As Chennai’s IT corridor continues to grow, real estate developers in Chennai are taking note and investing in OMR. With the influx of IT companies and employees moving to the area, there is a growing demand for housing and commercial space in OMR. Developers are responding by building apartments, villas, shopping malls, and office complexes to meet the needs of the businesses and residents in the area.
OMR is quickly becoming one of the most desirable places to live and work in Chennai, thanks to its convenient location and modern amenities. With more developers investing in the area, OMR is sure to continue its growth as a leading IT hub in Chennai.
The future of OMR: What the developers have planned
As one of the most rapidly developing areas in Chennai, Old Mahabalipuram Road (OMR) has become a hub for both residential and commercial real estate. With its close proximity to IT parks and other major employers, OMR has become a desirable location for many people looking to buy or rent property in Chennai.
However, with the increasing popularity of OMR comes the challenge of meeting the ever-growing demand for housing and office space. Developers are rising to this challenge by building taller and more densely packed structures to make better use of the limited land available.
One such development is The Gateway, a mixed-use project that will include residential units, a shopping mall, and a hotel.
What this means for the city: Increased Growth and Development
The city of Chennai, in the southern state of Tamil Nadu, is seeing an increase in real estate development with new projects coming up at a rapid pace. This is good news for the city as it means more jobs and growth for its residents. With so much investment being made in the real estate sector, the city has high hopes that this will lead to other sectors of the economy also experiencing a boom.
The city’s real estate market has been on an upward trajectory over the past few years, with developers keen to capitalize on its growing population and increasing disposable income. This is especially true given Chennai’s status as one of India’s most developed cities and its position as a major tourism hub.
The benefits of this for the city: More Jobs, More Investment, and More Growth
The Old Mahabalipuram Road, or OMR, is one of the most important real estate markets in Chennai. The area has seen tremendous growth in recent years, and this is only expected to continue. Here are some of the benefits that this growth will bring to the city:
1) More Jobs: With more development comes more demand for labor. This means more opportunities for employment for residents of Chennai.
2) More Investment: As OMR continues to grow, it will attract more investment from both domestic and foreign investors. This will help to further stimulate the economy.
3) More Growth: The overall growth of Chennai will be accelerated by the continued expansion of OMR. This will benefit all residents of the city, not just those who live in the area.
Conclusion: The future of OMR is looking bright thanks to the developers who are investing in the area
In the past few years, there has been a growing interest in the real estate development sector in Chennai. This is thanks to the many developers who are investing in the area and are looking to make it their next big project. The future of OMR is looking bright thanks to these developers and their investment.
Propshell Developersis one of the leading real estate developers in Chennai. They have been investing in the area for some time now and are looking to continue doing so. Propshell Developershas developed and built many projects in Chennai.
We have a strong commitment to quality and this is evident in their work. They have a team of experienced professionals who are dedicated to delivering the best possible product. Propshell Real Estate Buildersis also committed to environmental sustainability and this is reflected in their work as well.
In recent years, Chennai’s west side has seen a boom in real estate development. With the city’s metro system now reaching this part of town, there is even more interest in this rapidly growing area.
For those looking to buy a home or invest in property in Chennai, the west side is definitely worth considering. There are many new residential and commercial developments springing up all over, and with the metro making it easy to get around, this part of the city is becoming increasingly popular.
If you’re thinking of buying real estate property in Chennai, be sure to check out the west side – you may just find your perfect home or investment opportunity!
The current state of West Chennai’s Real Estate Market
As Chennai continues to grow, the real estate market in West Chennai has been booming. With the recent addition of the metro, commutes have become shorter and more convenient for residents, making this area even more desirable.
Prices have been steadily rising over the past few years, and there is no sign of a slowdown. Developers are scrambling to keep up with the demand, and new projects are being announced every week.
Despite the current market conditions, there are still some great deals to be had if you know where to look. With a little bit of patience and perseverance, you can find your dream home in West Chennai.
Metro Rail in Chennai
The Chennai Metro is a rapid transit system serving the city of Chennai, Tamil Nadu, India. The first phase of the project was opened to the public on June 29, 2015, making it the first operational metro in South India. The metro rail system has been designed to alleviate traffic congestion in the city and connect important commercial and residential areas with each other.
The Chennai Metro is operated by the Chennai Metro Rail Limited (CMRL), a joint venture of the Government of India and the Government of Tamil Nadu. The total length of the metro rail network is currently 45 km, with 37 stations operating in Phase I. The network is expected to expand to 120 km by 2026, making it one of the largest metro systems in India.
The Chennai Metro offers a convenient and affordable mode of transport for commuters in the city.
How could the Metro Rail impact West Chennai’s Real Estate Prices?
West Chennai is currently undergoing a major transformation with the construction of the metro rail. This new mode of transportation is expected to have a positive impact on the real estate prices in the area.
The metro rail will provide residents with a reliable and efficient way to commute to and from West Chennai. This will make the area more attractive to potential homebuyers and investors, resulting in an increase in property values.
In addition, the metro rail will spur economic development in West Chennai, creating new jobs and businesses. This will further boost the demand for housing in the area, driving up prices even more.
The bottom line is that the metro rail will be a major boon for West Chennai’s real estate market. If you’re thinking of buying or investing in property in the area, now is the time to do it before prices start skyrocketing.
