rs. 4.1 Crores and also not ready to call the Consultant at the same time, you could click on "Click here to negotiate" and key-in Rs. 4.1 Crores as your budget for that property. This goes on back and forth until a mutually accepted price is decided.

We, at Metroplots, think this feature has a lot of relevance to the way we live and is extremely useful in Real Estate.

Metroplots

Vasavi Housing - Majestica, Medavakkam on Metroplots!

Wed, 22 Jul 2009 12:32:10 12JulIST

Since more than 15 year now, Vasavi Builders have been providing quality homes in Chennai and enriching the real estate of the city, so much so that they are considered one of the benchmarks for quality homes by many. They have a very dedicated vision in offering great asset value and space occupation in their properties. Vasavi Housing - Majestica is their latest venture in Medavakkam, which will commence construction by end of year and will be available all-set and ready within 24 months from then.

Check out Vasavi Housing - Majestica, Medavakkam on Metroplots

http://metroplots.com/project/view_project/?project_id=24

The demand that has been generated by this soft launch already is unbelievable and definitely the early birds are going to be happier about the prices offered to them. Majestica will be a 9 block apartment complex with 4 floors in each block covering 348 apartments in total, with 1 to 3 bedrooms in each. Of course optimum space utilization is Vasavi's USP and state-of-the-art amenities such as water storage, waste disposal, community centre, security personnel, reserved parking reduce your future maintenance expenses invariably Each apartment will cost anywhere from 18 lakhs to 37 lakhs.

The Medavakkam area apparently has all the most developed comforts you can think of, good schools, colleges, hospitals, shopping areas, etc. Now the MRTS station has also come up nearby, so it is very easy to reach the centre of the city either through train or road within minutes. All of Vasavi's projects, mostly situated in prime areas in the city, are a hit among Chennaites and most of their promotion has happened through word of mouth and reputation. Customer satisfaction has been their secret of success.

Book now & Get Ready to experiencing the best of residential projects.

Contact

Metroplots.com

http://metroplots.com/project/view_project/?project_id=24

Email: info@metroplots.com

Address: 609 Mount Road, Chennai

Landline: +91 - 44 -4214 4919

Mobile: +91 99620 90919

Vijay Shanthi - Lotus Pond, Kelambakkam on Metroplots!

Sat, 18 Jul 2009 13:42:46 13JulIST

Vijay Shanthi is one of the most popular middle class lifestyle builders in Chennai real estate. They have played a major role in the evolution of the city with a commitment to excellence and exceed expectations. No wonder, their customers have always been satisfied and welcome every new project from Vijay Shanthi eagerly. The new Vijay Shanthi - Lotus Pond at IT Highway, Kelambakkam is another brand new apartment Chennai is looking forward to. Check it out on Metroplots!

http://metroplots.com/project/view_project/?project_id=20

Lotus Pond is an absolute rendezvous with the modern day living style of the city. Spread over 11 acres with 60 percent of open area, it is a revolution in itself bringing you an unbelievable 1106 apartments in a community. Each Vaastu complaint apartment in the 7 floor blocks has 1 to 3 bedrooms with advanced amenities such as health club, library, skating ring, park, and a lot more.

The price of each apartment varies anywhere from 9 lakhs to 33.5 lakhs catering to all types of budgets and requirements.

Book now & Get Ready to experiencing the best of residential projects.

Contact

Metroplots.com

http://metroplots.com/project/view_project/?project_id=20

Email: info@metroplots.com

Address: 609 Mount Road, Chennai

Landline: +91 - 44 -4214 4919

Mobile: +91 99620 90919

Indiabulls Greens, Old Mahabalipuram Road on Metroplots!

Tue, 14 Jul 2009 18:08:01 18JulIST

India Bulls has launched its new project "India Bulls Greens" in Chennai. For a detailed description with photographs and payment process, please check out

http://metroplots.com/project/view_project/?project_id=37.

Greens is a residential enclave comprising well-designed buildings with all in-built amenities. Each building rises to six floors above the ground floor. Greens combines simple and functional architecture with all amenities designed to make life easy, comfortable and self-sufficient.

Strategically located and meticulously planned, the housing complex covers 15.90 acres, and stands within the nucleus of Chennai's bustling hub. The rooms of each flat in Indiabulls Greens is a flawless balance of functionality and style - easy - to - maintain flooring, light and air ventilation, and a natural view from huge windows. The rooms are a perfect place to spend time with family and friends. Rooms are planned with superior and luxurious specifications to match international quality.

