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.