Conclusion: The metro rail could have a significant impact on West Chennai’s Real Estate Market
As Chennai’s Metro Rail system continues to expand, experts are predicting a significant impact on the city’s real estate market. Already, prices for residential and commercial property near metro stations are rising.
With the proposed expansion of the metro rail into West Chennai, the real estate market is expected to heat up even more. Investors are already anticipating the demand for property in areas that will have easy access to the metro.
With the metro rail comes increased development and growth, which is good news for those looking to invest in Chennai’s real estate market. With the continued expansion of the metro rail system, Chennai is poised to become one of India’s leading cities.
Chennai is a rapidly growing city in southern India. As the capital of the state of Tamil Nadu, it is a major center for business and culture. In recent years, Chennai has seen a boom in real estate development, with many new buildings and apartments going up throughout the city. Propshell is one of the leading real estate developers in Chennai, with several large projects underway or recently completed.
Propshell Developershas been active in Chennai for over a decade, and has developed a strong reputation for quality and customer service. The company has built a number of landmark projects in the city, including the prestigious Chennai Towers.
Propshell Real Estate Buildersis currently developing several new residential and commercial complexes in Chennai, as well as a number of luxury villas. With its deep experience and commitment to quality, Propshell is poised to continue its success in Chennai’s booming real estate market.
Investing in land in growth oriented areas has always resulted in rich dividends for investors and ground realities have to be adhered for safety and security, surveys V Nagarajan.
Chennai city has an estimated population of 4.9 million, with an area that has grown from 176 square kilometers to 426 square kilometers after a 2011 expansion. The urban agglomeration, which includes the city and suburbs, has a population estimated at 9 million. This makes it the 4th most populous metropolitan area in India and the 31st largest urban area in the world.
Earlier, the government had proposed to expand the CMA to cover 8,878 sq.km from the present 1,189 sq.km. However, the proposal has been recently revised to cover 8,300 sq.km.
Chennai is by far the most densely populated city in Tamil Nadu, with a density of 26,553 people per square kilometers, very far ahead of the next city, Kanyakumari with 1,111 people per square kilometer.
Chennai has the third largest expatriate population in the country behind Mumbai and Delhi, estimated at almost 90,000. Chennai is the largest commercial and industrial center of South India as well as a cultural, economic and educational center. It is also known as the “Detroit of India” with a thriving automotive industry.
Book a Villa Plot for INR 50 Lakhs in Padur, OMR – The IT Corridor.
Chennai’s economy is majorly driven by automobile, electronic hardware and IT-ITES industry. The total exports of automobile and auto components touched US$6.8 billion in 2017-18 registering a growth of 19% over the previous year. The electronics hardware industry in the state is primarily concentrated in Chennai. The state ranks second in the production of electronic hardware in the country and has been the third-largest exporter in the country during 2017-18, accounting for US$1.27 billion. The IT-ITES sector has been a dominant economic driver of the city in the past decade. Industry estimates that till 2017-18 the revenues of the sector were around US$ 18.51 billion and created direct employment of over 4,00,000 people.
With the surge in population and the need for housing, a number of developers have plunged in to real estate development. A few smart investors spotted a golden opportunity and started investing in land in city and suburban areas. A number of industrial undertakings too joined the bandwagon. Land has been appreciating by not less than 15 per cent every year, according to reliable sources in the industry. Those who have wisely invested in land were able to reap rich dividends and a number of companies could wriggle out of financial imbroglio due to surge in land prices over the years.
Book a Villa for INR 55 Lakhs in Mogappair West, Chennai.
This is one reason why the middle-class people are always keen to earmark a portion of their investment portfolio in smaller sites. A number of layout developers saw a huge market for the developed plots in and around the city.
Those who had wisely invested in city areas are able to see their returns multiply and even those who had put a smaller investment in suburban areas also are rewarded handsomely. This historical cost of the land in select areas (in tables) clearly illustrates this trend.
With the easing of FDI norms, a number of growth corridors have sprung across Chennai and it is where wise investors in land had made a killing during that time. There was no rationale to explain the soaring prices but demand and supply that tilted the prices.
The impact has been felt in other corridors as well. The IT corridor on OMR during the first phase from Madhya Kailash to Siruseri has several rags to riches story to narrate out of land revenue. The cascading impact on Vandalur-Kelambakkam, Perumbakkam and the buzzling radial road, Thuraipakkam-Pallavaram, has made landowners millionaires and billionaires.
After a considerable lapse of time, second international airport has been firmed up in Parandhur in Sriperumbudur which has already created a spurt in land prices in the vicinity. The Bengaluru-Chennai expressway work has begun and its impact in the neighbourhood need not be overstressed.
A review of the key developments in the growth corridors would certainly convince the investors in land that investing in land is one of the best options for long-term return on investment. In the event of infrastructure development or major projects are announced, then the returns would be even in the medium term for investors.
Investment in Plots – Checklist
Title deeds
Death certificate in case of inheritance by intestate succession.
Will and probate in the event of testamentary succession
Revenue documents like Patta, Chitta and Adangal
EC for a minimum period of 30 years
Layout sanction of the plot
Proof of documents to show remittance to EB, MMWSS&B, etc.