Amenities:

Ample parking space, Swimming pool with Toddler's pool, Landscaped gardens, Paved garden walk, Jogging track, Tennis court, Children's play area, Club house with Gymnasium, Health club (Steam, Sauna and Jacuzzi, Table Tennis, Pool Table, Billiards Room, Chess, Carroms & other indoor games, TV Room, Multi purpose Hall, Space for Crèche, Playschool), Power back-up for lifts and common areas, Intercom facility, Rain water harvesting, Pharmacy, ATM, Wi-Fi, Housekeeping services, Round-the-clock security with CCTVs

Book now & Get Ready to experiencing the best of residential projects.

Contact

Metroplots.com

http://metroplots.com/project/view_project/?project_id=37

Email: info@metroplots.com

Address: 609 Mount Road, Chennai

Landline: +91 - 44 -4214 4919

Mobile: +91 99620 90919

Puravankara - Provident Cosmo City, Pudupakkam on Metroplots!

Tue, 14 Jul 2009 12:57:54 12JulIST

The leading real estate developer, Puravankara Group has demonstrated their potential in many metropolitan cities in the country. The group has grown in leaps and bounds since their establishment in 1975. They are well known for their residential and commercial properties all over India. Now their new project in Chennai, Provident Cosmo City in Pudupakkam, near Siruseri IT Park, on a 31.5 acre lush green locale, is expected to satiate the growing needs of home buyers in the city. Check the details on Metroplots!

http://metroplots.com/project/view_project/?project_id=18

Provident Cosmo City has a whole bunch of apartments each building with over three floors and each apartment with at least 2 to 3 designed by an architect from Singapore bedrooms with maximum space optimization. With lush green surroundings, the common area is mostly free of construction and provides a close encounter with nature for the residents. The apartments for sale start from 16 lakhs, promising you state-of-the-art amenities and a premium housing experience. Being close to the best of schools, hospitals and IT companies, the neighborhood is perfect place to have a harmonious life.

The Community club house provides you with everything you can possibly need to live in luxury from Swimming Pools, Table Tennis and other indoor games to Fitness Centers and Children's Play Area. More than that, you have all the advanced facilities such as elevators, rain water harvesting, reserved parking, security personnel, maintenance staff, waste disposal, power back up, intercom and so on. The construction started in the month of May this year and the apartments will be available for occupation from 2011.

Book Now & Get Ready to Experience the Best of Residential Projects.

Contact

Metroplots.com

http://metroplots.com/project/view_project/?project_id=37

Email: info@metroplots.com

Address: 609 Mount Road, Chennai

Landline: +91 - 44 -4214 4919

Mobile: +91 99620 90919

Mantri - Synergy II, Kelambakkam on Metroplots!

Thu, 09 Jul 2009 20:30:45 20JulIST

Mantri developers in partnership with Morgan Stanley bring to you Mantri Synergy II in Kelambakkam, an exceptional apartment complex providing you the best amenities of all the properties in the city. Mantri developers have proved themselves in Chennai real estate achieving great heights in a span of very few years. Their clients are assured of reliable and speedy delivery of quality homes. Morgan Stanley shares the same values and the management works with a vision. Their project Mantri Altius was awarded the Best Residential Property in India by CNBC CRISIL Real Estate Awards.

Check out Mantri Synergy II on Metroplots

http://metroplots.com/project/view_project/?project_id=19

Mantri Synergy II will comprise of two-bedroom apartments, costing anywhere from 24 to 32 lakhs each. The Vaastu complaint apartments have a comprehensive list of facilities including rainwater harvesting, maintenance staff, community center, garden, security personnel, reserved parking, fire alarms, water storage, intercom facility and a lot more.

Built with uncompromising distinction, with the elements of nature in mind, simplicity and originality are the basis of this brilliant project. Mantri Synergy II will be a harmonious home, bringing you as close to nature as you can dream of, keeping you in serenity, away from the overwhelming city life. The possession date of the apartment is March 2010 and 'On time every time' has been Mantri's philosophy always.

Book Now & Get Ready to Experience the Best of Residential Projects.

Contact

Metroplots.com

http://metroplots.com/project/view_project/?project_id=37

Email: info@metroplots.com

Address: 609 Mount Road, Chennai

Landline: +91 - 44 -4214 4919

Mobile: +91 99620 90919

Indira Splendor, Mogappair on Metroplots!

