The real estate in Chennai has witnessed an enormous growth mainly due to its suburbs. Lack of land, high prices, and traffic have always been the reason for people to shift interest towards buying house in Chennai suburbs. But has the real estate development in suburban regions happened simultaneously with the infrastructural development. Definitely the answer will be a big no. It is so because, even before the suburbs are ready with all proper infrastructure and amenities, the real estate there have started to find flourish. But though initially this lack of infrastructure did not deter people from investing in the suburbs of Chennai, people are now keen on looking for proper infrastructure, sufficient water supply, well-laid roads and easy connectivity to the city.

When you take in the case of cities, infrastructural development will help in increasing the real estate market. But it the vice versa in suburbs, where a residential projects are started first and then to cater the new population there, certain infrastructural development happen. For instance a builder who get a huge area of land at a lower price in the outskirts of the city launches a new residential project there even if the location does not have proper roads, water supply, sewage system, transport or any shops nearby. But the price of apartment for sale in Chennai suburbs has made people to buy flats there no matter how many drawbacks the location have. This huge demand has given builders a strong belief to start new projects in the expanded city limits.

Though the most of suburbs of Chennai are clearly witnessing a phenomenal growth, there are certain location that still lack in proper infrastructure. Though these areas get only a little appreciation in next few years, people are ready to invest here. Now there are two types of people who prefer these suburbs; those who just want to buy plots for sale in Chennai as an investment and the others who cannot afford to buy a house in Chennai city. In both these cases they are not worried about any infrastructural growth as of now. People who prefer suburban properties in Chennai are expecting a high return of interest may be after ten to fifteen years.

Another reason why this infrastructural deficiency is not affecting the real estate is that growing IT belts and industry belts in such areas. For instance Oragadam which lacks many infrastructural development has a high real estate growth only due to the industries flagged there. Because people working there wish to buy a house near their work place.

So the huge demand of houses in suburban Chennai and increasing number of residential plots and flats for sale in Chennai suburbs does not indicate that these locations fulfil all requirements of the buyers. The increasing prices of plots of sale here are mainly because of incredible real estate prices within the city limits.

Lack of infrastructures will definitely hinder the real estate in Chennai to a little extent but will not stop potential home buyers from investing there. Builders are also trying hard to provide basic amenities such as water supply, proper sewage system and more to attract buyers.

There is a lot of difference between a used property and a resale property. Used properties are ones which are not new and have been accommodated by someone for a few years before putting them up for sale. Resale properties on the other hand are new properties that have never been occupied before but has an owner other than the property builder.

Essentially it is a property that is in all terms new but has been sold by the property developer to another person or business. Resale properties in Chennai are common and the trend is only increasing. There are a number of investment firms which book large number of apartments even before the construction starts. So, when the project approaches completion and the demand is high these properties are resold at a premium to the eager buyers.

Resale properties could be either under construction or could go on sale after completion. In any case, resale apartments in Chennai or any other metro for that case has to be dealt with caution especially the legal side of things. The following guide will help you buy a resale property without any hassle.

Premium over a new property

If the premium over a property bought directly from the buyer is too high, it is sensible to give it a pass. However, with the property market in major metros facing a crisis situation there might be cases where the prices could be less when an investor is trying to encash his investment.

Documentation procedures

Every apartments in Chennai will have to undergo the same registration procedures as a regular apartment. Request for all the original documents and get the title verified. A checklist of things to go through:

  • Buyer – builder agreement
  • Payment receipts of the first owner
  • Society bylaws in case the property is part of the society
  • A covering letter that is attested by a notary stating the reason for selling

Transfer charges

Under development condos may cost less during a resale, yet the developers might charge extra to meet their authoritative costs. The charges may range from Rs 100 to Rs 500 for every square feet. Be as it may, there are manufacturers who don’t charge exchange expenses for a property exchange. You ought to check with the purchaser before acquiring the property.


Background check on the seller and the builder is mandatory. Make sure you know, for real, the intentions of both the parties involved. You can do a background check with a private detective agency, if needed (few thousands out-weighs the lakhs and crores of investment you put down in a property).

Not all resale properties are bought out of demand. Many of these purchases can actually be profitable for the investor / seller as well as the buyer. As a buyer you forego the process of paying upfront and waiting for the construction to be complete. You money works for you in the meantime and you save on paying both interest on the home loan and the rent simultaneously.

Chennai was recently rated as the 9th best cosmopolitan city of the world! The rankings were released by ‘Lonely Planet’ for 2015. This places the Indian city amongst the likes of Washington DC, Milan and Zermatt (Switzerland). So, what is Chennai doing among the big boys of the world when other metros of India do not feature on top of this list?! The perfect mix of cultural heritage and modern amenities make Chennai a lucrative spot. Add the presence of IT industry and other manufacturing units while provide both job opportunities and bring out the best infrastructure around the companies, and voila we have a winner!

Temples and educational institutions of Chennai make is a great place for the locals while there are also enough vacation spots for tourists in the city. However, if you are a resident of Chennai you might want to consider the option of buying a property in Chennai since the prices are all set to soar sky high very soon.