Plot loans are available while investing in land. The rate of interest varies from 7.25 per cent to 9 per cent. NRIs are also eligible to seek plot loans while working abroad. The repayment period varies depending on the age, income potential and savings.
Note: The above rates are indicative only for CMDA/DTCP approved plots. They may vary depending on the location, developer, specification and amenities offered in the project.
Chennai real estate is a very vast market. There are 1000s of trusted real estate companies and may be more of independent real estate agents. You need to consult with trusted real estate professionals and real estate companies in order to safely invest in secure real estate properties.
Chennai has been one of the top most investment destinations when it comes to real estate. The Chennai residential market registered a 21% year-on-year (YoY) growth in sales during the first half of 2022. Chennai residential market has been a balancing act between price and demand. While being a price-sensitive market, with broadly stable values, sales volumes were maintained in the last 24 months. Chennai real estate market is vast and wide-spread. Here we have suggested a few hot pockets for real estate in Chennai.
IT Corridor
The first phase of 20-km stretch from Madhya Kailash to Siruseri is now buzzing with activity. The influx of techies has boosted the prolific growth of housing and retail outlets along the corridors.
The World Trade Centre at Perungudi is an iconic location which has boosted the development in and around the area. The government has initiated the connectivity levels. The elevated metro line on OMR will run parallel to the proposed IT expressway. The phase 2 involves a total distance of 118.9 km and the corridor from Madhavaram to Siruseri SIPCOT involves a distance of 45.8 km. The deadline fixed for the completion of the project is 2025 and the total outlay is Rs 61,843 crore.
Land prices soared high and the existing ones are quoted at astronomical levels making it unviable for developers to undertake residential or commercial projects. The development on the IT corridor has pushed the land prices beyond to phase 2 of the corridor which starts from Siruseri and goes upto Mahabalipuram. Areas like Padur and Thaiyur are seeing the land prices moving north and the availability are also shrinking with residential and commercial development.
The 18-km stretch along the Kelambakkam-Vandalur Road and Chennai Outer Ring Road has a large number of plotted developments. Plots are available in several adjoining localities such as Kandigai, Mambakkam, Kolapakkam, Varadarajapuram, Nallambakkam and Melakottaiyur. Land prices are up but limited availability made the developers to shun layout projects on the highway. While layout projects could be seen off the highway, the upcoming bus stand at Kilambakkam has boosted the land values further on this highway.
The phase-2 corridor work is underway with the road widening in select areas beyond Padur. Among the major developments specific mention should be made about IIT Madras’ expansion for research work in Thaiyur. A few developers were able to capitalise through land development projects.
The Tamil Nadu state government has allotted 160 acres for the Thaiyur research institute project estimated to cost Rs600-800 crore, and the compound wall for the project has been fully built. The development work has already begun. The facility is expected to house 10-15 research centres. The CSR activities have convinced large corporates like Saint-Gobain to fund the project.
Among other developments specific mention should be made about housing development, warehousing complex for the state civil supplies corporation, All India fire institute, international stadium, etc.
The plots at the highway are selling at Rs 3,000 – Rs 3,500 per sqft in Thaiyur. Prices range from Rs 1280 to Rs 2,200 per sqft off the highway. Prices rose from Rs 1100 per sqft in 2015 to Rs 1,740 per sqft in 2019, notching up 58 per cent return on investment in a span of four years.
Layout projects are coming up in areas like Tiruporur and beyond. Land prices in areas like Siruthavur is up by 50-75 per cent over a two year period. Developed industrial plots are available in OneHub developed by Ascendas.
East Coast Corridor
The east coast corridor is termed as entertainment corridor as it provides a conducive climate and neighbourhood for those looking for niche homes and sea views. The road widening work is in progress.
The restricted CRZ regulations have pushed the land values and made projects unviable for restricted FSI eligibility to developers. This is one reason for the limited number of projected on the corridor. Star hotels have Sheraton and Taj have changed the skyline of the corridor and drove holiday seekers during the week end. PM Modi and Chinese President Xi Jinping met in 2019 in Mahabalipuram and the recent Chess Olympiad in Poonjeri have given a new boost to the development in and around the area.
A number of retail outlets are dotting the skyline from Tiruvanmiyur through Akkarai and other areas. High-rises beyond the location provide a scenic view for the occupiers and made tranquility as an integral part of the daily lives. Moreover, the perpendicular connectivity between IT corridor and ECR have made techies to look for homes in idyllic condition on the ECR corridor.
A few budget villa projects developed en route in places like Nemeli and beyond drew encouraging response from homebuyers. Moreover, the surge in demand for housing on IT corridor and the limited opportunity for development due to soaring land values will have a spillover effect on ECR corridor. There is a possibility of more housing development in the years ahead and the influx of techies shifting to the corridor. This is because of WFH option which continues to remain in practice and the hybrid model is spoken about in the changing office market scenario.
GST Corridor
The Grand Southern Trunk road is home to a number of SEZs, private industrial park Mahindra World City and Ford plant to mention a major few. The proposed bus terminus for south bound passengers in Guduvancheri is expected to ease the congestion.
The government has earmarked 222 acres of land in Kadambur village for developing a new residential township. It will be developed as a self-supporting residential township with all infrastructure facilities. The township is being promoted to cater to the housing needs of people in and around Maraimalai Nagar.
