Category Archives: Home

New home inspections – identifying snags and rectifying them

With too many constructions going on, several builders are in a hurry to hand them over to owners. Many of these hand overs is in an incomplete state and/or poor quality and builders expect owners to identify snags (issues) to be addressed. This is actually the last chance for owners to identify these issues and report, so it can be rectified before making final payment.

How is a new home owner, who may not have much knowledge in home building, supposed to identify all the snags? This is when we started offering the ‘New home inspection’ service performed by a highly-qualified Engineer. At first we approached this cookie-cutter style- we had a template with a list of common issues. We would walk through new homes with this check list to check them off. But as we inspected more and more homes, we realized that there is no common set of issues, every house has a unique set of problems because of various factors- builder, materials used, layout, etc. This led us to approach each house in a customized fashion. Go in with a blank mind (and a blank sheet of paper(s)) without any expectations and start marking down issues.

Some of the major issues we have found are Water seapage, poorly laid sunken toilets, hollow tiles, No rain water harvesting, Weak sunshades, Kitchen counter being too high, Missing skirting tiles, etc. Many of these if left unrectified will start deteriorating the building.

new home inspection report

New Home Inspection Report

You would be surprised to know that even with big name builders our issues list has run few pages long. Hopefully, builders take note of these issues and do a better job before handing over houses, but until then our Engineers will not let them off the hook.

Good luck with your new home! Get in touch with us if you want your home inspected.

How NRIs can sell inherited property in India?

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?

Jan 2013 Update: Chennai property prices increase in the last 6 months

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.

Chennai property price increases

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.

Sale and Rental scenario in OMR, Chennai

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.

Chennai property prices go up in first quarter of 2012

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.

3BHK for rent in Shastri Nagar, prime location in Adyar

Located in a posh locality, with quick access to OMR and other parts of the city, this home is  ideally sized for a family with kids.

Key highlights of the property
- 1650 Sq. Ft., 1st floor of an Independent home
- Pollution free as it is tucked slightly away from the main road
- Walkable to public transportation
- Many shops in walkable distance
- Modular kitchen
- Wardrobes
- A/C
- CCP

For Rent: 2bhk flat at Kelambakkam

Affordable housing in Kelambakkam, very near Siruseri, the IT hub of Chennai. This 800 SF apartment is located opposite to Emerald Engg. on Kelambakkam-Vandalur road, which is 1.5 km from Kelambakkam junction.

With affordable rent and low maintenance fee, this home offers a lot of value for the renter.

Other hightlights of this property are… CCP, 3km from Hindustan College, ample panchayat and ground water, near chettinad hospital.

Call 9962612255 for a visit

Apartment maintenance cost will increase because of EB categorization changes

Do not be surprised if your apartment maintenance association increases the maintenance charges a bit. Beginning April 1st, 2012, common areas/facilities within complexes is to come under commerical tariff. This means electricity usage for gym, pool, water treatment plant, motor, etc. is to be categorized as commerical usage. Commerical tariff is based on usage as well. The first 200 units is Rs. 4.25, anything beyond 200 units is Rs.7 per unit.

Gone are the days when large apartment complexes with pools, gym, greenery, club house, etc. can maintain the complex with just Rs.2 per SF. It is not just because of increase in cost of electricity, but also due to artificially keeping the maintenance cost low to easily sell these flats.

Rent at TVH Ouranya bay: Sea facing 2BHK near Siruseri

Live in luxury on OMR with an amazing view of the ocean from this 18th floor apartment. The home is semi-furnished with modular kitchen, wardrobes in both rooms, 2 A/Cs, designer lights and fans.

TVH Ouranya Bay is very close to Siruseri IT park with over 40 families living in this newly built apt. complex.

Rent at TVH Ouranya Bay

TVH Ouranya Bay

Amenities include:
Clubhouse
Gym
Swimming Pool
Children’s Play Area
Banquet Hall

Call 9962612255 for a visit

Home loan interest rates are dropping

After Reserve bank has cut the Cash Reserve Ratio (CRR) by 50 basis points in 2012, banks have started to drop interest rates. CRR is the proportion of deposits that banks must keep with the central bank

Depending on the bank, amount and tenure, the rates are between 10.75% to 12.75% on Floating interest and 11.75% to 13.75% on Fixed interest. Lower rates increases affordability for home buyers, the effect of which is increased home sales.