Tue, 07 Jul 2009 17:02:21 17JulIST

Indira Foundation has always been there developing Chennai's real estate scene with affordable apartments with a class of their own. At present, the firm has around 31 projects in main areas in the city such as Mylapore, Anna nagar, Nungambakkam, Velachery, T. Nagar, Santhome, Kilpauk and so on. The star of the show is the Indira Splendor project at Mogappair, you can check it out at Metroplots here!

http://metroplots.com/project/view_project/?project_id=13

Indira Splendor is a spaciously designed striking 60-apartment complex with every amenity and luxury you can possibly need, from water purification system, gym, play area, power back up, swimming pool and gardens. They comprise of double bedroom and triple bedroom apartments with a minimum of 1130 sq ft to 1540 sq ft., ready for occupation since June 2009.

The apartment is serene and splendorous constructed in one of the best localities in Chennai, with renowned schools and developing lifestyle options. Each home is made with personalized care, glass paneled windows, seasoned teakwood for all doors, vitrified flooring and glazed kitchen tiles.

This masterwork by Indira Foundation is a visionary home, something beyond an architect's typical idea of building a house per se. It is a dream come true for something this close to the heart of the city with convenient choices to fit your budget, anywhere between 45 to 57 lakhs with amazing facilities, truly a value for money offering.

Book Now & Get Ready to Experience the Best of Residential Projects.

Contact

Metroplots.com

http://metroplots.com/project/view_project/?project_id=37

Email: info@metroplots.com

Address: 609 Mount Road, Chennai

Landline: +91 - 44 -4214 4919

Mobile: +91 99620 90919

Art and a lot more than that!

Fri, 26 Jun 2009 15:56:15 15JunIST

As i had promised, here is a list of best art galleries and theatre auditoriums in the city, yea these are alternative forms of entertainment Chennai is highly catching up on, goodbye to good ol' cinemas theatreas and beaches, when we had noother choice but to depend on them for our weekend entertainment. Opening of the ECR did bring in some joy to our lives, but then its becoming monotonous too, esp for people like us who are looking for alternative media always and are always wide-open to newer concepts.

Alliance Francaise de Madras (Nungambakkam) hits the numebr one spot right on with a numebr of art and theatre activities scehduled through out the week. Then there is Kotturpuram Prakrit Art Gallery, Adyar Forum Art Gallery and Madras Craft FOundation in ECR. Dakshinachitra is an awesome place to spend the weekend in and its also a great tourist destination for people to get to know and experience the culture of South-india.

There are many small non-descript places in the city that are doing awesome with their niche crowd. They are gaining popularity displaying hte talents of artists well known as well ameteur and up-coming artists use this as a great platform to gain publicity. Some of such mention worthy places are Vinnyasa Premier Art Gallery (Mylapore), Heritage Art Gallery (Anna Nagar), Sanju Schools of Arts (T. Nagar) and Geetham Arts & Crafts (kodambakkam).

Its time to check them out and write a post on these wonderful places!

What

Tue, 23 Jun 2009 11:04:45 11JunIST

Chennai has been going forward without turning back lately. The lifestyle options have been increasing incredibly and the city has a cosmo outlook today than a mere metroppolitan. The events happening in Chennai varies anywhere from carnatic music concerts its famous world-over for to rock shows and fashion ramp walks. Today, Chennai's nightlife, though with a lot of hindrance from moral policing, has nevertheless been happening and chic.

The city has always been a major tourist attraction, except for the scarcity in nightlife and lifestyle drawbacks. But we have always been welcoming visitors warmly and catered to their needs in our own special ways. There are a number of cool hang outs popping up this summer, anything from teen cafes to fine-dining Italian or Korean koraokes and what not?

Some of the newly opened places worth mentioning are, Coffee Central in T. Nagar, 36 Degrees in Santhome and Karma Cafe in Alwarpet for the most hip and happening cafes in the city right now, Nightlife has been taken over by OPM in Accord Metropolitan (T. Nagar), Escape in Green Park (Vadapalani) and ofcourse 10 Downing Street (T. Nagar) is the place to be today, ID (Idli & Dosa) at Sathyam Cineples is a brand new contemporary south-indian restaurant thats a superhit among Chennaites now and of course there is Dosa Calling (Kilpauk), Flamingo restaurant (Velachery) and Kailash Parbhat (Chetpet) that needs to be check out!

I will come up with a list of other lifestyle options like theatre, spa and the like soon!

