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).

An Opportunity to Own Affordable Property in Chennai

Homeowners searching for an affordable property in Chennai should certainly consider Korattur as this locality has affordable homes surrounded by good amenities. Korattur lies between the lively locality of Anna Nagar and the more industrially inclined Ambattur. Korattur has been known to have had residential properties from as far back as fifty years ago.  

A Planned Yet Affordable Locality 

Unlike many other regions, residential properties in Chennai at Korattur have been built according to a plan by the Tamil Nadu Housing Board the layout of which was created in the 1950's and 1960's. Unlike many other localities which have suffered from poor planning and where development has hence been chaotic, Korattur, since it was well planned in advanced, is quite well organized. Those who wish to buy a house in Chennai at Korattur should bear in mind that prices here range from 6,000 to 9,000 rupees per square foot. Rental values here for a 2 BHK house range from between 15,000 rupees to 18,000 rupees per month.  

A Close Proximity to A Bursting Hub 

Korattur is on the outskirts of Chennai, however the reason for this regions attractiveness is that it is in close proximity to Anna Nagar which is a fully developed micro market. Anna Nagar and Korattur are only seven kilometers apart. Other reasons which make Korattur an attractive region at which to own property in Chennai is the presence of a suburban railway line which connects this region to others in Chennai. Additionally the presence of good road transport in the form of autorickshaws and busses also make owing real estate at Korattur attractive.  

Distant Yet Connected  

Realty experts claim that residents of Korattur enjoy easy connectivity to regions such as Chennai Central, Kilpauk, Kolathur, Ambattur and Anna Nagar. Additionally the NH 205 connecting Chennai to Andhra Pradesh is only a few minutes from Korattur. Experts also believe that the construction of the new metro line connecting Madhavaram to Siruseri shall provide Korattur better connectivity to the rest of Chennai. Once the mentioned metro line is completed, projects in Chennai, in and around Korattur will benefit not just from better connectivity to the surrounding areas but also from an appreciation in the value of existing homes in the region.  

Excellent Preexisting  Infrastructure  

The locality of Korattur looks poised for unrestrained development as it is the backdrop of many new residential apartments in Chennai. Many existing Tamil Nadu Housing Board flats are being replaced by newer, swankier apartments in Korattur. Realtors and builders in Chennai are also eager to develop this region due to the pre existence of the well developed social infrastructure which is crucial to attract new investors to any region. Social infrastructure in the form of schools, colleges, and hospitals is present at Korattur and every street in the locality has metro water connectivity and a sound sewage system as well.  

What the Future Holds 

With the presence of two large water bodies such as Korattur Lake and Puzhal Lake, Korattur does not suffer from any dearth of portable water supply which is otherwise a common complaint in Chennai. Insiders believe that within a few years Korattur will become a thriving center for IT and ITeS. It is believed that organized retail in the form of branded showrooms and malls shall being to take off in Korattur within two to three years.  

Conclusion 

Within a few short years, property in Korattur, just as in Guindy, may become a darling for investors eager to own property in Chennai.  Ample green cover in the locality also makes it one of the most attractive places to own affordable real estate in Chennai

Which are the upcoming projects in Chennai's real estate?

There will be growth in the real estate market currently if the property prices start falling. There has been substantial growth in the real estate prices in the major urban cities of India. The rise in the property prices is due to the expansion of the IT sector. The real estate sector is considered the most sought investment options in India. There is involvement of substantial amount of black money. According to the reports, there is approximately 30 percent of dealings are done with the black money in the real estate market in India.

Demonetization has given a hard blow to the people using black money in the real estate. The demonetization of the currency notes of Rs 500 and Rs 1, 000 will surely decrease the use of the black money in the Chennai property market. It is expected to reduce the prices of the homes by at least 30 percent.

Let us check out some the prominent location and the real estate projects in Chennai where you can look forward to invest or buy: 

Baashyam Pinnacle Crest at Sholinganallur, South Chennai- Baashyam builders have a rich experience of 30 years and they are considered as one of the reputed builders in the Chennai. They are fully committed to quality and customer satisfaction. With that similar commitment and confidence, they have launched this new project at Sholinganallur

KG center point at Poonamalee, West Chennai-  Kishore Kumar Gokaldas builders are in the real estate industry for last three decades and have developed some the best commercial and residential projects. The company has delivered around 140 units in Chennai and Kochi. Their new project, KG center point at Poonamalee aims to deliver similar results.

