Kelambakkam real estate

Real Estate Trends to Watch Out

Uncategorized , , , , , 0 Comment

Real Estate Trends 2015

real-estate-trends-2015

The years 2014-15 can be termed as epic milestones for the real estate industry in India. There have been some landmark decisions that aim to change the face of the realty industry and create a conducive and more just form of housing options catering to each and every section of the society.

An overview of the real estate industry in India

If you think about the real estate industry on a macro level, you’ll appreciate how important this industry really is. To illustrate, let’s understand that housing is considered to be the second largest industry generating a lot of employment opportunities employing an estimated 35 million people. There are more than three hundred interlinked industries such as steel, cement, brick and transport among others that are supported on the backing of a robust real estate industry. What’s more, the real estate industry is a significant contributor to India’s GDP and does feature as an attractive foreign direct investment (FDI) opportunity.

The Planning Commission estimates that by 2030, about 600 million people will be living in cities, which means that reasonably priced housing will be the need of the hour. The real estate industry does indeed have a large gap to achieve if you consider these proportions.

Why invest in real estate?

The good thing about investing in real estate is that it holds the promise of huge earning potentials- It can be rented or leased out, can be resold or kept as a nest egg for a rainy day. Whichever way you look at it, real estate seems to be one of the most lucrative investment options. There are many tax benefits that make it even more appealing, especially in the case of working couples, applying for a joint home loan means eligibility for a higher loan amount and tax savings as well.

What’s new?

The GOI has allocated US$ 1.3 billion for Rural Housing Fund in the Union Budget 2014-15. It has also allocated US$ 0.7 billion for National Housing Bank (NHB) to increase the flow of cheaper credit for affordable housing for urban poor. Besides which some of the other key features that have taken place in the recent past can be listed as under

  • Lowering of interest rates by banks
  • RBI offering incentives for infrastructure financing
  • Creation of real estate investment trusts (Reits).

There have also been a slew of good governance policies such as relaxation of FDI norms in the construction sector and reduction of excise on cement and steel among other factors; all of which have succeeded in giving an impetus to the real estate sector. It is estimated that India’s collective real estate worth is nearly $12 billion. Moreover, it is growing at a 30 percent annual growth rate  and it is expected that there will be many more good tidings for this sector in future.

Here are some a few points that are being considered as monumental milestones in the realty industry this year

The Southern Winds of Change

There is a need for affordable housing projects in India and it does seem like the urban cities are facing a sort of saturation. Peripheral areas and fringe towns in South India are being developed and are being considered as the new avenues for filling the gap of affordable residential housing. In fact, there are many large land parcels that are available for the taking in South India.

In Karnataka one can find likely areas such as Devanahalli, Mysore, Hoskote and in Chennai OMR, GST road, Shollinganallur, Perungalathur and Sembakkam among other areas which have been in the limelight with massive projects comprising of over a thousand units.

This growth mode is not limited to the south only, however one can say that the prospects in South India are definitely bigger, better and brighter. Similar projects in Faridabad and some other areas can be found in North India too.

Impetus to Industrial corridors

The proposed industrial corridors and the ones that are already in the development phases hold the golden promise of creating a goldmine of a million economic and investment opportunities. It is already a well-known fact that not only do industrial corridors boost infrastructure growth in areas that are away from main city centres but they also provide a conducive environment for developing new industrial cities as ‘Smart Cities’ with proper dedicated allocation for planned urbanisation.

Such projects help in expanding the city’s manufacturing and services sectors, besides positively boosting associated infrastructure such as new company set-ups, joint ventures, foreign direct investment (FDI) opportunities, assurance of dedicated water supply and high capacity transportation and logistics facilities. The industrial corridors have been a boon for the local employment opportunities created as an outcome.

Cities that have been marked for development under the industrial corridors are expected to see a massive transformation from being mere bystanders to epicenters for industrial activity.

Coupled along with the GOI’s (Government of India) ambitious budgetary allocations for affordable housing and a revised tax incentive and loan structure there is an air of optimism and anticipation for the resurgence of the real estate sector in India.

