Points that should not be overlooked while buying an apartment!

Indians are known to overlook aspects which are considered important by people worldwide. For example, while buying a car in India safety and quality takes the back seat while mileage and pricing takes the front seat! We are indeed a practical group of people but some important factors have to be considered while buying something that stays with us for a long time. And when it comes to long term investments, buying a home is the most important purchase of all.

In this article, we try to cover some of the points which are generally overlooked by us but should actually be considered as important as the price and location of the house we buy.

Better safe than sorry – Home Protection

Be it a rural area, town or a metropolitan like Chennai or Mumbai, buying property should always consider the safety aspect of the home. If you are purchasing a plot make sure that the locality has a police station, fire service center and also opt for a gated community for added security.

If it is an apartment make sure that the doors and windows and the locks provided by the builder have grilled reinforcements and upgrade them to better quality gear if needed. If your purchase is a retirement solution, make sure that there is help readily available in the form of an association that is helpful.

Legal opinions and second opinions!

Never jump in blindly going by the tags ‘Clear Title’, ‘100% Documents’ and such. Those are commonly used marketing jargons that are in no way validated by anyone. Get the copy of the documents from the builder / developer / promoter and get a legal opinion of it.

Don’t shy away from getting a second opinion if not confident enough. Also, if the property ownership is going to be joint ownership, get the legalities out of the way first up without rushing into it at the last moment.

Surroundings matter

It not just how the house is on the inside, but the approach and surroundings also matter. Often builders lay out a lawn, a pool surrounded by a jogging track and greenery to attract buyers. But if the project is nearby to a waste land or a swamp it is going to be a tricky place to live in!

In the same way, if the approach roads are not well laid or if there are slums nearby, if will be a problem in the longer run. Residential apartments near to industries that pollute are highly not recommended. Research around and see and ask opinions about the locality.

Builder History

There is nothing wrong in trusting a new builder but it is always a safe bet to invest your hard earnt money with a property developer who is well established in the real estate market. With experience comes better quality. Also, visit old projects to see how the construction holds up. Do check on how long the builder supports maintenance for the building after handing over for occupation. The longer the warranty, the more confidence the builder has on his own project!

Atul Joshi is an environmental activist who closely monitors the Green Moment of Indian real estate. He loves sharing the information he holds to the public and he reaches out through IndiaProperty.com

Perambur- Trending Property Investment Destination of Chennai

Located in North Chennai, Perambur is one of the emerging residential areas of the metropolis in recent times. The area is witnessing a huge a residential demand owing to its connectivity advantage and infrastructure. According to the real estate experts say that it is the best time to invest in Perambaur. As this area has close proximity to Chennai Central Railway Station, which is located just 4 km away. Alongside, Perambur has the advantage of good access to rail networks of the Chennai city. The neighbourhood areas include Kodungaiyur west and east.

Once been an underdeveloped area, Perambur has emerged as the most demanded residential areas due to the development of hospitals, schools, parks and commercial complexes etc. Following are the major reasons why Perambur is becoming the preferred destinations for property investment;

Multiple Property Options

As per the real estate sources, Perambur offers both commercial and residential options. Here the property buyers can find plots, individual houses, apartments and builder floor flats. The price of the properties in Perambur is ranging between Rs 4,500 to Rs 9,000 per sq ft. The price of a double bedroom apartments in Peramabur is ranging from Rs 25 lakhs to 75 lakhs. On the end, the price of a 3 bhk apartment starts from Rs.55 lakhs for a 1000 sq ft unit and goes above 1 core for a 1500 sq ft unit.

Connectivity

Perambur enjoys good connectivity through railway links, as it served by 3 railway stations namely Peramabur Loco Works, Perambur Carriage Works and Perambur. Apart from it, there is a frequent bus transportation facility for the residents to reach their desired destinations.

Infrastructure

Perambur offers all the essential facilities such as schools, banks, shopping malls, hospitals, banks and ATMS. Further, the proposed infrastructural developments are in the pipeline.

Thus, for those home buyers who are looking individual houses or apartments in Chennai for long term investment, Perambur could be their ideal choice.

Gota, Mani Nagar and Bopal, 3 pocket friendly realty investment destinations in Ahmedabad

Developments along Gujarat have enticed many real estate developers from across the country to enter the realty market. The growing physical infrastructure and upcoming projects sure make this state one of the most sought after investment destination. But with the state being so huge- various pockets have seen tremendous growth and one city that is brimming with construction activity is none other than Ahmedabad. Its changing landscape and expanding city limits are luring real estate developer with both local and national presence to announce many apartments in Ahmedabad. And if you are a first time home buyer and are looking towards making a small realty investments- these are the localities you must consider.

Gota
Being a locality that caters to MIGs (Middle Income Group Individuals), Gota has a fair share of high rise buildings that offer generous living spaces at modest budgets. Located along the SG Highway, the vicinity boasts of having established social infrastructure system. The presence of many educational institutions, healthcare facilities and banks have lured many home buyers here. Its great connectivity is another reason why properties here are cited to be most preferred. Proximity to other parts of the city via the SG Highway and the Chandhkeda Railway station have attracted many property developers to enter the market. They are now cashing on these facilities and are coming up with various capital ventures. On an average apartments in Ahmedabad especially in Gota are expected to hover over a price bracket of Rs 2,410 and Rs 3,350 per square feet. However, the prices could differ based on the facilities and specification offered by the property developer.

