Homes for rent in Besant Nagar, Ashok Nagar, Siruseri & Pallikaranai

  • Besant Nagar – 2BHK, Kalakshetra Colony, posh location, semi-furnished, woodwork, fridge, bed, sofa. Rent Rs.35k, no maintenance
  • Ashok Nagar – 2BHK, Landmark Metropolis, 1st floor flat, Fully furnished. Rent Rs.30k plus Rs.1500 maintenance
  • Hiranandani, Siruseri – 3BHK, Upscale, Woodwork, Curtains, Stove. Rent Rs.25k plus Rs.3k maintenance
  • L & T Edenpark, Siruseri – 3BHK, Woodwork, Close to IT companies. Rent 17k. No maintenance
  • Pallikaranai - 2BHK, Woodwork, Near Balaji Dental college, Kamakodi Nagar, Rent 13k plus Rs.2k maintenance

Call 9962612255 to visit

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

HC stays tenant registration order

Chennai high court stays the recent police order that requires home owners to register their tenant information, based on a public interest petition.

tenant registration order

The opposition argued that this is in violation of a constitutional right that an Indian can reside in any part of India. It also offends the right to privacy and the right to dignity of people residing in rental homes.

Hearing will be held after the court reconvenes post court summer holidays.

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.

Budget 2012: Cost of buying and building a home to go up

The finance minister threw a wrench in the works for real estate by

1. Increasing service tax by 2%
Due to this increase, the corresponding increase in home price is expected to be around 0.5%
2. Introducing TDS of 1% on transfer of immovable property
TDS hits you when the value of property that is transacted goes beyond a threshold of 50 lakhs in urban areas and 20 lakhs in rural.

Guess who the builders are going to transfer the increased cost to…

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.