Guess what

Mon, 15 Jun 2009 17:43:36 17JunIST

Yay! Metroplots has come up with a new feature to help us estimate the value of the apartment/house we intend to purchase or rent, in any area in Chennai city! How cool is that now?

Check it out here!

http://metroplots.com/property/similar-properties/

All you need to do, is enter your dream apartment requirements, viz. teh locality and the sq. ft. area desired and you will get an estimate of how much u need to make your dream come true! Compare prices between areas and see where and what you can afford, its a handy tool we've all been waiting for. Metroplots has made it easy for us now!

What you waiting for? Go ahead, dream on!

Chennai the third costliest metro???

Sat, 13 Jun 2009 10:32:25 10JunIST

Rediff rates Chennai as India's costliest city to live in, soon after delhi and mumbai. Where is Bangalore and Hyderabad? I have always felt Bangalore is a more expensive city than Chennai. Sometimes statistics prove you wrong!

According to rediff, Chennai, housing India's major automobile companies, and second largest in IT industry, had a per capita income of $468 in 2000 and will see an increase to $1,149 in 2015.

Chennai Rocks

Fri, 12 Jun 2009 21:07:44 21JunIST

Chennai, a city of contrasts, has everything you can possibly think of, from ancient temples to the latest night clubs. The contrasting nature of the city makes it impossible to categorize it into a specific kind of metropolitan, conservative, forward or in between. The city can be broken into layers, say the hip and happening crowd, the orthodox traditional crowd and the outsiders who form a major part of the population, who flop in from wherever, down south as well as North India. The amazing trait of this city makes it comfortable for anyone to live in. It caters to the need to the most affluent to the street food mongers. The standard of living is so flexible that makes the city as attractive as it is to new residence from other places.

The real estate situation is so similar to the nature of the city itself. There is a high degree of contrast between available accommodation and the unaffordable ones. Pretty much, summing up, I would like to say Chennai is a mystery everybody is exploring and there is a lot more to come henceforth. But nevertheless, the floating population does keep increasing making the place a super hit among the metros in the country. What we actually have to do, is bring out the true potential of the contemporarily ancient city and make it a happening city in the world overview. All it needs is a taste of vibrant Chennai and we are sure anybody and everybody will fall in love with it....

The verdict? - Chennai Rocks!

NRI FAQ

Sat, 30 May 2009 16:06:46 16MayIST

Q1. Who is a non-resident Indian (NRI)?

An Indian Citizen who stays abroad for employment / carrying on business or vocation outside India or stays abroad under circumstances indicating an intention for an uncertain duration of stay abroad is a non-resident. (Persons posted in U.N. organisation and officials deputed abroad by Central/State Governments and Public Sector undertakings on temporary assignments are also treated as non- residents). Non-resident foreign citizens of Indian Origin are treated on par with non-resident Indian citizens (NRIs).

Q2. What is an OCB?

Overseas Corporate Bodies (OCBs) are bodies predominantly owned by individuals of Indian nationality or origin resident out side Indian and include overseas companies, partnership firms, societies and other corporate bodies which are owned, directly or indirectly, to the extent of atleast 60% by individuals of Indian nationality or origin resident outside India as also overseas trust in which atleast 60% of the beneficial interest is irrevocably held by such persons. Such ownership interest should be actually held by them and not in the capacity as nominees. The various facilities granted to NRIs are also available with certain exceptions to OCBs so long as the ownership/beneficial interest held in them by NRIs continues to be atleast 60%.

Q3. Are OCBs required to produce any certificate regarding ownership/beneficial interest in them by NRIs?

Yes. In order to establish that the ownership/beneficial interest in any OCB held by NRIs is not less than 60%, the concerned body/trust is required to furnish a certificate from an overseas auditor / chartered / accountant /certified public accountant in form OAC where the ownership/beneficial interest is directly held by NRIs, and in form OAC 1 where it is held indirectly by NRIs and further that such ownership interest is actually held by them and not in the capacity as nominees.

Q4. What are the various facilities available to NRIs/OCBs?

NRIs/OCBs are granted the followings facilities: 1. Maintenance of bank accounts in India. 2. Investments in securities/shares of, and deposits with, Indian firms/companies. 3. Investments in immovable properties in India. Details of these facilities are given in Chapters II,III and IV.

Q5. Do non-resident Indian citizens require permission of Reserve Bank to acquire Residential/commercial property in India?

