Reliable Property Dealers in Delhi

With a number of Real Estate Companies cropping up in Delhi, it becomes quite a task to locate a reliable one. Although, Internet is an information highway yet people are skeptical about the details that are furnished online. How to find reliable property dealers in a city like Delhi remains a big question? Here are some tips to help you in the selection of reliable property dealers.

If you want to buy or sell a property you have to go to a real estate dealer or agent who is well established and has good experience in this field. It is always difficult to choose when you have the option of many. In that case, a bit of research is the best way to go. You may enquire about dealers’ previous projects to get a fair idea.

Real estate industry is swamped with an unbelievable number of property dealers. It is difficult for someone to get an advice on what is the best possible deal. One can find plenty of options in Delhi. It is advisable to go for a Property Dealer that offers a wide range of services. This will ensure that your diverse requirements in case of buying or selling a property are fulfilled. For example, the current crop of Property Dealers in Delhi offers a comprehensive range of services to the customers. These services include locating plot for construction of residential or commercial building, assistance in buying or selling commercial or residential property, guidance in leasing and renting, construction consultation services, etc. Also consider the one who is able to give you maximum choices and can accommodate your requirements and budget constraints at the same time.

Commonly referred to as Real Estate Agents, the Property Dealers In Delhi have come a long way in terms of offering organized and reliable services. Owing to their specialized understanding of the field, they play significant role in the real estate market in Delhi and thus the onus lies on you to select a reliable property dealer.

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Real Estate Industry In Noida

Indian Real Estate Industry has traversed a long way in a very short time. Experts attribute the boom in Real Estate Industry to the demand fundamentals and rightly so.  Rising income levels and spiraling demand in the residential sector have certainly given a boost to this industry. Metropolitan cities have been a real beneficiary in this flourish. A name that needs a special mention here is Noida.

Noida, the largest industrial town in Asia, has been a part of big change as far as Indian Real Estate in concerned. Its relative proximity with the national capital Delhi has certainly proved to be beneficial. Uninterrupted power back up, excellent connectivity by road & rail and several other factors have triggered huge migration in this part of Uttar Pradesh.

Because of the above mentioned factors, Noida is hailed as a town with several economic zones. These economic zones are best suited for construction of shopping malls, industrial units and luxurious residential apartments. The town has witnessed rapid expansion in business outsourcing industry and service industry. As a result, the real estate prices are bound to go up and thus investing at the right time is a promise of huge returns in the future.

Another noteworthy trend in the Real Estate Industry in Noida is the syndication among major players. Big construction projects are undertaken in partnership by major Real Estate Companies thereby transforming competition into joint venture. This has certainly given a big boost to the industry. Recently government gave impetus to the industry by allowing 100% Foreign Direct Investment in specific Real Estate Development Projects in Noida.

No denying, Real Estate Industry in Noida is growing at a fast pace. Investing there will certainly be a wise decision. So, what are you waiting for! Rush to your nearest Real Estate Agency for more details and secure your future with smart investment.

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Expert Advice On Interior Decoration

You may have constructed a house but the eventual satisfaction is attained when you personalize the space as per your own taste and needs. The interiors of the home, the way they are designed, the way all the furnishings are organized, the planning and much more have their own appeal and impact on the occupants. While Interior Decoration, although aesthetic appeal tops the agenda yet practical applications too bear equal importance if not more.

Factors To be Considered
Interior Decoration is an art and requires a thorough consideration of several factors that include displays, furnishings, furniture, lightings, painting work, etc.  A basic concept in Interior Designing is that all the furnishings, furniture, gadgets, etc. must be arranged in such a way so as to maintain a balance and coordination between one another. The room should neither look overcrowded nor too empty.

Where To Start From
Experts believe that it is better to select one room at a time and focus on its decoration.  You can refer to magazines, books, real estate open houses or can take a cue from friends’ homes to get innovative ideas about how to decorate your room. Different rooms have specific requirements depending on traffic flow, position of fixed objects, electrical outlets, etc. Hiring professional Interior Designers is also a good idea but can dig deep holes in your pockets.

Certain Specifics
The decorative theme of a particular room may depend on its use and the fact that who will be using it for most of the time. Obviously, kids, room will have more of childish theme with vibrant colors and playful furnishings. You can experiment with color of the ceilings which are generally kept white.  Furniture should be placed so as to respect the balance, scale, contrast and decorative theme of the room.