Among the significant projects that will change the skyline of the corridor include Vaccine Park in Chengalpattu on an area of 100 acres in Chengalpattu, which is considered as national importance. The Medi Park involving an investment of Rs 594 crore is coming up on a land area of 330 acre.
The Kilambakkam bus terminal is getting ready. The project involves a capital outlay of Rs 375 crore and the government has already given administrative sanction for the project. Initiated to ease the traffic congestion into the city from south bound buses, it is expected to considerably decongest city traffic and enable smooth movement of people to various areas of the city.
Out of 89 acres of land for the project, 44 acres have already been acquired. The government does not envisage any problem in acquiring the balance land required for the completion of the project. The project involves construction of 11 platforms, 270 car parking and 3,500 two-wheeler parking slots. Other ancillary facilities would be provided.
When completed, the project is expected to generate both direct and indirect employment to over 1 lakh people. Besides augmenting other projects in the vicinity, it is said that the bus terminus will also help the Minjur-Vandaluru ORR and accelerate other growth corridors.
Chengalpattu town, which forms part of Chengalpattu district, has the potential to be developed into an urban growth centre with improved physical, social, and economic infrastructure, reports New Indian Express. This also comes in the wake of the proposed expansion of Chennai Metropolitan Area boundary encompassing a major portion of Chengalpattu, which would spur population growth and economic activities.
The new town development plan of Chengalpattu is proposed to encompass around 48 villages around the central core of Chengalpattu town, bounded by Palar river to the west, GST Road and Mahindra City to the north, several non-contiguous hillocks to the east, and a new administrative headquarters to the south.
This will provide a comprehensive approach to redevelop the existing haphazard developments within the town centre, tap into the potential of upcoming residential, commercial, and industrial, and institutional activities along the GST corridor, Chengalpattu-Thiruporur corridor, and Chengalpattu-Walajabad corridor, reports New Indian Express.
Land prices are already up by 50-100 per cent on Guduvanchery-Tiruporur highway with plotted development projects under various stages of development.
Oragadam Industrial Corridor
Chennai’s largest auto cluster in Oragadam is located on the south west Chennai. Oragadam is the base for 30% of India’s automobile industry . It is where 22 of the Fortune 500 companies have their manufacturing operations.
Oragadam is less than 50 km from the Chennai CBD areas. On the infrastructure front, the State Highway 57 is connecting GST (NH45) and NH4 along Oragadam belt with a distance of 20 kms. An estimated 45,000 blue collared employees are working in and around Oragadam.
Auto Nagar is under development in Appur. The rail auto hub set up at Wallajabad provides an additional connectivity for the car manufacturers to transport finished cars to various locations.
The peripheral ring road will link Mahabalipuram at the Poonjeri Junction to the Ennore Port via Oragadam. Six laning of road widening will have a major impact on plotted real estate in Oragdam. Though not significant number of projects has come up, lack of infrastructure in the vicinity is one of the factors for the slow development of land development projects.
In Padappai, prices rose from Rs 600 per sqft to Rs 1,800 – 2,000 per sqft for land development projects. Leading developers are quoting at Rs 2,500 and above per sqft in gated community development projects in Oragadam. A number of layouts are still in the stages of implementation.
Sriperumbudur Industrial Corridor
Located 40 kilometers southwest of the capital city of Chennai on the National Highway 4, Sriperumbudur is within the Chennai Metropolitan Area.
About 35 Fortune 500 companies have made substantial investments in Irungattukottai-Sriperumpudur-Oragadam Corridor. Over 2 lakh employees are working across the corridor in auto, electronic hardware and automobile ancillary industries. The Sriperumbudur-Trivellore submarket has seen large land purchases by prominent developers looking to build industrial parks.
According to industry sources, land development projects involving over 500 acres in and around Sriperumbudur have already been sold as developed plots over the years including unapproved plots.
Even as Bengaluru and Hyderabad remain largely dependent on the IT-ITeS sector, Chennai’s economy is multi-faceted deriving impetus and demand from diverse sectors such as manufacturing, auto, and BFSI sectors. Moreover, the city has also emerged as an electronic hardware hub with more than 20 electronic hardware technology parks located in Sriperumbudur, Oragadam and Mahindra World City. Chennai’s future growth is likely to be augmented by other sectors such as aerospace with a massive aerospace park spanning 250 acres coming up at Sriperumbudur.
The Chennai Aerospace Park has all necessary clearances in place and will commence land development shortly. The park has attracted an investment of close to ₹1,300 crore from 14 companies, with 19 more expressing interest, according to government sources. The TIDCO will develop the park on 260 acres at Sriperumbudur, which can be increased to 600 acres later. Besides an aerospace Maintenance Repair and Operations (MRO) complex will come up near the airport, with TIDCO as joint venture partner.
According to Anarock survey, Sriperumbudur is also an affordable housing hub. Sriperumbudur saw total new supply of nearly 1,200 residential units between 2014 to 2019 with at least 65% share in the affordable segment priced <Rs 40 lakh budget and remaining 35% in the mid segment priced between Rs 40 lakh to Rs 80 lakh. Interestingly, out of the total units launched (1,200 units), a whopping 83% is already ready-to-move-in. The average property prices as on 2019-end was Rs 3,180 per sq. ft. New projects have to factor in the hike in input cost and labour charges.