No.

Q6. Do foreign citizens of Indian origin require permission of Reserve Bank to purchase immovable property in India for their residential use?

Yes. However, Reserve Bank has granted general permission to foreign citizens of Indian origin whether resident in India or abroad, to purchase immovable property in India for their bona fide residential purpose. They are therefore, not required to obtain separate permission of Reserve Bank.

Q7. In what manner the purchase consideration for the residential immovable property should be paid by foreign citizens of India origin under the general permission?

The purchase consideration should be met either out of inward remittances in foreign exchange through normal banking channels or out of funds from NRE/FCNR accounts maintained with banks in India.

Q8. What are the formalities required to be completed by foreign citizens of Indian origin for purchasing residential immovable property in India under the general permission?

They are required to file a declaration in form IPI 7 with the Central Office of Reserve Bank at Mumbai within a period of 90 days from the date of purchase of immovable property or final payment of purchase consideration along with a certified copy of the document evidencing the transaction and bank certificate regarding the consideration paid.

Q9. Can such property be sold without the permission of Reserve Bank?

In respect of residential properties purchased on or after 26th May 1993, Reserve Bank considers applications for repatriation of sale proceeds up to the consideration amount remitted in foreign exchange for the acquisition of the property for two such properties. The balance amount of sale proceeds if any or sale proceeds in respect of properties purchased prior to 26th May 1993, will have to be credited to the oridinary non-resident rupee account of the owner of the property.

Q10.Are conditions required to be fulfilled if repatriation of sale proceeds id desired?

Applications for repatriation of sale proceeds are considered provided the sale takes place after three years from the date of final purchase deed or from the date of payment of final instalment of consideration amount, whichever is later.

Q11.What is the procedure for seeking such repatriation?

Applications for necessary permission for remittance of sale proceeds should be made in from IPI 8 to the Central Office of Reserve Bank at Mumbai within 90 days of the sale of the property.

Q12.Can foreign citizens of Indian origin acquire or dispose of residential property by way of gift?

Yes. Reserve Bank has granted general permission to foreign citizens of Indian origin to acquire or dispose of properties up to two house by way of gift from or to a relative who may be an Indian citizen or a person of Indian origin whether resident in India or not, provided gift tax has been paid.

Metroplots BLOGS

Fri, 29 May 2009 12:16:03 12MayIST

Real estate news has always been a mirage with confused market sentiments, especially in metropolitan cities like Chennai. Where do you get property news from? Today the pace of development in Chennai real estate is so high that we are in need of an instant and reliable source, mainly on the internet. This is a kind of market where you need to be informed else be ready to be taken for a ride. Yes, you can just get info at the hit of a button and keep yourself updated by reading snippets. But only a detailed analysis of the market can let one make a profitable investment in property in Chennai.

In these oscillating economic conditions, recession period and unusual market conditions, you need more than just news to fill you with some gyan. Metroplots is here to give you the news right exactly what you need to make up your mind, first-hand experiences! Yes! Blogging is the new era’s source of REAL information. Metroplots.com/blogs helps you know more than just what’s up with the real estate market in Chennai but also about apartments for sale/rent, attitude of the sellers/buyers and a lot more about home making services, from packers & movers to vaastu to modular kitchens! What not?

What’s more interesting? You can blog too and win amazing prizes for the same. The best blog of the week gets selected for deserving prizes like movie tickets for you and a friend! Go ahead, join the new age of opinons and open discussions, open up your thoughts and ideas at Metroplots.com/blogs today! BLOG ON!

Ampa Mall - Chennai

Wed, 27 May 2009 15:03:23 15MayIST

Chennai, now a commercial hotspot, has been criticized a lot for not keeping pace with the rest of the metros in lifestyle improvements like malls. Since the start of the millennium, the city has witnessed unseen growth across sectors, esp. in IT and hence the infrastructure. The result is an entertainment boom and a dramatic increase in retail and lifestyle requirements. But somehow it was never met satisfyingly as much as the need is and the mall developments have always been pretty slow in the city. The mall culture hit the other cosmopolitan cities in the countries quite a few years ago, but the potential is being tapped only now in Chennai. Still the city does not have a mall it can boost of.

The Ampa Mall that is coming up at the Nelson Manickam Road and Poonamalee High Road junction will give Chennai the truly international look it needs. The mall is built by Ampa Housing, who has years and years of experience in building and promoting commercial complexes. The location of the mall is very unique; it gives access to the well-heeled Anna nagar population as well the downtown Nungambakkam area.