Keeping the above mentioned facts in mind, you can really own a home of your dreams and be a reason to envy for your neighbors.

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Tips for Home Interior Decoration

Home is a place of comfort, leisure and relaxation and its interior is its soul. Obviously, everybody wants to give his/her home a magnificent appearance. But now time has changed, interior decoration doesn’t mean just to decorate two or three rooms of an apartment; in fact it has gone a long way. Now interior decoration means to make a place seem alive. One needs an expert’s advice to decorate his dream home. One can transform a place into a desirable abode with the help of an expert Interior Designer.

Interior design is all about what color, pattern, texture to be used or what kind of furniture should be there or what should be the style and proportion. Interior decoration is to transform a place so that it just turns visually appealing by making changes in these elements.

Walk through a house which is not professionally designed you will see the mistakes made by the owner. Few basic tips given by a professional can make it possible to give your place a fabulous look. With the help of expert’s advice you can renovate your place according to your pocket and wish.

Experts’ Designing Tips

Color Selection: If you have a small place always choose light color because light colors always make a place look larger and airy while dark colors make a place look smaller. Moreover, use colors from same color family for example: red and pale orange can be used together or pink and purple can make a great combination.

Doors And Windows: When it comes to doors and windows we don’t give much emphasis on them which is not good. Doors and windows have great impact on facade as well as on designing. One should use UPVC windows which are water proof, dust proof, termite proof, sound proof, and secure.  Doors and windows play major role in regulating light and air.

Furniture: One should use multi-utility furniture to save space. For instance, make chest of drawers under the bed and sofa which can be used as shoe rack.

If you consider a handful of such Interior Designing Tips to work with or advise you interior decorator about then you will be able to renovate your place splendidly. Careful selection of colors, furniture, curtains, style, etc. can make your place marvelous.

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Vastu For A Healthy and Successful Life

Vastu Shastra, the science of construction, propounds that the laws of nature and directional alignment impact human dwellings. To very rational minds, the claim might seem a frivolous one yet to your surprise, truth is sometimes stranger than fiction. Have you ever tried to figure out the origin of the feeling that we refer to as contentment, comfort and warmth of our home? Do spaces and materials in the home have physical significance only? Or can there be some psychological and spiritual attribution to them? Vastu Shastra is an answer to all these mystifying questions.

As per Vastu Shastra, a person’s dwelling effects his/her well being on three parameters; physical, psychological and spiritual. The quantum of influence is governed on the basis of numerical calculations of energy received and spent.  Let’s elaborate this.  In an architectural structure, space, ventilation, position of materials in an organized manner, colors, shapes, surroundings, etc. contribute to the physical stimulation of the inhabitants.

Similarly, the flow of energy in an architectural structure that conforms to the Vastu norms creates a feeling of contentment, eases out tensions and keeps the mind of the inhabitants relaxed even in the tensed phase of life. Spiritually, Vastu compliance takes one to a divine path where there can be a spiritual connection between the individual and the Almighty.

Vastu Shastra may defy logic, but what is evident needs no evidence. Despite its intricacies, the art of Vastu has tempted several professionals to study it and implement its principles in modern day constructions. In fact, Real Estate Sector is very serious in this regard and has witnessed the emergence of professional Vastu Consultants. It won’t be an exaggeration to say that when science and technology are progressing with spiraling pace, Vastu Shastra too has earned a distinguished space in common life.

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Tips To Sell Your House Without A Real Estate Agent

Selling a house is all about preparation, proper research and lots of effort. Though most people tend to approach Real Estate Agents to sell their houses for them, doing it on your own is also no big thing. There are a few tips that will help you get this task done in the best way, & with profitable returns.

Tips To Sell Your House Without A Real Estate Agent

• More than anything, what is required for successfully selling a house without professional help is Patience. Since you are going to handle the whole process from the advertising to the negotiating part, you will need to be available 24/7 to handle any queries of interested parties.
• The most important part of selling a home is determining its current market value. For this you can avail the services of property valuation experts who will conduct a property appraisal and provide you with its true estimate.
• After this, you can decide upon how to advertise the property sale. You could – do it on online property portals, through ‘Property For Sale’ flyers, pass out ads to local brokers, put up ‘property on sale’ signs wherever possible, take out classified ads, etc. Other ideas like ‘open houses’ too work well. The idea is to get as many people to know that you have a property to sell in a limited time.
• Another factor that will definitely increase your profit margins is getting your house redone before selling. Get the painting redone, woodwork renovated & varnished, the plumbing and electrical systems refurbished, etc. There is nothing worse than leaking plumbing systems & seepage in the walls, when potential buyers come for a look at the property.
• Be sure about what prices you are going to ask & be ready to negotiate. Be flexible & realistic about the asking price.