A Glimpse into Property in Chennai’s Southern Region

Property in Chennai at the southern part of the city has outpaced many other parts of the city and gone on to attract a great deal of investment at the expense of other regions of Chennai. Hence there are numerous reasons for South Chennai to celebrate. 

A Few Reasons that Make South Chennai Real Estate Attractive

• South Chennai is An Emerging Investment Hotspot
• Job Opportunities in South Chennai are increasing which is leading to more residents shifting to South Chennai
• The value of homes in South Chennai is rising
• South Chennai is experiencing greater demand from consumers.  

Experts recommend that buyers who wish to gain attractive returns on their investment should certainly consider buying property in Chennai’s southern region. It is also recommended that those who wish to buy a house in Chennai to live in and who have a four-year time horizon in which to buy their real estate should certainly consider buying a property in South Chennai. 

The Emerging Growth Nodes in South Chennai 

Two regions which promise attractive growth in South Chennai are

Old Mahabalipuram Road and the Grand South Trunk Road both of which are very popular as growth corridors and promise great returns to investors. Chennai has grown a great deal along regions such as Old Mahabalipuram Road (OMR) and the Grand South Trunk Road (GST)

What makes OMR and GST attractive real estate destinations is a large number of the IT and ITES office spaces are found here. Special Economic Zones of other diverse industries are also found here. Residential development is also prominent in this region and the area attracts homebuyers who invest in these regions. 

To put the popularity of South Chennai property in perspective, nearly sixty-two percent of people prefer to live in this region and nearly sixty-three percent of properties in Chennai which are bought and sold are found in South Chennai.  

The Segment of Properties in Demand in South Chennai

Particular segments of properties in Chennai at its southern region are appreciating in value. The three price points of these segments of properties are between 3,000-4,000 rupees per square foot, 4,000 to 5,000 rupees per square foot, and 6,000 to 7,000 rupees per square foot. All the properties at these price points have fared well. In terms of the numbers of affordable houses and projects in Chennai, the locality of South Chennai has nearly the highest or second highest number of such homes in the entire city. South Chennai has the largest number of homes in Chennai which are priced between 3,000 to 4,000 rupees per square foot and also those priced between 4,000 to 5,000 rupees per square foot. 

Going into detail and considering the secondary market in South Chennai, data reveals that nearly eighty-five percent of the supply of homes priced between 4,000 to 5,000 rupees per square foot in Chennai’s secondary market is found in South Chennai. When we look at the supply of homes priced between 3,000 to 4,000 rupees per square foot we find that nearly seventy-five percent of the supply in the secondary market is found in South Chennai. In terms of the total supply of residential properties in Chennai, South Chennai has nearly sixty-five percent of such homes.   

The South Chennai Localities Preferred by Residents

The names of the localities which residents of South Chennai most prefer are as follow

• Madipakkam

• Medavakkam 

• Old Mahabalipuram Road 

• Tambaram 

• Nanganallur 

• Velachery

Real Estate in Chennai at all of these localities saw a rise in value barring three localities. Velachery, which is the biggest locality in Chennai in terms of demand for housing, but which also, saw a drop in the value of property by nearly three percent. OMR witnessed a fall in the value of homes of nearly 1 percent and Madipakkam was the backdrop of a fall in the value of its property by nearly 1.6 percent. 

Overall the southern zone registered a rise in the value of property of nearly half a percent and all of the homes in the budget segment  registered a rise in value. 

Conclusion

Future homebuyers eagerly searching for their next home should certainly consider property in Chennai at the localities mentioned above. 

Latest Residential Property News in Chennai

After the demonetization done by the NDA govt, black money will get curbed to some extent for sure and this will lead to the expenditure on property made by almost only by the end user,which is bound to bring down property prices in india for short run.

Chennai has always been a popular tourist destination and a port city. It is also one of the gateways to Andaman & Nicobar Islands through air and sea. It is also known as the Detroit of India, as it is base for the automotive industry. It is the 4^th largest and 6^th most populated city in India. Chennai also has the 3^rd largest expatriate population in the country behind Mumbai and Delhi.

