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The one industry which is on a constant upward swing is the real estate industry. The Chennai Property market is considered to be one of the most stable and continuously growing markets in India. The advent of the IT sector, giving rise to SEZ and the IT corridor has catapulted the interest in Real Estate. Prices of properties for sale in chennai have been growing in between the range of 3% - 5% on a monthly basis over the last two years. The demand for houses has also been growing in between 1% - 2.5% per month over the last two years.
Chennai has always been a promising real estate market for both buyers and builders. It is indeed the ideal destination for all real estate activities, with studies showing that over 45 million sq. ft. of housing property in Chennai has been sold in the last two and a half years!
Over the last two decades, there has been a marked difference in the way properties in Chennai are being developed and promoted. Real estate in Chennai has truly evolved. The conservative Chennaite who once believed in living within the city, at a close proximity to schools, entertainment options and central business districts, is now open to considering other options as well. Investors who were once satisfied in putting their money in mid size projects with little or no amenities, are now looking at large sized townships that have generous landscaping, and a range of top notch amenities.
Further, this trend has also been fuelled by the sky rocketing prices of real estate within the city. With Chennai property in the heart of the city coming at a premium, developers are forced to offer basic residences in the range of Rs. 1.5 – 5 crores. Residential developers who want to put up their properties for sale at an affordable price are forced to look at suburban locations.
Real Estate in Chennai is increasingly moving into the outskirts of the city. Areas surrounding the 200ft road are showing a lot of promise, with a range of high profile companies sprouting there. IT has also cemented the growth for properties in Chennai along the corridor. Other emerging hot properties are situated in the midst of industrial hubs and automotive hubs, which draw in a lot of population.
The user driven market of Chennai is evolving rapidly. Developers are increasingly spending more time on client’s needs and requirements. They are quite literally coming up with something to suit every palette. In the current scenario, properties for sale include community living projects, theme based townships and mixed development projects. The new township projects have minimal built up area and thereby offer an increased land space. The serene environment in the midst of nature, Club Houses, Swimming Pools, Schools, Medical Facilities and entertainment options within the premises have got Chennaites aspiring for more. The proximity of these communities to different workplaces has drastically cut down on travel time, thereby paving the way for a better quality of life.
Despite its ups and downs, the real estate market has been doing well for itself. Pricing in the Chennai property market has also been stable with prices moving in accordance with actual sales. With unique and differentiated projects and irresistible deals, investors are indeed spoilt for choice. Before you invest, it is better for you to get to know your builder, check on the developer’s intention to complete the project and hand over on time, and if the pricing is reasonable considering the location and the amenities offered. The time is right to own a property in Chennai.
1, 2, 3BHK apartments and independent houses are the most sought properties in Chennai. 1 BHK apartments are usually brought by youngsters who have begun their career. They are mostly looked upon as an investment. Usually with a carpet size of 500 sq feet, 1BHK apartments house bachelors and single women. 2BHKs come anywhere between 650 sq feet to 1300 sq feet. These are usually the preferred by for people embarking on a family. Mostly bought with the intent of inhabiting the apartment for the next decade at least, 2 BHK apartments are a popular choice for house buyers. 3 BHK apartments are also increasingly becoming sought after in the Chennai property market. Usually 3BHK apartments come between 1000 sq feet to 2200 sq feet. They are the dream houses for many a property buyer in Chennai. Independent houses in Chennai are usually sought by businessmen and NRIs who are looking to invest in the Chennai Property Market.
The real estate sector is undergoing a major overhaul with the implementation of RERA. The RERA act seeks to increase transparency and accountability within the real estate sector, by setting up a mechanism to facilitate and regulate the sale and purchase of commercial and residential properties. The law holds the key to the future growth of the Indian real estate as it has the potential to improve overall transparency and accountability, to clean up the sector. The implementation of RERA is expected to boost the demand in the real estate industry.
RERA will not only cover the new launches but also on-going the projects. For ongoing projects that have not received completion certificate in specified time, developers have to make public the original sanctioned plans with specifications and changes made later, total amount collected from allottees, money used, original timeline for completion and the time period within which the developer undertakes to complete the project, certified by the necessary authorities.
MUCH NEEDED RELIEF TO HOME BUYERS
The real estate market governed by RERA will make it a buyer’s paradise as it will protect customer’s interests on all fronts and help them make their purchase decisions with increased confidence.
Before the introduction of RERA, the risk on account of delays, quality, title, and changes in the project were all borne by the customer. As a result, most customers had to bear the cost of some sort of default. Post RERA, these costs are to be borne by the developer.
Home buyers are entitled to information on various plans, specifications and other data. They are to be appraised of stage wise time schedule of completion of the project, including provisions for water, sanitation, electricity and other amenities.
Further, buyers can claim refund of amount paid along with interest if the promoter is not able to handover the property as per timelines committed. They are also entitled to necessary documents and plans at the time of possession.
RESPONSIBILITIES OF PROMOTERS
Regulatory Authorities will be established in every state, which will have the responsibility to register and regulate real estate projects and real estate agents registered under this Act. The authority will maintain a website for public viewing, of all real estate projects for which registration has been given.
RERA makes it imperative for developers to register with the authority and meet various obligations to fulfill his role. The promoter is obligated to rectify any structural damage or defects in quality over the period of 5 years after handing possession.
Promoters must also uphold true information in their advertisements, communication and model apartments. They will be liable to return the entire investment with interest to the buyer in the case of false promises. Developers will also have to pay rent or compensation to buyers in case the project is delayed.
ROLE OF MIDDLEMEN
Very often home buyers and investors put their hard earned money in properties, trusting brokers and middlemen. Unfortunately some may be cheated by unscrupulous brokers and sold properties under dispute or with unclear titles, for financial gain. RERA will put an end to such practices and give a fillip to the real estate sector with an ambience of trust and credible transactions.
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