This week, Live Mint (a WSJ partner in India) had an article detailing the nuances with selling property inherited by NRIs.
For the complete article, see link at the end of this post. In short, here’s what needs to be done…
- Transfer title to your name using a will or succession certificate
- Collect recent sale deed and parent docs
- If the house is in a community, get a Co-op certificate, No objection certificate and Occupation certificate
Rest is the regular sales process of hiring an agent and finding buyers.
Read the entire article at Mint How NRIs can sell inherited property in India?
Just when everyone is predicting that property price in Chennai would plateau due to the global economic slowdown, Chennai ignores predictions and shows increase in price.
Apartment prices in almost every part of chennai is going up. Here are some of the comps…
Adyar
June 2012: Rs. 12.5k per Square foot (SF)
Jan 2013: 15k per SF
Sholinganallur
June 2012: 4.8k per SF
Jan 2013: 5.3k per SF
Medavakkam
June 2012: 4.3k per SF
Jan 2013: 4.7k per SF
We do see a slowdown is sales volume for the past year or so, but the price only keeps going up.
Dtcp approved plot very near VGN Brixton, opposite to Hyundai factory and stone throw away from Maharishi vidya mandir school. Plot is 2400 sq. ft. on a 30ft wide road. Priced at 15 lakhs.
Ideal investment property in Sri Perambudur with clean documents and lawyer approval. It has large potential for price appreciation since sri perambudur is the new and upcoming industrial hub in Chennai. For the price of a flat at VGN Brixton, you could buy this plot and build a dream home overlooking the apartments and live in walking distance to Maharishi Vidya Mandir school.
Call 9962612255 for details.
While property prices keep going up in OMR, rental of certain type of homes is not catching up because of huge supply.
6 to 8 months ago, apartment prices in Sholinganallur was around 4000 to 4200 per SF, today it is hovering around 5000 per SF. Similarly, another of our favorite location, Medavakkam, has seen prices go up from 3600 per SF to 4500 per SF in the last one year.
Plenty of builders are creating a huge supply of homes in OMR, which puts pressure on rental rates. 2BHKs are able to hold their rent quite well because of their demand since most renters are usually young and have smaller families, so they prefer a 2BHK. But 3BHKs are having to drop their rent significantly to get renters. In many complex, the rental difference between 2 and 3BHKs is just 1k. This situation will change, but only when the supply/demand situation reverses.
National Housing Bank, a unit of Reserve Bank of India, which tracks housing prices in major cities has cited that there was a 2.8% increase in housing prices in the 1st quarter of 2012 (Jan to Mar) compared to the previous quarter (Oct – Dec 2011)
http://nhb.org.in/Events/Events.php#residexmay2012
Chennai also ranks no. 1 in price appreciation since 2007, the date when National Housing Bank started tracking housing prices in major cities.
One of our client is selling his apartment in Sholinganallur. It is in an unbeatable location, walkable to Shonliganallur jn. and many IT companies.
Lancor Central Park West, Sholinganallur
Here is the property details…
- 3bed/3bath, 1750 SF
- Complete with Woodwork and A/Cs
- Gym, Pool, Club house, Kids play area
- 24hr security
- 2 CCP
- Cement road access
- Lancor Central Park West
If you are interested, call us at 9962612255