Ampa mall covers over 3 acres and the built up area is around 6 lakh sq. ft. which will house restaurants, food court, cinemas, a boutique hotel and a food market. There will be a multilevel car park with advanced operating systems unlike any other mall in the city. Most of all, the mall is said to be Vaastu complaint at the same time has a futuristic design with contemporary looks. The mall will soon be Chennai's pride in state-of-the-art designing, landscaping and interiors, not to forget, a symbol of contemporary lifestyle and culture.

Conventional Medium Vs Contemporary Medium - Brokers Vs Internet

Thu, 21 May 2009 10:45:10 10MayIST

Chennai, like any other metropolitan city in the country has its ups and down in real estate. The biggest problem in the city here was the brokers and the fees their charge for their services which is a lot more than we can ever imagine. Usually, it’s about one or two percent of the price of the property itself. Now the investment cost for us starts to include the broker’s fee too. Most people do not differentiate between a broker’s ad and a direct advertisement on newspapers, since the interactivity part like through the internet is lacking. The other problem is that the advertisements the brokers give might not give you a true impression of what the property really is. After the initial excitement and all that, we get disappointed, mostly after the decision is made.

Online, it works differently; many builders have their own website. There are property sites like Metroplots itself that gives you an inside look into not just properties in the city but also gives you varied opinions on what to choose and how to choose when. Today’s generation is on an information era and we get it at the click of a mouse. Now you can browse away at the comfort of your home without any middlemen like brokers. Though now the problem is that the options have increased, and the choices are more. It is very important to choose the right source of information. Direct user-reviewed information is always better than what the property dealers directly have to say about themselves.

So now there is no more brokerage, saving you a lot of money, which you can afford to spend on your interiors and furnishing. You get to see a lot of pictures and even virtual walk-throughs sometimes which can never give you a false impression. Sometime you don’t even have to go to the property sites yourselves, just have to follow up on it on the internet. So no more walking up and down a million apartments in various areas before you decide on one and no more running to your apartment everyday once you start building it either. All relevant information, general and specific is available on the web, letting you understand the approximate costs for each area you are interested in and where you can save by investing at the right time in the city, unlike trusting brokers and their biased opinions.

Chennai is going completely international and most popular builders offer amenities available with par to some of the best constructions around the globe. You can even find, apply and do your loan-process online these days. These sites offer you an over all package as such. So potential buyers, mostly NRIs who are away from the city and want to invest in their hometown, take good advantage of the information overload in Chennai cyber-network and are making wise decisions these days. Yes! We can be sure, there won’t be a broker seen or heard of anymore in the near future.

What elements make a successful property market?

Mon, 11 May 2009 14:34:07 14MayIST

If you ask 10 property investors what criteria they use to choose their property investments you will likely get a number of different answers but there will be some common themes. While there is no quick fix or one formula fits all for a successful property market there are a number of elements which need to be incorporated to stand a greater chance of capital gain.
Among the more common elements to consider when looking to invest in property are:-

Local economy

The performance of a local economy has a significant impact upon the local property market as without business and employment in the region there will be little demand for property. As we have seen in many areas of the North East of England, some of the old coal mine villages and towns have never recovered from the closure of local pits which decimated the local workforce.

Transport links

Whether you're looking in the UK, America or any other area of the world the need for affordable and reliable transport links has never been more vital. You can have the best properties in the world but if they are not easily accessible then this will affect demand which will eventually affect property prices. A prime example of this is the massive rise in low-cost airline travel routes over the last decade which has encouraged a number of highly successful local property markets.
However, during the ongoing recession a substantial number of low-cost airline travel routes have been shelved which has had a significant impact on many areas which had previously benefited from these affordable transport links.

Tourism

Whether we like it or not the influx of visitors from overseas, or from other parts of a country, continues to have a significant impact upon local property markets. Spain is the prime example of a successful property market based almost wholly on the tourist industry which has brought millions upon millions of potential new property buyers to the region.

Local amenities and services

Within a successful economy comes the need to service and accommodate the local population which has often seen a substantial improvement in local amenities and local services. However, more and more we are seeing schools and other such local services having a substantial impact on local property prices. Whether you're in Spain, America or the UK, the need for quality schooling, and Dubai is another prime example of this, is becoming ever more apparent.