With these tips, selling a house even without professional help will seem like a cake walk.

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Tips To Succeed As A Real Estate Agent

Investing in Real estate is an extremely profitable venture. As a Real Estate Agent, you can hope to gain handsome returns and a profitable business. But that does not mean that you can afford to rest easy and not work. Being a highly competitive domain, there is no dearth of real estate companies in the market. There are so many options in the market that an investor is spoiled for choices. In such a scenario, it is essential that a Real Estate Agent make a niche for himself/herself in the market so as to gain a unique identity.

Tips To Succeed As A Real Estate Agent

• At the outset, it is very important that you make a note of some very essential facts like – How exactly do you define yourself? What all services do you plan to offer? What is the scope of these realty services provided by you? Together with this, it is also essential that you plan out the future of your real estate company. Where you want the company to be in the next five years is also an important question that needs to be addressed.
• Identify your target market – If you plan to succeed as a Real Estate Agent, it is quite essential to select a niche group of clients to target. Though the whole market may seem like a better idea to a first-timer, this is a sure shot recipe to fail. Concentrate on a select group, become the market leader in that particular section & then move onto others.
• The next tip is to identify your competitors - Make a note of their target group, what makes them better than you, what services they offer, etc. This helps in getting a grasp on what you are lacking in, where you can do better, & what works best in the market.
• Work on developing your own USP - Some unique point that differentiates your real estate brand from competitors. Literally speaking, you could get a unique brand logo for your company that is appealing, one that is memorable & truly helps you stand out. Other subtle ways of standing out from your competition includes – additional services at no extra rate, timely services, developing personal relationship with clients, ensuring they get more value for their money, etc.

In today’s high competition environment, following these tips will get you one step closer to becoming a successful Real Estate Agent.

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DDA Housing Scheme 2010 Details: Price & Sale of Forms, Registration Fee & Documents Required

As per the DDA Housing Scheme 2010 brochure issued on the official Web site of DDA, below are the key points of the Scheme:

• DDA housing scheme 2010 has been launched announcing 16,000 flats in different Delhi locations, including Dwarka, Vasant Kunj, Mukherjee Nagar, Rohini, Motia Khan, Jasola, Pitampura, Kalyan Vihar, Jahangirpuri, Sarai Khalil, Narela, Loknayak Puram, Zafrabad, Rohini, Kondli Gharoli, Bindapur, Nasirpur, Chilla, Trilokpuri and Shivaji Enclave.

• Eligibility to Apply: Indian Citizen 18 and above not owning any residential flat/ plot fully/ partly on lease/ free hold basis in Delhi, New Delhi, Delhi Cantonment either in his/ her own name or in the name of his/ her wife/ husband/ a minor or dependent children.

• Sale of Application Forms: Starting from 24 Nov 2010 the sale of application forms will continue till 24 Dec 2010.

• Forms available at: Registration forms are available at various bank branches of ICICI bank, HDFC bank, Axis bank, SBI, IDBI bank and Union bank.

• Cost of Application form: Rs.106 (inclusive of bank surcharges).

• Online form can be downloaded from the Web site of DDA, http://www.dda.org.in/

• Registration fee for 1, 2 and 3 BHK flats: Rs.1.5 Lacs

• Registration Fee for Janta flats: Rs.50,000
• Applicants to pay Registration Fee from their personal bank accounts.
• Successful applicants will have to take a Home Loan in their own name.

• Mode of Registration Fee Payment: Registration fee to be paid through a Single Banker’s Cheque/ DD of any bank drawn in favor of DDA housing payable at Delhi/ New Delhi.

• Rejection of Forms: The form would be considered incomplete and rejected if any box is left blank in the application form/ the applicant does not give locality preferences in the prescribed locality codes.

• Cutting/ Erasing/ Overwriting in the form is not allowed.

• Mandatory: It is necessary for the applicant to have a PAN card & Bank account.

