Over-supply of Residential Projects on OMR

OMR (Old Mahabalipuram Road) in Chennai is considered as one of the most sought-after residential localities in South Chennai. The main backbone of this locality is the IT corridors and companies which are operational from here for around seven to eight years. Currently, the situation is very grim on the OMR stretch as it is facing over-supply of residential projects in old mahabalipuram road. The arrival of IT companies has helped the first stretch to develop in a fast-paced manner with lots of residential complexes being constructed and sold immediately. But, recently the pace of development has come down a bit as most of the buyers do not want to go beyond Sholinganallur.

Beyond Sholinganallur even though houses are priced at Rs. 3500 to Rs 4500 per sq ft there are not many takers. Places like Navalur, Padur and Siruseri have not been developed much due to the absence of social infrastructure like schools, hospitals, retail and entertainment options. Although buyers are reluctant to invest in these areas new projects are coming up as one can find huge land parcels at lower rates leading to an over-supply of residential projects.

Mr. Senthil Kumar, MD of Ganga Foundations states that presently there are around 25,000 housing units coming up on OMR and the fact that the total absorbing capacity of the city is only 40,000 units annually these numbers are definitely high. Moreover, professionals who want to reside near their workplace have started shifting to locations off the road that offer lower values in comparison to high prices on the first stretch of OMR (Sholinganallur).

Still, builders believe that as soon as the infrastructure development starts in the other parts of the stretch such as wide roads, water and electricity supply, investments will start pouring in from home buyers. But this will take at least 5 years to take shape and to encourage homebuyers to buy a property. 

For investors, it is a good time to invest in Padur, Siruseri and Navalur, as these are developing areas and given a time frame of approximately 5 to 7 years these localities will be one of the hot-spots of Chennai and will yield good returns.


Landmark Group Makes Profit by Quitting from Leading Real Estate Projects

Landmark_Facade_jpgLandmark Group, the leading real estate investor has exited from the Ghaziabad’s mega residential project, the Hi tech city (Wave city) for Rs.350 crore.

The wave city is a new residential project, started earlier this year by the Wave Groups. It comprises of 75,000 dwelling segments in a space of 4,500 acres. Around 4000 units of the first phase are close to completion.  These affordable residential units are launching for a bracket price of Rs.14 lakhs.

Landmark, a leading real estate investor company of the Dalmia group, made its investment in top notch projects that are ventured by leading real estate firms like Forum, Pioneer, Prasvanth, ATS, Ansal, kumar builders etc. In the wave city project, the Landmark group had invested Rs.111.26 crore and earned 3.15 x on its exit.

This is not the first time that the Landmark group has exited from an ongoing real estate project. Earlier this year, landmark made its exit from 2 other projects but still managed to make a profit out of both. With the ATS group investment, it gained a multiplier of 2.3 x and an internal rare return (IRR) of around 24.5% on its exit. The landmark had also exited from the Shipra’s residential project with a profit of Rs. 50.53 crores which is 2.10 times the original investment.

In the present day scenario of the real estate market, most of the equity investors are struggling to stay in the field, but landmark has found its way out without encountering any loss by applying a profitable exit strategy.

Greystone Villas, RT Nagar, Mysore

Greystone Villas is a luxury villa residential project at the RT Nagar locality of Mysore. It has been MUDA approved and is just 9 kilometres away from Mysore Palace, Railway Station and Bus Stand. The villas available are all independent single floor and duplex houses.

Loans for the project have been approved by State Bank of India and by Axis Bank. There are two BHK and three BHK villas available here. The two BHK comes in two varieties of 1100 sq ft and 1500 sq ft. The three BHK has one type which is 1800 sq ft and the other one is 2300 sq ft.

The exact prices will be made available on request to the developers but it is expected to start from Rs 37 lakhs onwards. Plots will be either 30X40 or 40X60. Possession will begin by October 2014. There will be beautiful 12 metre wide asphalt roads within the complex itself. Water supply and sanitation lines are separate for each plot. The entire area is aesthetically landscaped with tree line avenues. There is also a Children’s Play Area and park among other amenities.