Land prices per sqft soared by 300 per cent in areas near Rajiv Gandhi memorial in Sriperumbudur. Though not much appreciation has been seen in other areas, the announcement of second international airport at Parandhur has already triggered a wave of price hike for lands in the vicinity.
The site is 70 km away from the existing airport but it was chosen due to its proximity to 262-km six-lane Bengaluru-Chennai expressway, according to official sources.
While the ongoing metro connectivity is likely to be extended to Sriperumbudur, it will be further extended to Parandur. The project is likely to take 10 years for full fledged operation.
The new airport will be capable of handling 10 crore passengers with comprehensive plans to build two runways, terminal buildings, taxiways, Apron, cargo handling centre, and aircraft maintenance facilities.
While final estimate for the establishment of the Greenfield airport will only be known after a detailed study on the cost implications, it has been currently estimated to cost Rs 20,000 to build the Greenfield international airport at Parandur. The state government will soon forward the recommendations to the central government for site clearance. Once in-principle clearance of the site has been obtained, the state government will swing into action to make arrangements for the acquisition of the requisite land. Subsequently, the central government’s in-principle approval and permission to operate the airport will be sought to take it forward.
The Bengaluru-Chennai expressway work has already begun (see photo) near Sunguvarchathiram, which is the first stopover. The main aim of the corridor is to boost commerce and trade between cities across south India and remove all infrastructural bottlenecks between them, according to Anarock survey. The project cost is expected to be Rs 20,000 crore including land acquisition and construction cost. The proposed project expressway is a new alignment which will connect Bengaluru and Chennai. The revised alignment has been approved by the respective state governments. The final length of the expressway alignment comes to 262 km with a design speed of 120 mph. The total travel time between the two cities would be considerably reduced along the new expressway.
Land development projects range in size from 600 sqft (30×20), 1200 sqft (40×30) and 2400 sqft (60×40) and the price varies from Rs 800 to Rs 1,000 per sqft depending on the location, developer, specification and amenities offered in the project. In areas like Sunguvarchathiram, where Chennai-Bengaluru corridor abuts, plot prices vary from Rs 800 to Rs 1,200 per sqft.
Work has begun on Bengaluru-Chennai expressway in Sunguvarchathiram.
In Kancheepuram, also known as the ‘City of thousand temples’, the municipal area and 17 villages along the Chennai-Bengaluru NH have been selected to ensure planned development.
Currently, Kancheepuram is developing in a haphazard manner, resulting in higher growth of commercial establishments and traffic congestion in the core area. It is learnt that CMDA was preparing a detailed development plan focussed on heritage and redevelopment, reports New Indian Express.
Thirumazhisai satellite township is vying to get Rs 1,000 crore funding from the Union government under the 15the Finance Commission (2021-22 to 2025-26), which emphasises on the rejuvenation of old cities and setting up new ones. The finance commission had earmarked Rs 8,000 crore for a performance-based challenge fund for incubation of eight new cities. Anshuman Magazine, Chairman & CEO – India, South-East Asia, Middle East & Africa, CBRE, said Thirumazhisai was a prominent locality to be developed into a self-sustained new town. Sources said rules for the new town development plans for Chennai Metropolitan Area Rules 2022 has been drafted and sent to TN government for approval. It is learnt CMDA was looking for consultants to prepare a master plan.
North Chennai
Once shunned by the developer community due to agglomeration of industries and lack of infrastructure, North Chennai is driving both residential and commercial development today. Proximity to thriving Marwari business community, improved connectivity levels and infrastructure development have all made commuting to the prime city areas much easier and hassle free. Unlike South Chennai where the land prices are inching high, land prices are relatively competitive and availability are other driving factors towards North Chennai. Moreover, port and logistics and warehousing development have transformed the region and paved the way for industrial, residential and commercial development.
Yet another factor is the established industrial area, Sri City, which is 30 km from the outer ring road that has opened up vast employment opportunities for both skilled and unskilled workforce in Chennai.
A number of leading corporates have announced mega projects which will transform the skyline of the area in the coming years. Ponneri is one of the three smart cities on the Chennai-Bengaluru industrial corridor. The Rs925-crore industrial park being setup by Japanese major Sumitomo in association with Mahindra group is a significant development. Phase 1 involves development of 107 hectares of land which will house 20-30 tenant companies. Ascendas has purchased 80 acres near Periapalayam for logistics development.
Book a Villa for INR 55 Lakhs in Mogappair West, Chennai.
Investment in real estate has given lucrative yield over a period of years. However, there are instances where similar investments have turned sour. One reason could be the gross negligence of adherence to ground realities by many people while investing in real estate. The following is not a comprehensive list but a compilation of important ground rules by the Greater Chennai Police would help prospective investors especially in the wake of land grabbing instances in the state.
What you must avoid while buying a plot!
Verify the land document and the mother document of the property.
Obtain an encumbrance certificate (EC) of the property for the last 20 years and verify it thoroughly.
Obtain the property’s Patta and Chitta and verify it with the revenue records.
Ascertain whether the property is approved by DTCP or CMDA.
Ascertain from the Tahsildhars office whether the patta has been transferred. If so, obtain a copy of the patta.