• Lucky Draw: Lucky draw to be held within 4 months of the closing date, no interest will be paid for these 4 months.

• Husband & wife can jointly apply but just one flat will be allotted per family.

• Reservations: SC / ST: 17.5% flats reserved for SC; 7.5% flats reserved for ST; War Widows: 1%; Physically handicapped: 1%, Ex-serviceman: 1%.

• Price of flats: Rs.6 Lacs – Rs.1.12 Crores.

 

Documents to be submitted with the application form:

a. For All Categories

• A self-attested copy of PAN (Permanent Account Number).

• Residence Proof (eg. Self-attested Passport copy/ Identity card/ Election card/ Ration card/ Driving.

• License/ Telephone, electricity or water bill/ House tax receipt/ Bank pass book (copy of page carrying name and address)/ CGHS card.

• Copy of bank Pass Book (self-attested)/ Bank statement of the account mentioned in the application form

b. For Reserved Categories

In addition to the above, people under the reserved category must submit:

• SC/ ST applicants: Copy of the original certificate certifying the applicant’s status as belonging to SC/ ST category, duly attested by the District Magistrate or Sub Divisional Magistrate of the area concerned.

• Physically handicapped persons: A duly attested copy of original certificate issued by the Medical Board of a Government Hospital.

• Ex-serviceman: A Discharge Certificate copy duly attested from the competent authority of Ministry of Defence/ Dept. of Defence.

• War- widows: An attested copy of “Requisite Certificate” issued by the Ministry of Defence/ Dept. of Defence.

An applicant failing to submit the aforesaid documents will not be considered under Reserved Category and will be considered under General Category.

 

 

Result of Allotment

 

Lucky draw results shall be displayed on the Notice Board of DDA at Vikas Sadan, D-Block, INA, New Delhi-23. Results can also be seen online on the website of DDA at http://www.dda.org.in/ and in the leading Newspapers.

 

 

Refund

 

Unsuccessful applicants to be given the registration fee refund at the earliest. If not refunded within 4 months time from the date of scheme closure, a simple interest @ 5% per year will be given on the paid registration fee. 

 

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DDA Housing Scheme 2010 Application Money Loan: Banks War on Interest Rates

The recently announced DDA Housing Scheme has initiated a full-fledged war among banks to woo the buyers for taking the application money loan. The Banks have slashed down their interest rates as compared to last year and also offering waiver on the processing fee. As the banks reveal low interest rates when compared to their rival banks this will benefit the end users. i.e. the purchasers to avail the best Loan.

 

SBI announced a reduction in its total interest package on December 01, 2010 from Rs.5100 to Rs.4600 for availing Rs.1, 50,000 Application money while people wishing to borrow an amount of Rs.50,000 for Application money will have to pay an interest of Rs.1600 only. Many other banks are preparing to reduce their interest rates up to base rate. Banks like Axis, HDFC and ICICI have not yet let their cat out of the bag. Axis Bank is the prime player as it pioneered the Application Money loan in the residential sector.

It is certain that all the banks interested in providing 100% finance for DDA Housing Scheme 2010 will disclose their interest rates and applicable charges by 5th December, 2010. Though the Public Sector Banks have taken a lead in announcing their schemes of lower interest rates but getting a hassle free loan is equally important for the purchasers. Many prospective borrowers are of the view that government banks usually fail to fulfill their promise of a hassle-free loan when compared to private banks. Banks are expecting the sale of application forms to cross the last year’s mark of 5.67 Lakh applicants. As the flats offered are 50% cheaper than the existing market rates, there is a strong probability of higher number of people turning up for the application money loans.

The banks are charging lumpsum interest & processing charges for the application money loan. Some of the banks are also demanding blank cheques for additional interest considering the delay in the draw. Generally, banks reap an interest spread of 2-2.5% over their deposit interest rate, but if they finance the DDA Housing Scheme they get an interest spread of 6%. Application money loan is the safest loan for the bank as the whole amount is deposited as application money. DDA is reaping rich profit from earnest money by investing the sum in fixed or flexy deposits. Central Bank of India and Bank of India have announced an interest rate of 8.5% on Rs.1 Lac 50 thousand earnest money finance amounting to total interest of Rs.4521 and Rs.4782 respectively. Similarly, for Rs.50, 000 earnest money finance Central Bank of India and Bank of India have announced the total interest as Rs.4521 and Rs.4782 respectively.