Political stability

While many property investors have made significant returns by investing in some of the more "troubled" regions of the world there are significant risks attached to such investment strategies. Countries such as the former Yugoslavia, where intense fighting carried on for some time, saw a complete decimation of the country's infrastructure and investors literally fleeing for their lives. A number of "brave" investors have made substantial returns after taking on properties which had collapsed in value with few buyers in the market and international and local sellers in abundance.
However Brazil is a prime example of how political stability, which is often followed by economic stability, can literally change a market overnight. This is a country which is now has one of the better performing economies in the world and recently saw its credit rating move higher as the prospects for the country improved. Slowly but surely property demand is spreading throughout Brazil with investors looking for new and exciting niche markets against a backdrop of significantly reduced political unrest.

Financial services

While the vast majority of countries around the world and accommodate substantial mortgage industries, there are some which are less accommodating than others towards overseas investors. One example of this is Germany where overseas investors have until lately found it near impossible to raise significant mortgage finance to acquire properties in the region. While changes are going through the German regulatory system it could take some time for the full benefits to be felt.
Interestingly, a number of countries such as Dubai and Egypt have until recently been fairly self supportive with very few investors taking on substantial debt to acquire property. However, the introduction of overseas investors from Europe and other areas of the world, where mortgage finance is commonplace, has forced many regions to change and adapt to investor requirements.

Exchange rate risk

While often underestimated, the exchange-rate risk can play a significant part in the success or failure of any overseas property investment. As we've seen of late, the UK pound has fallen from around two dollars to the pound to just under $1.5 which has severely impacted upon UK investors looking to properties overseas. Interestingly, the Euro has appreciated substantially against the UK pound and may well become the preferred currency of transaction for many European investors looking to invest in other areas of Europe. The fact that more and more EU countries have converted to the Euro negates the potential currency risk for many investors.

Regulatory environment

One problem which occurs time and time again is the introduction of "surprise" regulations such as those seen in places like Dubai. After tempting in substantial overseas investors the Dubai authorities decided enough was enough and tightened the very regulations which have attracted overseas investors in the first place. This tightening of the Dubai regulatory environment for example, against a background of a weak global economy, has had a significant impact on the local property market and local property prices.

The trust factor

While many people ignore the "trust factor" associated with investing in any country or any niche market it is vital to the long-term success of any property investment. The more risk associated with any one country or any one property market the larger the impact on prices, the fewer potential buyers and the more potential sellers. These are doomsday scenario factors which have literally obliterated many markets around the world, a number of which have never recovered.

Conclusion

These are just a small selection of the more common elements which property investors consider when looking to invest overseas. Above all, the need to do your homework and be fully aware of local practices, local regulations and the local property market is vital. Those who follow like "lemmings" will at some point face significant challenges once the "clever money" has left and the followers remain.
While every property market around the world has different characteristics you need to appreciate your own goals and your own investment guidelines and stick to these rigidly. It is only human nature to consider "flexibility" in markets you may like and may have a "soft spot" for but this is a recipe for disaster!

Housing Crisis in the US and the economy slump

Sun, 10 May 2009 01:09:04 1MayIST

I am writing this article to share an animation which I found last night about the reason for the economic crisis and the housing market slump in the USA. How does this impact the Real estate value in India? and the housing market in General? Take a few minutes of your busy life to see this piece of animation - to get a picture of how many players are involved in the sale of a property - There is a causal effect in this and each event leads to another and since its a \"flat world\", there are global implications for every action we do. http://crisisofcredit.com/ When you understand this simple phenomenon, we can estimate how housing prices are determined and why there is a current crisis globally - It starts from the US and emanates as a strong poison that spreads to each part of the world - If there is a negative mindset for many of the NRIs living in the US - When their own life is at stake, the amount of investment they would be willing to do in India would obviously come to a halt - Well - This is just a start- hope to share a lot more ideas at Metroplots - I find this website really amazing - It simplifies user decisions and is a revolutionary approach to connecting the right people.

The Inevitable Vaastu - A boon or a curse?

Fri, 08 May 2009 03:04:49 3MayIST

With the rapidly evolving property market in the country with new technologies over-taking each other at every passing day, buyers look for more smart features in their homes to take care of safety and comfort in a contemporary way. In this age of smart-buyers, are people ready to pay extra for Vaastu compliance? Is it possible that the most intelligent buyer still goes by such beliefs to finalize a bargain? Is it fair to increase/decrease a property’s value on this basis? How far would you go to make your home Vaastu compliant is the question. Is it worth the inflation?