 Even though real estate property in Chennai companies like DLF have set foot, the market sentiment has been kept in mind and the property costs have not been allowed to increase exponentially in Chennai. The city has seen reasonable expansion towards south as well, due to its connectivity to Mahabalipuram.

Chennai like any other cosmopolitan city has witnessed high growth rate in terms of population, mainly due to migration of population. A city’s expansion plan and growth depends as to how it handles this sudden influx of populace migrating for better job opportunities and career enhancements. This aspect is largely contributed towards by two factors; the enhancements in infrastructure and growth of the real estate sector.

The Chennai real estate sector has received a huge blow due to the unexpected torrential rains followed by floods; caused by water logging due to faulty planning of the city. The flooding of the city has left a serious doubt in the minds of potential investors whether it is safe to invest in Residential properties in Chennai, it would be sometime before the market gains back its sentiment.

Real Estate Market of Chennai after Demonetisation

The Indian economy has become quickly amid the previous 15 years, which added to exponential development in land properties crosswise over India. As indicated by a late article by Indian government, Residential property in india, realty market in India records to an incredible 11% of the National GDP. 

Chennai, the city of diverse landscapes has earned the tag of the most revered destination in South India. This has happened on many accounts (a) Development of Infrastructure in terms of roads like ECR and Ring Road and Metro. (b) Opening up of MNC corporate IT parks. (c) Availability of international airport and Port. (d) SoPs doled out to the IT as well as the manufacturing sector.

Real estate property in Chennai has grown at a steady pace in the past few years. The city has expanded south as well as westwards. The RG IT expressway has come up as a major axis of growth. A number of IT parks, SEZ and commercial buildings have come up, which has further initiated development of residential projects. 

The real estate and property in Chennai has retained its property index as compared to other cities in India, as the property rates have not gone up exponentially and are still in the range where the end user or middle class household can afford it. Another factor which has contributed towards the stability of real estate market is the fact that Chennai has seen an all-round healthy growth in terms of the manufacturing and IT sector. 

Chennai has seen a healthy realestate trends in Chennai growth, due to the ever improving infrastructure, in terms of roads connectivity, internal as well as external; local rail network and now development of metro. The airport is located in the heart of the city and adds to the city’s TRP as a real estate destination.

Chennai scores high on the Liveability Index as compared to other cities in India, which earned it the tag of the most desired city in south India and would remain a popular real estate and property destination in the years to come.

Remodelled social Infrastructure and connectivity entice buyers in Chennai

Like in any other metro city Chennai has also got saturated and there is very less scope of growth left in this city. Hence, the developers have started searching for options of expansion in outskirts. Avadi is one such area which has got the attention of the builders. This area is situated in the north western part of the Chennai. In recent years area like Avadi have improved a lot and lot of people are now interested in buying Property in Chennai. The outskirt areas like Avadi are closely located to the IT Park which makes it a number one choice of the service class home buyers. 

Let us evaluate some of the key factors that are influencing people to buy property in Chennai

•Property prices- The housing properties in these areas are offered in variety of price configuration. An average 1 BHK is available in a price range of Rs.10-25 lakhs while you can get a2 BHK apartment in price range of Rs. 17-35 lakhs. Furthermore a 3 BHK house can be available in price range of s.30—35 lakhs.  It estimated that 90% of the apartments are ready to move in which is a definitely a good news.

•Connectivity and base work- Generally the infrastructure and connectivity of the city has improved a lot. All the major sub-urban areas are now connected with road and recent addition in the connectivity module which the metro rail in changing the experience of travelling in the Chennai.  Linking up all the peripheries of the city will give a major boost to the properties in Chennai. Other basic infrastructural requirements are being developed in different parts of the city. Amenities like hospitals, school and entertainment are being developed at a faster pace.

•Forthcoming Potentials- Under the Atal Mission  for rejuvenation and Urban Transformation (AMRUT) scheme which the extension of the  JNNURM, Central government has identified many sub-urban areas of Chennai  which will funded to upgrade their infrastructure base like water supply, sewerage management, storm water drainage ,  expansion of green spaces and parks for children.

There are several builder in chennai like Mahindra life spaces, VGN developers and southern builder who are now venturing in this areas and encouragement from government is giving them the extra impetus. With all these improved infrrasrture, connectivity the suburban areas of Chennai are surely going to shine.