Siruseri, Nellikuppam, Kellambakkam – A combined real estate success story in the making

Uncategorized , , , , , , 0 Comment

IT and Auto Industry Hub

apartments-near-IT-hub-chennai

Aside from the fact that Chennai is considered an IT and auto industry hub, there are many other acclaims attributed to Chennai. The city is host to the third-largest expat population in India, coming next only to Mumbai and Delhi. What’s more, BBC has recently ranked Chennai as one of the ‘hottest’ cities to live in- a global city that has a beautiful amalgamation of the modern and traditional ideals. And the accolades don’t just stop there, Chennai’s emergence as an offshoring hotspot has further cemented the glistening future of this city and has made the city the secondary financial hub in India coming next after Mumbai. With a lush talent pool comprising of skilled manpower of IT professionals and industrial personnel, a conducive business environment and a favourable economy the city is set for many more epic milestones.

How it unfolded
The astounding growth of IT/ ITES industries in Chennai city has taken the peripheral towns such as Siruseri, Kelambakkam and other localities in a virtual storm. However, of all the places that have clocked high growth, Siruseri has been the biggest beneficiary in terms of all round development, perhaps on account of the IT park here.

About Siruseri
Located at a distance of around 25 kms from the main city centre, Siruseri is a south eastern suburb of Chennai, positioned en route the OMR (Old Mahabalipuram Road). In fact, one can easily reach Siruseri, as it comes approximately at the end of the IT Corridor along the OMR. Located between Navalur and Kelambakkam, Siruseri houses the SIPCOT IT Park- the largest IT Park in Asia. What’s more, the area will probably be home to a proposed six-lane highway in the future.
The Siruseri IT park

The IT Corridor was developed to give an impetus to the growth of IT companies with dedicated allotment of land for organizations that wished to build their own campus; the SIPCOT IT Park being the best case in point. Today, the IT corridor is a massive stretch of road comprising of six-lanes with localities touched by these corridors emerging as favoured places for real estate investment by NRI’s, IT professionals, HNI’s, corporates and end users.

The same can be said about Siruseri egged on by the widespread development along the IT corridor, the ticket to fame for Siruseri came about with the establishment of this IT Park. A massive commercial space located in Padur and developed on 1000 acres of land, the Park has transformed Siruseri’s landscape forever.

The IT park by SIPCOT (State Industries Promotion Corporation of Tamil Nadu) is a fully government-owned institution and boasts of all infrastructure facilities such as a dedicated sub-station for power supply, separate telephone exchange and high speed data connectivity. It is an extremely successful venture by the government and is today home to many renowned companies such as Newgen Software Technologies, Aspire Systems, Changepond Technologies, Hexaware Technologies, Cognizant Technology Solutions, IGATE Global Solutions and Syntel among other eminent names.

Notably, TCS has set up their campus on 70 acres of land at the SIPCOT IT Park. Known to be Asia’s largest IT office, the architecture is designed by the Uruguayan architect Carlos Ott. It was inaugurated on 23rd February 2001 by Danilo Astori, the vice-president of Uruguay. An award winning edifice, it houses over 30,000 employees and has provisions for accommodating over 2000 vehicles. Furthermore, it is proposed that a signature tower, 132 metres high comprising of 28 floors is underway.
The Park offers recreational activities for the employees working here with a clubhouse with gym, outdoor running circuits, swimming pools and a small golf and driving range among other facilities for them.

The panorama today

The skyline for Siruseri has altered permanently. There has been much development and land prices have touched an all time high. Residential apartments and commercial development has been fairly well balanced and there is promise for much more development on the anvil. Transportation facilities have been significantly improved and it is easy to find a good number of public buses and auto rickshaw’s from here.

Renowned educational institutions such as Chennai Mathematical Institute,Institute for Technology and Management (ITM) Business School and the Chettinad Hospital & Research Institute have set up base in Siruseri. Moreover, the Madras Diabetes Research Foundation (MDRF) has set up a hi-tech diabetes research centre here. Distinguished schools like the Padma Seshadri Bala Bhavan Senior Secondary School (PSBB), Hiranandani upscale school (HUS), Sushil Hari International residential school and the Padma Adarsh Higher Secondary School among other schools are nearby.