Saturday 25 February 2017

Realestate Market 2017 Of Chennai is on Rise






2016 was year of several big announcements. From the Smart Cities mission to demonetization, there have been several headline-making events that will change the face of Indian real-estate in the times to come.Chennai  Realestate embraced these changes and lived up to its standing of being fully a city that bounces back, whatever the odds.

Chennai is among those metros which has a healthy diversification of economic growth driver. Its economy has a broad industrial base, with Chennai's port and its thriving IT/ITeS and BFSI sectors contributing to its growth. The city's building sector includes the automobile, computer, technology and hardware industries.

This diverse economic base ensures that the city continues to attract new businesses and industries, guaranteeing sustained and robust demand for both commercial in addition to residential projects in Chennai . Also, being among India's IT hotspots, Chennai has witnessed a constant influx of talent and skilled workforce.

In 2016, over 70% of the office space absorption in the city was from the IT/ITES sector. The city also witnessed a record gross absorption of 6 million sq. ft. This is a 20% increase over the prior year. With limited option of ready-to-move-in office spaces, occupier demand is only likely to rise.

The steadily-improving office market scenario will have an evident positive affect residential property in chennai demand, as well. This means that locations in Chennai where office space market activity is higher – including the Southern suburbs - will dsicover significantly increased traction.


The Government's recent demonetization move has triggered more cash being pumped in to the banking system, and this may make substantial funds available to banks for lending to businesses, construction, infrastructure development, and home buyer financing. Chennai, using its massive development and growth potential, is likely to be certainly among the principle beneficiary cities.

Friday 17 February 2017

Considering Selling Property in Chennai Using the Internet or Brokers?







Owing property in Chennai is a blessing for most of us most of the time. When it comes to try and sell a piece of real estate in Chennai, things can become more complicated and at times first generation owners of properties, or those who inherited a piece of property and now wish to sell, can rue the day the real estate in Chennai passed into their hands.

Taking Expert Help to Sell

In many instances it can seem beneficial to take on the aid of a lawyer or property consultant so that the property in Chennai or for that matter any property in any part of India can be easily sold.

Middlemen, though at times crucial, can also misguide a buyer and take a hefty commission to boot. The disadvantage to deciding not to place buy home in chennai through an intermediary is that one may not be able to gain access to a large enough pool of attractive prospective buyers.

Are We Evolving With the Times?

Today buying and selling properties has taken a quantum leap from how property in Chennai was bought and sold as recently as fifteen years ago. With the aid of the web, buyers and sellers of real estate can be brought together easily. Yet a disadvantage buyers face when selling property in Chennai or in any other large Indian city is that they risk believing all the information online they come across.



 

Which are the upcoming projects in Chennai's real estate

 

Remodelled social Infrastructure and connectivity entice buyers in Chennai

 




The True Internet Dilemma

While the Internet is an indispensible resource to be used when buying and selling apartments inChennai or buying and selling apartments in any other city, it can at the same time be detrimental to gaining a greater clarity of the ground reality, something that can often only be garnered by someone with a ground presence in a particular locality.


To further complicated matters, a great deal of information online is spurious and can misguide a seller despite his or her sincerest efforts. Additionally, the ground reality at a locality changes rapidly and the Internet, though quick, can often fall behind in providing the latest information. Developers in Chennai may also skew information online to favor certain projects and to belittle others leading to sellers having to contend with misguided buyers who have a bias against a particular property in Chennai.  

Tuesday 7 February 2017

Tamil Nadu mandate registration of agents engaged in the realty sector Under RERA



Developers failing to deliver housing projects punctually may land in jail as per the draft rules for the true estate act released by the state government on Saturday. The act was passed by the central government in March 2016 and it was left to the state governments to frame rules under it.

The Tamil Nadu Real Estate (Regulation and Development) Rules, 2016, create for public comments, also mandate registration of agents engaged in the realty sector.But, the principles don't address the vital dilemma of according single window approval for buildings, which developers  in Chennai opine could be an impediment in the successful implementation of the pro-consumer act in one of many country's largest urbanised states.


Welcoming the draft, Con federation of Real Estate Developers'Associations of India (Credai) Chennai president Suresh Krishn said there was not much difference between the state draft rules and the central draft rules for the act."However, the draft rules haven't addressed the single window clearance approvals for housing projects in Chennai, which is needed for the successful implementation of the act.

As per the draft rules, home buyers will get full refund whenever you want "if the builder hasn't followed enough time schedule ".Additionally, it says developers must refund the client within 45 days once he doesn't adhere to enough time schedule. The draft rules offers constitution of a real estate authority and an appellate tribunal before which aggrieved consumers can represent their grievances.



Builders also needs to register their projects with the authority detailing all aspects of the project. The authority may also have an exclusive website, where profile and track record of promoters and litigations over their real estate  in Chennai projects will be uploaded. In accordance with government sources, public can send their comments on the draft rules within 21days. 

"The rules is going to be notified after getting passed in the assembly ," an official told TOI, adding that "it's unlikely that the draft rules is going to be introduced in the ongoing session." The rules also state that promoter must pay a rate of interest of 2% as well as the RBI's repo rate (the rate at which the central bank lends money to banks).