Make sure the photographs of the buyer and the seller are affixed on the document before registering the document.
PAN number must be prominently written on the property documents at the time of registration if the value of the property is above Rs 5 lakh.
Ascertain the classification of the land (Patta, Grama Natham or Poroboke) before purchasing.
If the sale is posthumous (after the death of the owner of the land) enquire about the legal heirs and make sure that a legal heir certificate from the Tahsildhar is obtained.
What you must avoid while buying a plot!
Don’t go for an agreement without verifying the Power of Attorney.
Don’t purchase the land without identifying the real owner.
Avoid registration through brokers.
Brokers should not be allowed to sign as witness.
In an ancestral property, all descendants should be informed and necessary signatures should be obtained before the registration.
Never finalise the property by seeing the photo copy of the land document.
Don’t register the document in the event a case against the property is pending in the court.
If the property is under mortgage with a bank/financial institution, always obtain a NOC.
Don’t buy property owned by minors without proper permission of the court.
Don’t buy government land or Poromboke land.
Source: Prevent Crime by Greater Chennai Police, Central Crime Branch.
Not everyone is an expert when it comes to making real estate choices. However, you could consult with professional real estate Companies in Chennai. Property Developers like Propshell are 15+ years experienced in running real estate business. Their real estate agents can offer you trusted advice on what should and shouldn’t be done while evaluating properties.
Chennai has been hailed as a hub for real estate investment because of its reputation as a business launchpad for the young. Chennai’s distinctive mix of cultural experiences and modern society has made it a hotspot for Indian youth. Chennai has been considered a hot destination in the Southern Indian metropolitan region with regard to infrastructure and business opportunities. High investments have contributed to this location’s attractiveness.
With its impressive colonial architecture, award-winning cuisine, and impressive tourist destinations, Chennai stands out. Chennai is also emerging to be a smart city due to its stable presence in the IT, automobile, and housing sectors.
Purchasing a property in Chennai is a smart decision, as it presents excellent earning potential. Some of the primary reasons for this are the recent improvements to the infrastructural framework, newer business investments, and more employment opportunities. The Chennai real estate industry is a main contributor to the country’s economy due to its IT and automobile industries. In addition, there has been an increase in the residential real estate sector as a result of the increase in the populace. The main focus of manufacturers in Chennai is to furnish home buyers with luxurious and comfortable housing units in close proximity to workplaces.
The current state of Chennai Real Estate
The Chennai real estate market has been on a constant rise in the last few years. The city has become a preferred destination for many home buyers and investors due to its stable prices and good returns on investment. According to recent studies, Chennai is one of the top 10 Indian cities to invest in real estate.
The current state of Chennai real estate is very positive. There is a high demand for plots and apartments in Chennai, due to the city’s increasing population. The prices of properties have gone up by 20-30% in the last few years, making it a very lucrative investment option.
There are many reasons why Chennai is a great place to invest in real estate. The city has a large number of IT and manufacturing companies, which are providing employment opportunities to many people. Additionally, the city has excellent infrastructure and connectivity, making it easier for people to commute.
Reasons to Invest in Chennai Real Estate in 2022
Chennai has long been a hub for business and industry in India, and real estate here has always been in high demand. The city’s economy is diversified and growing, making it a safe and sound investment for those looking to invest in real estate. Here are three reasons to consider investing in Chennai real estate in 2022:
Economic Growth
Chennai’s economy is strong and growing. The city is home to a diverse range of businesses, from manufacturing to information technology to healthcare. This economic diversity provides stability and growth potential, making Chennai an attractive option for investors.
Population Growth
Real estate prices in Chennai are still relatively affordable compared to other major Indian cities. With the city’s population and economy both on the rise, now is a great time to invest in property before prices start to increase.
Favorable Demographics
Chennai has a young population, with nearly 60% of its residents below the age of 30. This provides a good market for both residential and commercial real estate developers.
Tips for Investing in Chennai Real Estate
Chennai is one of the most rapidly developing metropolitan cities in India. The city offers a perfect blend of traditional and modern lifestyle, which makes it an ideal destination for investors looking for good returns on their investment. Real estate in Chennai has been on the rise in recent years, and with the right tips, you can make a great return on your investment.
1. Look for well-reputed builders: This is one of the most important factors to consider while investing in any property. Do your research and choose a builder who has a good track record.
2. Consider the location: Chennai is a huge city and each locality has its own pros and cons. Choose a location that suits your budget and requirements.
3. Get the paperwork done: Make sure that all the legal formalities are taken care of before you finalize any deal. This will save you from any future hassle.
4. Have a realistic budget: Don’t overstretch your finances while buying a property.
Propshell has been in business for over 15+ years and has built a strong portfolio of happy customers. We are known for their attention to detail and use of high-quality materials. Our team of experienced professionals ensures that each project is completed on time and within budget.
If you’re looking for reputable real estate builders & develpers in Chennai, look no further than Propshell Builders and Developers. You can be confident that your project will be completed to the highest standards, on time and on budget.
Conclusion
The Chennai real estate market has seen a lot of ups and downs in the last few years. However, it seems to be stabilizing now and is expected to grow in the coming years. This is good news for investors who are looking to cash in on the city’s potential.