The area is also a good one and is expected to be the future residential and commercial hub of Mysore. There are a number of good schools in the locality like the Christ Public School, Kautilya Vidyalaya and Shrada Public School. It also has a number of hospitals, banks, malls and shopping areas. It will definitely be a great locality to live in for your family and children.

Best locations in bangalore to buy property

Bangalore is one of the best choices for real estate investments. Better known as a silicon city it has lots of prospective developments in the near future. North Bangalore, in particular, is seeing huge developments in the form of proposed infrastructural developments like the Peripheral Ring Road, the elevated expressway and broadening of the Bellary Road. All these hold promise for making North Bangalore the most sought after self-sustained destination. Current developments of the Metro links and the upcoming projects will surely take Bangalore real estate sector to new highs in the near future. Below mentioned are some of the best areas you can consider for investments.

Hebbal: Average apartment prices in this locality range from Rs. 4000/- to Rs. 8500/- per sq. ft. Located close to the International Airport, it has got good connectivity to all other parts of the city and many developments are in progress.


Hennur road: Average apartment prices in this locality range from Rs. 3000/- to Rs. 7000/- per sq. ft. It is an alternate road to the International Airport, there are many ongoing residential projects on this stretch and this is one of the hot destinations of North Bangalore.

Hebbal to Silk Board ORR: Average apartment prices in this locality range from Rs. 3000/- to Rs 8000/- per sq. ft. It’s a long stretch along the Outer Ring Road with many tech parks which makes it one of the most preferred locations.

Whitefield and Sarjapur road: Average apartment prices in this locality range from Rs. 3000/- to Rs. 8000/- per sq. ft. Whitefield is the IT hub of Bangalore city, hosts many IT companies and Sarjapur road is developing and has become a preferred location in Bangalore.


Luxury Living: How to get a Great Guest Room

Homeowners usually spend a lot on living rooms, kitchens and bathrooms. One of the usually neglected areas is the guest room. If you are someone who has visitors regularly, do consider remodelling the guest room to make it more appealing and comfortable.

Revitalize flooring and wallsRevitalize flooring and walls – Carefully examine the condition of the floors and walls of the room. Does the paint or wallpaper look dull? One of the easiest and cost-effective remodelling steps is painting. Painting a room will automatically create a fresh atmosphere. Neutral and warm tones are always the most aesthetically pleasing. With wallpapers, go for a soft and simple pattern. Next, check the state of the flooring. If it is carpeted, is the carpet stained or worn? You can consider getting a new carpet or cleaning up the old one properly. Try adding new rugs to the floor. It will make the ambience of the room warmer and will be comfortable for visitors to walk on.

Co-ordinated Colour SchemesCo-ordinated Colour Schemes – Decide on colours for the room and try to match them with the sheets, windows and doors. Such a comprehensive colour scheme always looks more inviting and will make the room much more appealing.

Increase Storage Space – None of your guests will enjoy living out off suitcases. Even if it is a short stay, it is be considerate to create some space for their belongings and personal items. Make some extra space in the cupboards and place some fresh toiletries there too.
Access to bathrooms – Ensure that the guests can easily access the bathrooms. bathroomHaving a long walk down the hall to reach the bathroom is not appealing when staying at someone else’s house. If there isn’t any bathroom near the guest room, maybe a small section could be cordoned off and made into a bathroom. It will require a slight investment but it is a good idea if your house has frequent guests. A private bathroom will be appreciated by them and it will prevent overcrowding for the existing bathrooms too.

Make it a multi-task room – These guest-rooms are great when company comes over, but will they become redundant at other times?multitaskIt is a great idea to set up your guest room in such a way that it can serve other functions when guests aren’t round. With the right kind of furniture and appliances you can transform the room into a recreational space, office or library according to your need.
Finishing touches – Remember that the details can make a large difference. It would be greatly appreciated if you had a TV, alarm clock or magazines in the guest room. If guest rooms are unused for long periods of time, they can become stuffy. Remember to open the windows and keep it well ventilated. Just think about things that you would appreciate while staying at someone else’s home and try to fit these items into your remodelling budget. It doesn’t even have to be really expensive. Just a few simple touches can do wonders.

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