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Jul
31/10
Chennai Property & Real Estate Market 2008
Last Updated on Saturday, 31 July 2010 10:15
Written by admin
Saturday, July 31st, 2010

India is witnessing a rapid growth in real estate industry that’s leveraged in all parts of the country – be it Chennai, Hyderabad, Bangalore or Cochin real estate, the property prices are touching unforeseen heights.Chennai real estate has massive demand in all real estate development areas like commercial, residential and retail. Chennai real estate is developing as strong real estate market in India. The market demand for both residential apartments and individual houses is on the rise Chennai property & Real Estate prices differ depending upon the parameters such as location, type of building construction, accessibility, amenities and other services . SEZ’s are the major growth drivers of Chennai’s property market. Chennai real estate market is witnessing an upward trend in terms of values.

Real growth drivers

There is a huge demand for Chennai property market is due to the following factors:

 

· It is well connected to its satellite cities and other parts of the country

 

· It is well equipped with high-tech communication channels like high –speed internet connectivity and digital telephone networks

 

· The city is home to many prestigious educational institutions and

 

· The city is home to a lot of advanced medical and healthcare facilities

 

· IT/ITES and SEZ’s growth

 

· Rising incomes from the IT/ITES sector

 

· Flexible home loan options

 

· NRI’s who are returning to Chennai for better opportunities

Residential Real Estate
After undergoing recession for the last few months, Chennai residential property market is moving towards recovery path. The demand for residential apartments and individual houses are the hottest one in Chennai property market. The most expensive areas for Chennai apartments are: Besant Nagar, RA Puram, Mylapore, Egmore, Adyar and Annamalaipuram.

Commercial Real Estate
Chennai real estate market is witnessing an unparalleled growth in the commercial sector. There is a large number of commercial projects are under construction. This is due to the IT companies demand for commercial space in Chennai property market.

 

There is always a continuous upward trend in commercial property values because demand for commercial activities surpasses its supply and expected to increase in future as well. The preferred business areas in Chennai property market are: Cathedral Road, Lloyds Road, Guindy, Ambattur, Nungambakkam, Tharamani, Old Mahabalipuram Road, and Anna Salai.

 

Chennai real estate market is exploring alternate avenues in commercial sector to attract companies from different industry verticals. Thus, the offerings are customized in design to suit the specific needs of the industrial sectors. There is availability of different grades for office space like

 

· Grade – A: Catering to the needs of multinational IT and ITES firms

 

· Grade – B and C: Catering to local and domestic companies


Future Perspective

Chennai property market has seen an upward trend in pricing almost by 200% in the last two years but it’s witnessing a downward trend. Even office rentals are also seen a 15% drop. Real estate experts say there has been a 90% drop in demand for residential projects since the start of the year (2008) but it is for short term only. Otherwise, Chennai real estate market seems to be vibrant in nature forever.

 

The investors who have invested in Chennai properties in turn generate sizeable returns which seem to be a good design. Chennai property market is offering the buyers, investors and NRI’s the space what they want, who are showing great interest in the city.

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Jul
31/10
Helping To Safeguard Your Holiday Home
Last Updated on Saturday, 31 July 2010 05:17
Written by admin
Saturday, July 31st, 2010

Those people fortunate enough to own a holiday home will most certainly have a property that provides a regular income stream and hopefully an increasing capital value. The rent payable by a holidaymaker is much more than that paid by a tenant for a let property and as an added bonus the holidaymakers need to pay their holiday rent in advance. You also have the freedom to use the property yourself for family holidays and weekend trips plus the option let a few friends and family enjoy it.

However, unlike a standard let property, a holiday let property is often empty for short and long periods of time depending on the season and possibly the weather. As much as you might try it is inevitable that there will be some empty periods. During these void periods it maybe difficult to determine whether there are any problems with the property unless it is regularly visited and how would anyone contact you to let you know? If you live a good distance away it may not be practical for you to make regular visits.

A good number of holiday home owners do not live near their property, it is used as a weekend and holiday getaway in another part of the country. It would therefore be prudent to use the services of a friend or family member who could visit the property to see that all is well. Alternatively, a holiday letting company would undertake these visits for a charge.

A holiday let property is no different to a property that you or I would live in. It still needs to be maintained and repaired on a regular basis. So what would you do if your holiday home was flooded or burgled whilst you were not there? Hopefully one of the neighbours or the emergency services would be called to see if they could help. But how do they contact the owner of the property?

Unless you leave your contact details with a neighbour then this could be a problem waiting to happen.

There are a few tips that could help with this problem:

Leave your contact details with a neighbour in case of emergencies
Leave a note inside the property, in a prominent place, with your contact details
Leave details of the letting agent with a neighbour or inside the property

Now these options rely on the emergency services having access to the property so they can then find your contact details. Many problems can occur externally and so the Police would not have a reason to enter the home.

What you don’t want to do is alert people to the fact that the property is empty. If possible arrange for the post to be collected and removed from the doormat and ask people to pop in regularly to check all is well. A few lights on timers would also give the impression that the property is being used.

Your holiday home is a precious asset so do all you can to make sure it stays safe.

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