Before choosing any bank to apply for the DDA Housing Scheme 2010, the applicants must do a thorough survey and then take a wise decision that will prove useful in the long run.
 

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DDA Housing Scheme 2010 - Details of Flats Announced

Details of Flats announced in DDA Housing Scheme 2010 as displayed in the online brochure issued by DDA:

Locality	Locality Code	No. of Flats	Approx. Area Sq.Mts.	Tentative Cost (Lacs)
Vasant Kunj, D-6 (newly constructed furnished flats with Lifts)
1 Bedroom	11	1285	54-58	34-37
2 Bedroom	12	548	81-152	51-96
3 Bedroom	13	876	173-176	110-112
Multi-storied 3 Bedroom Flats
Mukherjee Nagar (Newly constructed housing pocket)	21	336	127-178	58-81
Motia Khan (Newly constructed housing pocket)	22	144	130-131	84-85
Jasola Sec-9A (Newly constructed housing pocket)	23	320	131-132	74-75
Dwarka Sec.18-B (Newly constructed housing pocket)	24	947	150-176	71-83
Rohini Sec-29 (Newly constructed housing pocket)	25	560	160-175	61-67
Pitampura	26	4	127-150	54-63
2 Bedroom Flats
Kalyan Vihar (Newly constructed housing pocket)	31	24	80-95	30-36
Vasant Kunj (HIG)	32	5	71-87	32-39
Rohini, Jahangirpuri, Pitampura	33	18	60-105	21-37
Sarai Khalil	34	2	78	36-36
Narela	35	2	70-110	26-41
1 Bedroom Flats
Vasant Kunj, Dwarka, Loknayak Puram	41	323	42-61	13-19
Zafrabad	42	2	42-61	13-18
Rohini	43	57	42-61	13-18
Narela	44	213	42-61	10-14
Dwarka Sec-14 (advanced stage of completion)	45	760	41-42	14-14
Rohini Sec.18 Blk F (Newly constructed housing pocket)	46	300	46-49	15-16
Rohini Sec.28, Sec.29 (Newly constructed housing pocket)	47	4260	42-49	11-13
Jasola, 10-B, Pkt.12, Molar Band (Newly constructed housing pocket)	48	1160	39-58	13-19
Dwarka Sec.3, Pkt. B&C; Sec.26, Pkt.B (Newly constructed housing pocket)	49	1220	28-29	9-10
Kondli Gharoli (Newly constructed housing pocket)	50	1830	31-32	10-10
Expandable Type-A
Narela	51	207	20-37	6-11
Dwarka, Bindapur	52	17	20-37	10-19
Expandable Type-B
Narela	61	98	50-80	18-28
Dwarka, Bindapur	62	56	50-80	30-48
Janta/ 1 Room Tenements Flats
Jasola, Nasirpur, Dwarka	71	533	20-25	5-6
Kondli Gharoli, Chilla, Trilokpuri, Shivaji Enclave	72	94	20-25	4-5
Narela	73	36	20-25	3-4

Note: Additional Provisional Freehold Charges Apply

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Commercial activities in Residential Areas: Mixed Use of Land (Draft Master Plan Delhi-2021)