There are a number of factors that are driving the growth of Chennai’s real estate market. The city’s population is growing at a rapid pace, which is increasing the demand for housing. Additionally, Chennai’s economy is diversifying, which is attracting more businesses and investors to the city.
With all of these factors working in its favor, Chennai is poised for significant growth in the coming years. Investors who get in now stand to make a lot of money as the city’s real estate market expands.
Ever since the new government’s announcement of its intent to build a hundred smart cities in India, the nation has been abuzz with definitions of, fund allocations for, and city identification of such development. With good reason too, since the implementation of such ambitions would ultimately result in national wealth creation—to help our cities become sustainable and livable urban centers of growth.
Simple gallery
Minimalism has reached a certain critical point, the top. Where to go? I do not know. The main thing for the designer — to create things that are pleasing to him, the work brings satisfaction, and cooperation with the customer — satisfaction. We need to understand what the customer wants, and to connect it with your wishes and possibilities. To create something outstanding, we need the enthusiasm of both. I am a very happy person, because I worked with wonderful customers who have helped me very.
For me, the design — it is the quality of life. Good design has little to do with trends. Tired of listening to how he try to give the status of a frivolous fashion phenomenon. In my opinion, the designer should strive to do more than separate things.
I want to create beautiful things, even if it’s not necessary for anyone, as a fight against ugly things. This is my intention. The designer must be an interpreter, and real and virtual needs must anticipate those questions of people that they do not think, and suddenly opened in the already created objects.
Challenge
Fast, cheap and good — from these three things you should always choose two. If it’s fast and cheap, it will never be good. If it’s cheap and good, it will never work out quickly. And if it is good and fast, it will never come cheap. But remember: of the three you still have to always choose two.
The designer must be an interpreter, and real and virtual needs must anticipate those questions of people that they do not think, and suddenly opened in the already created objects. I want to create beautiful things, even if it’s not necessary for anyone, as a fight against ugly things. This is my intention.
Are you a property owner or a manager of a large residential community? You may need to take professional assistance when it comes to managing your properties. Property Management Companies in Chennai offers you standardized and personalized property management services.
By engaging a property management service company, you will be rest assured of timely delivery of services like plumbing, electricity, mechanical services. More than that today residential properties need a wide range of services.
While there are residential welfare associations, volunteering for engaging multiple 3rd party services will not suffice when it comes to managing properties. As each welfare association member also lives within the residential community, they are not dedicated to the betterment of properties.
Before engaging property managers, you must be well aware of the assistance you will get from a return on investment perspective.
Property Maintenance
By default, maintaining your property is the prime responsibility of Property management companies in Chennai. They ensure your property stays in good condition and it has a safe and secure living environment for residents. They bring in specialized expertise in maintaining properties. Their dedicated support in maintaining your properties from a soft service, wet services and hygiene perspective can be unmatched. Having all property management services under one roof is a great advantage of property managers.
Tenant Management
Property management companies can help in tenancy management. They are networked and have the right expertise in recruiting new tenants. Today property owners do not live in the same city where they have properties. Hence they can take professional assistance in hiring new tenants who fit in the expectations of property owners and of the resident community. Continuing to have tenants will ensure steady flow of income to the property owner and balance the inflow of cash for building maintenance funds.
Handling Resident Complaints
Handling complaints is a unique service offering from property management companies. Residents may not agree with each other. But as an intermediary when property management companies play an unbiased role, everyone agrees. They help establish standardized service level agreements for themselves and rules for tenants to get maximum cooperation.
Securing the Property
Properties need to be well safe guarded. Whether it is an empty plot or a fully occupied residential apartment, property management can give plot monitoring services. Property owners cannot physically be present or visit frequently especially if they own multiple properties. With clear service level agreements, a property management companies know plot and property management protocols to safeguard. They establish notice boards for trespassers, send their staff to have a frequent check on any illegal occupants. In such cases, a property management company knows the right protocol in notifying property owners and the proper legal channel for escalating.
Vendor Management
The properties can be well managed when they handover the vendor management responsibility with property management company. With good past experience, they will know the service level agreements, market price for services and product procurement. They will know how to evaluate vendors better and strike better deals for the property’s advantage. Sourcing is an art that cannot be discounted and taken lightly. Bad items delay maintenance and wastes the property maintenance budget.
Monsoon is wet, messy and the real-estate market is dull. This topic may make you wonder why monsoon might be the best time to invest in a property. But we have our reasons to justify why monsoon is the best time to invest in a property.
Here are compelling reasons to buy a property during monsoon.
Property Location
Monsoon is a good time to inspect the property on how it is handling the harsh nature of weather. Rain water can flood into certain localities where there are deep pockets of water storage, erstwhile lakes and other civic arrangements in the area. From a practical point of view, you may witness how the locality handles traffic, commute and waste management during rainy season. Visiting the property during rainy and wet seasons will also help you analyze how the whole ecosystem is ideal for living. If you are new to that location, monsoon will show if it is a low lying areas in Chennai.
Quality of Construction
Properties may look well-polished on the exteriors during the summer season. But rainy season will truly reveal the quality of construction. Building walls from exteriors, common area and interiors will show signs of dampness and leakage during monsoon season. Visiting the property, you intended to purchase will show signs of seepage. Especially if you are looking at purchasing an older property you must consider inspecting it during rainy season. Winter and rainy seasons act as true tests for quality construction. Also if you are considering to purchase a property that is in the ground floor or on the top floor, the property must be checked against water flooding and water leakage.
