South Chennai to lead revival of real estate in Chennai, says Alliance Builders

Last 11 months have been nothing short of a revelation for the real estate analysts in Chennai. When the realty market is slumping in major parts of India, Chennai seems to be on a merry ride. Chennai has shown great signs of revival with South Chennai leading its way to become the most rewarding place to invest in. Alliance Builders are hopeful of the market revival in Chennai and expect this trend to continue for a long period. The driving force behind the growth is an increase in number of job opportunities, making Chennai an employment hub followed by an extensive focus on infrastructure development.

Among all the areas of Chennai, North has grown the least. Areas such as Tondiarpet, Kolathur, Madhavaram and Perambur saw negligible launches during this period due to the lack of social infrastructure and poor connectivity to the city centre.
High profile areas in Central Chennai like Nungambakkam, R.A. Puram, Alwarpet, T.Nagar, Mylapore, Royapettah, Kilpauk, Anna Nagar, Teynampet and Adyar have largely stayed distant from some fluctuations.

Premium segment has been benefitting from the affluent standard of living, conversion of bungalows into apartments and break down of joint families into nuclear ones.
The official spokesperson for Alliance Builders Group, said, “Chennai market seems to be bottoming out this year and is close to a point of recovery in terms of sales numbers.”

The Chennai office space market continues its healthy consolidation on the back of dwindling office completions, steady demand and falling vacancy levels. The total stock in the Chennai office space market stands at 58.2 million sq ft, of which 47.1 million sq ft is occupied. While traditionally, this space has been anchored by IT/ITES sectors, in recent times, the Banking Financial Services and Insurance sectors were gaining.

Alliance Jasmine Springss recreating a finer living experience

One dreams of an ideal abode since he begins to learn drawing in his tender years and the dream remains unshaken even when he has grown up. We dream of a home that resides in gentle surroundings of a nature-scape, where mornings are announced by the chirping birds and the day sets with the scenic sunset. Such a dwelling is what has been put on offer for us by Alliance Builders with their project  Alliance Jasmine Springs.

Alliance Builders is a real estate brand name to be reckoned with. The group delivers state of the art projects that bespeak excellence in every inch of space that they bestow. Their upcoming project Alliance Jasmine Springs, located Off Poonamallee Road in Chennai, is one of the finest examples of the group’s outstanding deliveries. Though the project is yet to be delivered, it has already grabbed attention and is becoming one profitable option for prospective investments.

Alliance Jasmine Springs is an exclusive community spread across 5.5 acres, comprising truly exceptional apartment homes. Strategically located off the Poonamallee high road it provides easy access to the centre of city as well as the industrial hub of Chennai - Sriperambudur.

The project is very superior even in terms of its security facilities. Full safety via high quality wire and PVC conduits has been guaranteed giving the project an extra point for its full proof system.
Such an amalgamation of needs that nestles in the luxury of a natural landscape is rare to find and even more rare to hold on to. Alliance Builders brings the project forth for us to cherish and settle in a home that justifies your childhood painting fascinations as well as you more matured aspirations.

What is the concept of ready to occupy Realestate projects

Chennai

The viability of ready-to-occupy projects is getting understood in all circuits and the number of investors opting for it are increasing by the day.

Buying a house is one of the most important decisions of one's life. Usually, there might be a long wait, mixed with anxiety with respect to realising the dream of owning a house. This wait has decreased substantially with ready-to-occupy projects gaining in popularity .With income levels rising and increase in the number of HNIs, ready-to-occupy property is finding more takers in the city.

There are many advantages that a ready-to-occupy property has over an under-construction development. Instead of a sample flat or just the floor plan, you actually get to see the finished project. Also, in case of under-construction project, there are many cases where in they are not completed within the promised time-frame much to the distress of buyers.

Explaining the concept of ready-to-occupy projects, K S Manian, chairman, Radiance Realty says, "Ready-to-occupy homes refer to second-hand apartments or apartments that are ready for performing house-warming sessions within a quarter or two. Projects which are 95 percent complete (internal finishes are done, interior related work is in progress and common area finishes are in the final stages of completion) are classified under this category." Popularity of ready-to-occupy apartments has increased in recent times and individuals are actively investing in such projects. "The primary reason is that supply has increased. There are more ready-to-occupy projects available today as compared to earlier years. These apartments come at a higher price as compared to under construction apartments. However, the buyer is clear as to when he can move in and also saves on rent, which can then be used to pay the EMI. Roughly, half the buyer segment is interested in ready-to-occupy projects," says Manian.

R Kumar, managing director, Navin's says, "The demand for ready-to-occupy projects is increasing. People prefer such property as there is no uncertainty about the completion of the project. It is a good bargain for the customers as they can actually see and feel the finished product and have a better understanding of the project. The customer can weigh all the options in the truest sense and get a good idea about the area and infrastructure planning." He feels that the buyer must be careful and do his research while investing in ready-to-occupy projects. "It is important that the investors ascertain that all the required clearances are in place before they go ahead with the investment. A completion certificate is must and they should also ensure that all the service connections are in place," Kumar explains.

Even from the finance angle, a ready-to-occupy property is beneficial to the buyer. Mathew Joseph, member of executive management, HDFC, explains, "In case of a ready-to-occupy home, it is a win-win situation for both the lender and the borrower. For the lender, the risk factor is zero. There is absolute certainty about the project. Also, the financial institution lends the bulk amount at once instead of periodic amounts. From the borrower's perspective, ready-to-occupy project has an advantage of 'what you see is what you get' ­ something that no brochure or video can provide. Double cash flow with rent and EMI does not happen and pre-EMI interest is not there." Perhaps the biggest economical financial advantage for the individual investing in ready-to-occupy project is the tax benefit. "Buyers get income tax benefits for a ready property and there are concessions on interest and principal amount," Joseph adds.

According to Devina Ghildial, Managing Director, South Asia, RICS, a major issue in the Indian housing market has been delay in delivery of the project. "Customers end up paying rent as well as EMI of the housing loan. As projects are delayed, developers also escalate prices with respect to inflation or other outside variables. Demand for ready homes is growing as homebuyers are becoming even more wary about the projects that are under construction. The price differs significantly, however, with thousands of old inventories now available in the market for sale in the festive season, the difference has narrowed," she says.

Source : 99acres.com