As per the draft of Master Plan Delhi-2021 (Draft MPD 2021) available on the government portal of Delhi Development Authority, the below is proposed for the mixed use of land in Delhi:  Mixed Use of Land Mixed use of land refers to the non-residential activities in the residential regions. The commercial or non-residential activities carried out in the residential areas of Delhi have a significant impact on the socio-economic societal needs as well as environment. The presence of such commercial activities in the residential areas benefits a large section of residents and also reduces the traffic which can increase in the absence of such facilities with residents having to travel far to meet their basic daily needs. However, unless the commercial activities are regulated they could adversely affect the residential area by adding to the pollution, congestion and public nuisance. Thus the Master Plan of Delhi 2021 has ensured to include sufficient measures regarding mixed use of land in Delhi. As per the draft of Master Plan of Delhi, 2021 the following have been recommended for mixed use of land: Only selective commercial/ non-residential activity should be allowed in the residential premises of Delhi considering the needs of the residents, environmental concerns, secure and painless traffic movement and ample of parking space. For new residential developments being planned, both the residential and non-residential activities should be considered right from the beginning while preparing the lay out. The location of commercial centers with sufficient parking space, traffic movement and services offered should be taken into account. Specific norms should be drawn up for parking as well as running any commercial activity floor wise. Any notified provision made in the last Master Plan shall continue to be in force under the newly approved plan if it falls under the overall framework of the new plan. The mixed use of land may be allowed on road/ street-facing residential plots. The minimum width of the road/ street should not be less than 18 metres ROW. Awareness should be spread about such streets giving them far-and-wide publicity. Lutyen’s Delhi and Civil Lines; the posh areas of Delhi having Bungalows, institutional housing or staff housing, government housing and heritage areas of national importance would not fall under the ambit of Mixed use policy. Any commercial or non-residential activity involving any type of inflammable, obnoxious, hazardous, non-compatible substance or pollutant or any such harmful process shall not be allowed and termed as non-permissible use. Permissible use of land includes the retail shops, convenience stores, household industries in accordance to the industrial section and any other specific use or professional activity not considered harmful for the society. Mixed use of land in residential areas does not allow the following activities: I. In Retail shops:  Building/ Construction materials like timber, marble, iron, steel, sand and timber products. Inflammable materials like coal, fire wood or any other bulky material causing fire hazards. II. In Repair Shops: Repair of Cycle-rickshaws Repairs of Automobiles or automobile workshops  Tyre resorting and retreating Charging batteries  III. Godowns, warehouses and storage  IV. Liquor Shop  V.  Junk Shop  VI. Printing/ Varnishing/ Dying VIII.Any activity notified from time-to-time                  Permissible retail shops in notified streets under mixed use of land except the ones mentioned above are subject to the below: Mixed-use retail shops are permitted only on the ground floor not extending beyond the ground-floor area. The shopkeeper should unconditionally surrender the front setback and should not enclose it in a boundary. It should be used only for parking purpose. There should be a parking space of 2 ECS (Equivalent Car Space) per 100 square metres within the premises. The cost involved in developing parking space or common parking in commercial areas @ 2 ECS/ 100 sq.mt. shall be paid by the recipient. The activity areas or the premises should be entered from a service lane and direct entry from the main road should not be encouraged. Permission for mixed use of land has to be taken from the concerned local authority and subject to the payment for conversion charges. The planned nature of the residential area should not be disintegrated and no encroachments on the roads or streets shall be allowed.

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Chennai Residential Apartments and Flats

Chennai has been witnessing a real estate boom just like its counterpart metro cities. Reasons are clear, the ever-increasing population count and the improving infrastructure and economy. It also houses several automobile and software companies, which make it more populated. The apartment culture has gripped the entire nation and Chennai is no exception! The apartment and flats have become a vogue in Chennai as when it comes to a home, everything seeks nothing but the best.

There were days when a bungalow was an epitome of wealth and luxury. People longed to own a bungalow and if they failed to build one, they settled for a smaller independent house. Today, the scenario has changed altogether. Even the rich and affluent classes prefer living in an apartment or flat. The apartment culture is catching on because it has several advantages over an independent house or a bungalow. Many a people now think of apartments as an ideal option. Apart from an array of facilities in apartments—for example, parking, 24-hour security, water and power back-up, playgrounds, trendy interiors, LPG connections, health club, intercoms—they offer an easy option for vacations wherein you can simply lock them up and enjoy a long vacation without any fear of theft. Whether you face a problem with your bathroom tap or some electricity problem, you just need to inform your security guard to send the plumber or the electrician to fix it up. Can it get better than this? Had it been your bungalow or an independent house, you would have to run around and get things fixed. So we can clearly see the difference! Many such small-small things give you big enough benefits of living in an apartment. The apartments or flats are pretty cost-effective as well in comparison to the independent houses or bungalows. Last, but not the least the main reason for the apartment or flat culture to flourish so rapidly is because land is a limited natural resource and to utilize each and every inch of land in the best possible manner there can be nothing better than living in an apartment. Thus, scarcity of land can be only compensated with building more and more apartments to meet the rising demand for residential plots. The demand for residential properties has also soared high due to the increasing rents. Not just the government authorities, but private builders have stepped ahead to provide comfortable and affordable housing in the form of apartments and flats.

