Fascinating Contemporary

Welcome, and welcome back if this is not your first visit.

I've never been so full of bristling energy. I’m reading bits and pieces of Architecture. Yes you heard it right! Wondering what an MBA is doing with Architecture?? Am slowly but gradually finding it interesting, though sometimes I don’t understand the lingo but I don’t complain. I want to understand what features a contemporary home. These days, am totally drawn towards Contemporary homes, because of their expansive glass tall windows (sometimes in irregular or trapezoid shapes), flat roof, and very little exterior ornamentation. The key to identifying contemporary-designed homes is abundant natural light and presence of many tall windows. These homes generally have unique, custom shapes. A contemporary home allows you to be comfortable without being cluttered. This style usually starts with neutral colours such as white, black or beige as a base for window treatments and wall coverings. I haven’t seen many houses in Chennai with contemporary architecture. Thanks to our Architect to let us see one of his finest creations in Alwarpet. My heart did skip a beat at first sight and I, on the spur of the moment, was resolute that his magic hands do wonders for our project.

So coming to our project EKANTA, We are awaiting full rendered views of elevations and floor plans from our Architect. I will publish it as soon as I get the particulars from our team. Meanwhile happy reading my blog!!!

For those of you who want to see how contemporary homes look, see the images.

Things to Keep in Mind Before Buying a Home

Of all the dreams that a person dreams in his lifetime, the most desired is the one for owning a house. It is much more than just a real estate purchase or an investment opportunity. Every individual aspires to have a private space that he can call as home. People spend lots of time and money in making this dream of theirs come true. However, it is advisable to give proper thought and planning before making a decision to buy a new home. After all, we buy a home just once.

When you opt for a property, you should also consider the amenities like space, neighbourhood, transport, proximity to schools, hospitals, markets etc. Visit the site and cross verify that the actual amenities are in compliance with what is mentioned in the advert. Make sure the basic infrastructure like water, electricity etc. are in place. Try to find valued add-ons that will further save you on cost, e.g. a furnished plot or automatic admission in the township.

An important point to consider is that if the property to be bought is a part of some registered society. You should check the society norms for selling or renting out the property, parking space etc.

Proper verification of documents like solicitor’s title report, title certificate, Municipal Corporation approvals, No Objection Certificates, terms and conditions, relevant title certificate, IOD, CC list, copy of plan etc., is mandatory. Make sure that the agreement of sale is drafted as per the state’s Municipal Corporation.

Keep your eyes open for any hidden costs and document the entire transaction. The total actual cost should be calculated by including stamp duty, registration charges etc.

Always keep a margin of few months, in case the possession gets delayed. It is a good idea if you already are staying at a rented place. To ensure good quality, service and possession on time; go for a developer that has carved out a niche in the real estate market. Some with a well established reputation in the market. Also, get the property checked by a lawyer and engineer to avoid any legal hassles at a later point of time.

The selection of the perfect home loan provider should be done after a thorough market research. Go for the one that offers best cost, prepayments, interest rates etc. Before zeroing on the loan amount, consider your savings and your income. Don’t spend more than you can afford.

Craft a proper financial plan that would help you save enough and spend wisely. A home loan will be a huge fiscal responsibility and its better to get rid of it as soon as possible. So it would be a better idea to clear off your other debts before opting for a home loan. Assess your expenditures properly, prioritize them and save prudently. The more you save, the bigger is your down payment and repayment will be easier. Any major financial decisions, e.g., buying a car etc., should be kept on hold till the time you completely repay your loan.

Some terms related with housing finance:

EMI: EMI means Equated Monthly Installment. This is the installment payable to the housing finance company and remains constant over the tenure of the loan. The EMI you pay depends upon the rate of interest, the tenure of the loan and the amount of loan you take. For example, when ICICI Home Finance says EMI of Rs 982 per lakh for a 20 year Home Loan, it means that if you take a loan of Rs 1 lakh for 20 years at the existing rate of 10.25% you will have to pay Rs 982 every month for the next 20 years.

LTV: LTV stands for Loan To Value ratio. It signifies the loan amount that a person is eligible for a Home Loan on the total cost of property. So an LTV of 85% means that you can get a loan of maximum of up to 85% of the value of the property.

FOIR: FOIR is Fixed Income Obligation Ratio. It is used to calculate your eligibility in terms of the EMI, in which the housing finance institution takes into account all the fixed obligations that you pay every month like of all the loans previously availed before you take your Home Loan and arrive upon the maximum EMI that you can pay. The loan amount you get is derived on the basis of the EMI that you can pay. It is usually expressed as a percentage.

With inputs from ICICI Bank Home Loan and Property Buying Tips.

Residential Real Estate Market in Chennai in 2012

In contrast to what was been witnessed in many of the more volatile cities over the last couple of years, Chennai’s residential property market saw steady growth in terms of pricing, demand and supply. Chennai’s residential real estate market is predominantly end user driven, and this fact did a lot to sustain consistent absorption throughout 2011. The absence of overt speculation has also ensured that developer has moved pricing of homes in a stable and gradual manner. Unnatural spiking has therefore been successfully kept at bay.