Mani Nagar
If you are not one of those who likes residing in multistorey buildings, the city is fast becoming a hub for independent homes. And one locality that is dotted by many Apartments in Ahmedabad is Mani Nagar. Situated very close to the industrial zones, the vicinity’s availability of land in large parcels has captivated many builders to come up with integrated township projects and gated community projects that offer exclusive independent homes.
Physical developments and steady growing realty market are enticing many investors and potential property seekers to invest in ‘economical’ homes here. According to current market trends, villas here are estimated to cost anywhere between Rs 3,000 and Rs 3,650 per square feet.

Bopal
Despite being situated in the outskirts, south Bopal and Bopal are neighbourhoods that are cited to be 2 most preferred residential localities in Ahmedabad city. Seamless connectivity via SP Ring Road and affordable housing units drive the realty market here. Surrounded by established localities like Prahlad Nagar and Bodakdev, capital values of homes here are relatively cheaper, thereby attracting many investors and end users.
2 BHK homes here are estimated to cost an average of Rs 3,000 per square feet - however the prices are expected to soar.

From apartments to villas in Ahmedabad- the city has a lot to offer, so if you are on a modest budget and are looking towards making a realty investment that is very light on your pocket- these neighbourhoods are ideal for you. 


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Kelambakkam emerges as an affordable real estate hub in Chennai

Kelambakkam is an emerging micro market located on the Old Mahabalipuram Road.  It is surrounded by areas such as Padur, Kovalam, and Pudupakkam. This micro market lies in close proximity to areas such as Siruseri, Navalur and Uthandi. The Vandalur-Kelambakkam Road also passes through this locality making it easily accessible to localities on the Grand Southern Trunk Road like Vandalur, Guduvancheri, Tambaram and Perungalathur.

The area’s main draw lies in its location and the affordability of real estate available there. It is easily accessible through the OMR, GST and the East Coast Road. Since it is located on the Information Technology belt of OMR and is especially close to Siruseri which houses the SIPCOT Industrial Park, there is a lot of demand for properties here from those who are employed in this sector. There is also great demand for rental properties here because of the same reason. The rental rates here stand at INR 13 per square feet on average.

Flats for sale in Chennai located in this micro market fall squarely in the affordable category. The property rates for apartments locates in this micro market stood at INR 3700 per square feet on average in the first quarter of 2014. The prices had appreciated by about 11% when compared to the last quarter of 2013 when the prices stood at INR 3400 per square feet on average. In the second quarter of 2013 the asking price for apartments here stood at INR 3100 per square feet on average which was a drop of about 13% when compared to the previous quarter. The prices shot up by 71% in the third quarter of 2013 and stood at INR 5300 per square feet on average.

Chennai Real estate were priced at INR 4300 per square feet on average in the first quarter of 2014. This is a drop of a mere 3% when compared to the previous quarter when the asking price stood at INR 4500 per square feet on average. In the 2nd quarter of 2013 the asking price for villas in Kelambakkam stood at INR 7700 per square feet on average which was an increase of about 68% when compared to the previous quarter. The prices only dropped by about 1% in the next quarter and stood at INR 7600 per square feet on average.

The most sought after apartment configuration here are 2 BHKs. This is followed by 3 and 1 BHK flats for sale in Chennai located in this micro market. The most desired unit size for apartments here among buyers falls in the less than 500 square feet range. This is followed by the 501 and 750 square feet range and the 751 and 1000 square feet range. Buyers are willing to spend anywhere between INR 10 and 20 lakhs on apartments here. This is followed by the INR 20 to 30 lakhs range and the INR 30 to 40 lakhs range. The most ideal budget range for flats here falls below the INR 2000 per square feet range.

Approved Policy Parameters for Plots Regularization in Municipal Areas – Chandigarh

Guest blog by Daniel

Good time for the people who are living in the municipal areas that are lack in civic amenities and better infrastructure in Chandigarh. The Government had taken a proactive initiative by approving the policy parameters for regularization of plots in the municipal areas. This order will change the lifestyle of people have been living over there, great movement by the Government.

Followed by the policy parameters approved, one of the spokesman of the Urban Local Bodies Department said that all Divisional Commissioners, Deputy Commissioners , Commissioners of Municipal Corporations, all Secretaries of Municipal Committees and Executive Officers of Municipal Councils have been asked to follow the parameters. He also added all plots or buildings are not eligible for regularization, as per the approval policy parameters the extent and boundary of the declared area under the act would be demarcated on the ground would be eligible for regularization. In this policy parts for the area declared are also situated within the restricted region along the national highways, proposed roads and state highways would not be eligible for regularization.

Worried part comes here, every residential plots owner should pay regularization fee at the rate of Rs. 250, 200 and 150 per square meter for areas falls in the limits of Municipal Corporations, Municipal Committees and Municipal Councils respectively. This has to be paid within six months of the notification. This policy is not only for the residential plots which falling within the limits, the policy should also applies for plots that were already constructed, got electricity supply, watery supply and sewerage connections. All these supplies and connections would be released only after the payment of the regularization fee is paid, in addition to this payment development charges and any other fee or tax are also applicable.

About the Author: Daniel, writes articles on online marketing, investment on real estate market, lifestyle and travelogue. If you are planning to invest in Indian real estate market invest on Apartments in Navi Mumbai and Apartments in Whitefield.