The prices of the apartments and flats equipped with superfluous amenities depend on their location and the extent of facilities provided. You get an easy access to the ultra-modern amenities the day you own your apartment. Depending on the requirement you can purchase a 1, 2 or 3 bedroom apartment. For larger families there are more options available. With the prices of land going out of reach of the common man apartments and flats seems the only way out. The government of Chennai has also had a role to play in initiating the township culture which eventually led to the so called apartment culture of today.

Chennai Metropolitan Development Authority was founded in the year 1971 for a structured planning of the city of Chennai. CMDA works with an objective of developing Chennai for a better future. This government entity took the initiative to launch the development activities of metropolitan regions (28 town panchayats, 306 villages & eight municipalities) of Chennai on a large scale. CMDA works in collaboration with various property consultants to frame well-organized development policies. The residential project from Vandalur to Minjur on the outside of the ring road is one such project undertaken by CMDA. The First Master Plan drawn by CMDA included building housing projects on a mass scale by obtaining around 12,000 hectares of land in the urban nodes (Avadi, Alandur, Minjur, Tambaram, Ambattur and Manali) and in satellite towns (Thiruvallur, Maramalai Nagar and Gummidipoondi). The second Master plan has made it a mandate for the private builders to set aside some land for constructing houses for the weaker sections as well as lower income groups of the society. CMDA also developed land maps and their current usage patterns to formulate new development projects for the city. The government has thus joined hands with several private builders to come up with an affordable housing option and encourage building apartments and flats in Chennai.

The desires of the middle class to dab their life with a little luxury and comfort were met with the classy apartments and flats. The easy availability of finance as an option from several banks has made it even simpler to upgrade the lifestyles. The influential classes, however, got another opportunity to entertain themselves with the new concept and add a little more luxury to their already luxurious lives. Whatever is the case, apartments and flats ease the pressure on land by accommodating many lives under one combined roof, so do you want to aide the cause of relieving Mother Earth from the undue pressure (when you can actually afford to) or be happy building another independent house?

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Chennai Commercial Properties: Rental Boom

The inclusion of shopping malls, commercial complexes and vacant lands in Chennai under the category of service tax according to the Union Budget will result in a hike in the rentals of commercial properties in Chennai to an extent of 10%. Even though it would not be too significant an increase, yet developers and real estate experts in Chennai are of the opinion that in the near future the rentals will still go higher in most parts of Chennai.

However, at present the rentals for offices have not yet seen a rise. Retail show room rentals on the other hand have started showing an upward trend. Market experts predict that in the next 6 months the rentals for commercial or office properties will see a marked increase. Commercial properties located in areas like Radhakrishnan Salai, Anna Salai, Guindy, Nungambakkam High Road and Greams Road are likely to have higher rentals very soon. The Central Business District or CBD area including RK Salai and Anna Nagar will have the highest impact. The increasing rentals point towards the increasing demand and limited supply of commercial properties particularly in the CBD region. Contrary to the dynamic rental market of the CBD region, the suburban as well as peripheral areas have not witnessed any kind of change in the rental values when compared to the year gone by. Moreover, the properties in these areas have a higher vacancy ratio. Thus, even if CBD is not left with much to offer in terms of commercial rental space, other areas can be of some hope. Once the vacancy ratio falls down the construction activities for fresh supply can be step up at a faster pace.

The commercial space demand in Chennai is climbing the graph quite swiftly. This will invite an additional growth for the Chennai Real Estate Market. Realizing the upcoming demand of commercial properties, several projects have already been started or at a completion stage in CBD.  The real estate developers have been sharp enough to construct modern-looking commercial properties well equipped with all facilities in CBD in order to charge a higher rental than the existing one.

The rental boom in the commercial properties of Chennai will definitely help in providing high-quality commercial/ office space. It should be remembered that land prices are the prominent base for deciding the rental value. In the last few years the land prices have seen a drastic increase, but the rental values are not in sync with the sky-high land prices. The low rental values in comparison to the high land prices eventually accounts for low quality commercial space. Interestingly, the rental values in Chennai have always been rated as the lowest in the country contrary to the higher rentals in other metros. The corresponding increase in the rentals as per the land prices has been missing since long. Now, the 10% hike in the rental values is just the right beginning in the right direction.

The consequence of higher rentals for commercial properties in Chennai will either discourage the new retailers planning to establish themselves in Chennai or open new commercial avenues for them. The city of Chennai has enormous potential for retail sector, a well-planned and organized rental strategy will ensure a healthy growth in retail sector.

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