More people are concerned about elements of Vaastu as it’s the trend of the day in Chennai real estate. Vaastu Shastra is the Indian doctrine to build a perfect home after considering directional alignments. Advertisers are promoting their property with ‘Vaastu’ as the highlight feature these days. There are not many ‘Flats for Sale’ advertisements we get to see on the newspaper that doesn’t have a mention of Vaastu in it! Earlier people didn’t have many options in this regard, but now that it’s an element that helps win over competition, so most builders offer the same. So now if an apartment in Chennai that is in close proximity to public transport facilities is expensive than the rest, a similar place but with Vaastu compliance becomes even more expensive.

So what exactly is this Vaastu Shastra? It is traditional Hindu architectural designing and the science of construction developed by a saint named Mamuni Mayan. Vastu means an object or a substance and that makes Vaasta a building or a site. Though Vaastu was primarily being used to build temples in earlier days, people all over the world then began to use it as an alternative to Feng Shui. Vaastu believes in the balance of 5 main elements that the world consists of, air, water, fire, earth and sky. The whole concept is based on this balance. The Hindu mythology considers a home to be a human temple, due to which the Vaastu Shastra requires every house to be constructed as spiritual as a temple.

The latest trend catching up the Chennai real estate market is buying a second home and earning through rentals, which has also added up to the increase in Vaastu requirements. This is because people believe that a good Vaastu complaint house will bring in more revenue than the one which is not. People new to Chennai, make good use of the relocation and buy real estate as it is considered a wise investment in the city. It so happens that a good Vaastu house gets almost 20 percent more than a normal non-Vaastu house. The craze is getting to the entire population so much that houses without proper Vaastu don’t sell or have to be sold at a loss at most times. People have started rebuilding their houses to correct it according to Vaastu requirements. A house, be it independent or an apartment, first or second, will always be a precious possession and a major investment bought through a person’s hard-earned money. No one can let luck play its part by itself and take a chance in this regard. That pretty much answers the questions we had earlier regarding the excess importance stressed over this abstract concept!

Demand of Chennai Real Estate

Mon, 04 May 2009 03:32:03 3MayIST

With the real estate being hit by the economic downturn all over across the globe, Chennai Real Estate still seems to be getting a group of buyers for residential as well as commercial property . Real estate developers are ready to launch new projects in these cities, a study said, adding to the discussion, that 12 major real estate projects were announced in the last six months in the southern metros. Out of the 12 projects, six went to Bangalore, when Hyderabad and Chennai got five and one respectively. Besides, the three cities have attracted investments worth Rs.12,150 crore in five special economic zone (SEZ) projects. The Assocham has added that three major hotel projects at an investment of Rs.5,375 crore are coming up in these cities. The south is also moving fast in the power sector. Elango Industries and Toshiba will invest Rs.1,415 crore to set up two power projects in Chennai, the industry lobby said. So, a lot of relocation factor is also going to happen with new employees from different places relocating to Chennai to these offices. So, flats for sale or apartments for rent in Chennai are forecasted to register a stable demand. Again, the slowdown may have stalled construction projects across the country, but Chennai is set to get six to eight new malls in the next couple of years, replete with food courts, cinema theatres, gaming arcades and shops. So these Real Estate Projects in Chennai are again on the forefront where the builders are still going on with there work. Two will be functional by this year: Ampa mall in Aminjikarai will be ready by the second half of 2009 and Express Avenue on Whites Road by the end of the year. Many smaller Indian firms, for whom high rentals had so far stopped them from expanding this maybe the right time to buy or lease office space. So, these investors relocating to Chennai to set up their offices in Chennai are searching for the right place to stay. So these people new to Chennai are actually looking for Flats for sale or apartments for rent in Chennai because again the prices have gone down heavily. A rental and capital value correction of commercial office space is underway across markets in India. Compared to a year ago, rentals are down 25-30% on average across the top eight cities of India. Some areas have been affected worse than others. NRIâ��s are predicted to play a big part in buying new apartments in Chennai or buying a new plot or office space in the city. While the local buyers are hesitating from buying houses coming up in large number in the district, it is the interest of NRIâ��s from Canada, US, England and middle-east countries that have given a new lease of life to the real estate sector in Chennai. With thousands of NRIâ��s inquiring about the availability of houses, flats and villas, real estate in Chennai has got fresh lease of life that otherwise was witnessing a low business for the last four-five months.