We expect interest rates to decrease over the course of 2012, and this will result in greater demand for homes in Chennai in 2012. Increased job security in the city has definitely helped the market to maintain buoyancy and a positive outlook. Over the last 12 months, it became increasingly evident that Chennai’s residential real estate market is significantly dependent on the IT/ITES sector. With employment stability in this sector looking a lot better now than it did in 2010, demand for homes has now reached a comfortable and dependable growth trajectory from which developers are taking their market cues.

CONFIGURATIONS IN DEMAND

The preferred size for 3BHK flats in Chennai has increased from 1200-1300 square feet during the recession to 1400-1500 square feet in the revival phase. The preference for 2BHK sizes has also increased from 850-950 square feet to about 1100-1200 square feet. Again, the main reason for this upgrade in preferences is increased budgets made possible by improvement in the performance of the IT / ITES sector.

This is a welcome trend which is enabling architects, planners and developers to come up with better quality dwelling units. Affordable housing units continue to rule the roost in areas where social infrastructure lags and capital values are therefore lower.

We expect overall demand for residential properties in Chennai to increase once the interest rates stabilizes from their current peak. There is a very healthy demand in both the primary and secondary markets, since supply is scarce in both owing to the severe lack of land within the city. Land pricing has, in fact, surpassed the buying capacity of developers and this has put pressure on their ability to come up with viable residential products. Lack of supply and exorbitant pricing are causing both the end users and investor segments to take a closer look at suburbs with decent infrastructure.

Suburban Demand Drivers:

Positive market sentiments

Possible softening of interest rates

Increased job security

Unaffordable property rates in the central city

Year 2011 saw residential property pricing in Chennai moving up in a phased and rational manner, which helped in sustaining the momentum. Prices rose by between 8-30% in different areas, but these rises took place in small compartments and in proportion to the actual sales in particular locations and projects. We expect a similar trend to prevail in the year 2012.

Expected Price Movement For 2012:

OMR – 15-30%

GST – 10-15%

City – 20%

NH-4 – 5-8%

AREAS TO WATCH

Madhya Kailash– Sholinagnallur

This stretch is witnessing a clear supply-demand mismatch, with demand outstripping supply. With new employment being generated in this corridor and corresponding absorption of IT space, this area and its peripheries are witnessing extremely healthy demand for residential property. Its proximity to the city adds to the appeal of this area, which will see good appreciation over the coming years. Encouragingly (and in contrast to other parts of OMR) all completed projects here are fully occupied.

Velachery

Velachery is seeing consistent growth, because it is one of the few areas which are seeing holistic and self-sustaining development. With malls and other social infrastructure improving, Velachery is definitely next in line for good appreciation. In fact, near-lying areas such as Medavakkam, Pallikarnai, Pallavaram–Thoriapakkam, the 200 FT. MMRD Road and Rajakilpakkam are already experiencing the positive fallout effect of Velachery’s growth as a residential property destination. These areas are also witnessing good absorption and capital appreciation. There is also significant demand for homes in Porur along the NH4 corridor up to Urapakkam on the GST Road.

Source: jones lang lasalle blog

Prachodya Homes launches EKANTA

EKANTA will offer a total of six apartments. It is coming up over an expanse of just about 2 grounds of land at Madipakkam, Velachery. It will offer a mix of 2 BHK and 3 BHK apartments.The project will offer amenities such as Garbage chutes on each floor for waste management, access with centralised security system, elevators even for a G+2 Structure among others. The project is soil tested and is coming up near Velachery MRTS and is about 6 km from the Tidel Park.

EKANTA is ideally suited for those imaginations, who are a class apart, who love to live the good life. The Project is located in Ram Nagar, which is one of the popular Residential Developments in Velachery and is well connected by the public transport, including suburban rail network, which is one of the key factors for home buyers. The project is less than a kilometre from Vijaya Nagar bus stand and schools like DAV Public School, Sunshine Senior Secondary School and Pon Vidhyashram are in close proximity.

Advantages of buying an under construction home in Chennai

Buying an under construction home is a win-win situation for both buyer and seller. The seller gets a list of customers even before he starts laying the foundation while buyers get the cost benefit as they are buying the house in a pre-launch offer. Buying an under-construction home is cheaper than buying the ready to move home in Chennai. The cost difference is significant. On an average, the difference is anywhere between 25% and 40%. This is a big difference and that makes the majority of the home buyers in Chennai to buy a home under construction. The EMI is paid as the work progresses hence the initial EMIs are low in the case of an under construction home in Chennai. If there are any minor changes that you want in your home, it is possible (this depends with the builders in Chennai).The home buyers may get higher returns on the under-construction home, since the prices are lower, This kind of return is not possible in a ready to move home in Chennai.

Source:http://www.amarprakash.in/blog/