Price Advantage
Real estate market is fairly less active during rainy season due to the practicalities involved in it. But as a smart real estate investor, you must capitalize on the advantage of rainy weather. Rainy seasons is when realtors will throw in additional discounts to cover up for dull sales. You might be able to bargain better during rainy seasons for rates, discounts and getting waivers on certain aspects. Real estate market also considers festival seasons as auspicious for promoting their properties. For both new and resale properties you will be in a better position to negotiate for better deals.
Health and Safety Protocols
Properties are not individual units. They are an integrated part of the society. Incidents may occur like floods, cyclones or any health emergencies. COVID-19 is definitely a jolting example of how properties were prepared to handle emergency situations. Like every other location Chennai was witnessing first time the situation and had to readily adapt to it. Property management companies in Chennai played an important role to keep communities protected from the inflow and outflow while keeping residents in a safe manner. Because there is more than one aspect like security, residential welfare associations cannot self-serve in protecting their communities. Property Management companies are trained in effectively planning the vendor management, waste management, common area maintenance etc.
Investing in properties are getting into long term engagements. They are not one-off arrangements as once signed-up the property is with you forever. Good or bad, the property owner needs to deal with it without much support from any external parties. That’s why investing in properties is very important. One must thoroughly evaluate a property from a location, price, construction quality and maintenance culture perspective.
Propshell Developers has been launching Safest Residential Communities in Chennai. Their past and ongoing properties are equipped with season-proof arrangements to keep your property, valuables and residents safe.
Explore safe plots for sale and flats for sale in OMR, Chennai from Propshell Developers. You may understand why Propshell is reigning as one of the trusted real estate companies in OMR Chennai.
Though Chennai had been enjoying a steady weather seasonality pattern in the past, in recent years due to global temperature change and many other unknown factors there has been an increasing trend of irregularity. Landlords are increasingly aware of the preemptive monsoon maintenance checks to safeguard their properties, valuables and invaluable lives.
Here are some pragmatic ways your gated community could be safeguarded during Monsoon.
Rainproof your Terrace
Communities especially have to care a lot about terrace. As it is the first source where rain water can clog. Terrace is usually exposed to hard weather during summer and winter. So it is high time you inspect terrace for its innate strength to shield your property in a rainy season. Terrace Waterproofing services from property management companies in Chennai would be a great start. Professionals would identify weak spots and terraces that need immediate fixes to stop seepage. Elastomeric coating is usually applied to insulate by waterproofing companies. Prior to that it must be evaluated if the flat terrace surface slides water in towards drainages. Any small civil construction work might be very helpful in ensuring water doesn’t get clogged in huge terrace area.
Insulate your Exteriors
Chennai monsoon rains can get harsh with unpredictable weather pattern. Property Management for gated communities must ensure building exteriors are well cared before monsoon season. New and old building wall exteriors usually have air cracks, patches and visible damages. These must be identified. Common Area maintenance cannot also ignore such wall cracks and patches inside homes too. Property Management Company must work with the resident welfare association and property owners to get ready for monsoon.
Inspect Drainage Pipes
Drainage provisions must have been deployed to ensure rainwater goes through without interruptions seamlessly. However, properties that have lots of trees grown nearby need to be cautionary even further. Dry leaves could be a major hazard for water drainages. Drainages from terrace should be inspected regularly by your property management company without which the whole monsoon protection could go for a toss. Similarly, the drainage systems from the community to corporation pipes must be inspected. Any debris that can cause this junction must be reported well in advance with the Chennai Corporation and made sure they are taken care.
Protect your Windows & Shades
Window Shades are often being ignored for the difficulty to reach and maintain. But these are avenues where water slowly seeps in and inflict damages to the wall. Because wooden windows can absorb and store water, they can keep the adjoining walls wet for longer times. Consult your property management company to protect window shades with insulating materials so that they balance moisture, aeration and sunlight. Beyond rainwater, windows and shades allow other contaminants like fungi to damage your property. These microbial attacks are often invisible until they have done the damage to full.
Electrical Wiring
Common Area Maintenance for property managers is a big challenge. For providing lights and other services like generators, elevators and water – common area have switches and electrical equipment sometimes exposed to rainwater, droplets and moisture. Routine maintenance checks of property managers must include insulating electrical wires, electrical sockets, fuses and exposed lights.
Rainwater Harvesting
Common Areas in Gated communities have rainwater harvesting installations. Rainwater harvesting systems are purposeful but won’t function on time when not maintained. A network of pipes and rains can get clogged from unattended dry leaves, debris, plastic items, bird nets, and any other items that were not mobbed and disposed safely.
Property Insurance
General insurance providers offer property insurance. Check if claims against damages from natural calamities are covered in your insurance. Property Management Companies can consult your resident welfare association on the readiness and accordingly discuss with insurance agents.
Conclusion
Weather, especially monsoon is tricky for property managers to take care of vast common areas in residential apartment communities. Managing this internally with a team of volunteers is often not enough. Property Management companies have expert plumbing, waterproofing, electrical resources who could help with valuables insights.
Have you made your property monsoon-ready? Consult Propshell.