The main reason for the impending boom in Chennai real estate is the fact that the Chennai metro is fast approaching completion. The first phase is already up and running and judging by the lukewarm response, the localities surrounding future metro stations are all set for a major hike in pricing! Also, the fact that Chennai is planning out the panning out of the city far better than Mumbai ever did makes it all the more interesting since newer suburbs keep emerging outside the city and still are considerably nearer to the heart of the city thanks to a network of ring roads and by pass highways.

Here are a few practical options to look at while investing in property in and around Chennai:


The costliest suburb of Chennai is probably also the smartest option to invest in, if you can afford it! Dotted with schools, hospitals and other civic amenities and the presence of entertainment hubs in the forms of cinemas and malls, the locality is every middle-class man’s dream come true! Prices start at 6000 per square feet which is not a bad deal by any means!


The sould definition of North Chennai, Tiruvottiyur is a much more developed and refined these days! Easy access to the Beach Station which is the hub of Chennai’s suburban train network, means that Tiruvottiyur is closer than you think. It is also come to be know as the ‘Economic Housing Zone’ of the city with a number of affordable projects.


The oldest suburb of Chennai, in fact older than the city itself, Tambaram is always on the map when it comes to property investment in Chennai. It is one of the busier suburbs with direct access to the city both by a network of roads, highways and railways. A lot of IT companies are also based on both sides of Tambaram, OMR / Guindy as well as Perungalathur / Sholinganallur / Mahindra City. Prices start at a bargain 4500 per sq feet but posh projects cost a lot more based on the exact location.

David is a born Chennaite with a flair for writing. He is an engineer who loves to let his thoughts loose through writing for sites like

Buying a new house is a monumental job for everyone. People who are planning to buy a new house in Mumbai will have a lot of doubts and queries regarding the real estate trends, prices, legal documents and many more. Many young people are planning to buy their dream house but they are stopped by various concerns such as high property prices, huge monthly EMIs, lack of trustworthy builders and uncertain job market. But as we all know these factors are never going to change, we should only try to adopt ourselves into such situation and be clear and precise in choosing the right residential property in Mumbai. Here are few tips to first time home buyers in Mumbai.


The first and foremost decision that you have to make is where to buy the house, either within the city or in the suburbs. If you are not concerned in spending all your investment, then you can definitely get a flat in Mumbai city. But if you wish to stay inside a particular budget, then Mumbai suburban area will suit your pocket. You can also choose locations that are in close proximity to your work place or near children’s schools. But never forget to go in person to the location and visit all the nearby places to see if it has good hospitals, shops, temples, educational institution nearby.


Cost is the primary factor that decides on zeroing on into any particular project in Mumbai. Always decide on properties that fit into your budget, so that you will not regret about it later. Do not borrow beyond your financial limitations. Beware of the additional cost that builders levy on the house such as service tax and value added tax. Before selecting any project have knowledge on the average prices in that area. It is a common practice for all builders to make buyers believe that their project is the most affordable one among all projects in the location. Though the price per square feet may be low, they will a huge amount from you in the name of additional taxes, parking slots, and more.

Legal checks:

When you decide on any flats for sale in Mumbai, the next thing that you should do is to collect all legal documents of that residential property in Mumbai from the builder. Hire an advocate and get all legal documents such as sale deed, title deed, encumbrance certificate, no objection certificate, and others. Also make sure you cross check the approved layout plan and the plan given by the builder for any deviations. Checking deviation is very necessary for flats under construction as too much of deviation may cause problems in getting occupancy certificate.

Beware of freebies

It is becoming quite popular among the builders now to offer various discounts and freebies to attract buyers. Remember these so called freebies will not fetch you any benefits or cost reduction, as they only inflate the prices.

These are few tips that will help you be safe while buying any property in Mumbai. Buying a house is not a simple task, it requires lot of commitment and scrutiny to stay away from any fraudulent builders.

Recently the Mumbai real estate has been seeing a sharp decline of investors purchasing new property. The recent news about the auction of the Orbit Residency Park in Andheri doesn’t help the situation any better. A few days ago, it was all over the real estate news about how home owners staged a protest against the auction of this residential apartment.

Orbit Residential Apartment is located in Saki Naka, Andheri Mumbai. This place is close to BKC, Powai, SEEPZ and MIDC, which makes it a prime spot for residential apartments. Also, the construction firm has promised to offer lots of features and amenities including playrooms, landscaped gardens, gymnasium as well as common rest rooms for drivers and servants. The residential apartment plan included one to three bedroom flats. As the firm offered so many amenities, options and was located in a prime location, many people invested in the apartments even though the real estate market looks pretty bleak in the current scenario.

The investors were in for a rude shock when they found out that the construction firm had mortgaged the property with LIC housing finance. Apparently, the firm had sold the apartments to the investors and then placed the same in mortgage with LIC.

Orbit took a loan of nearly 325 crores from LIC housing finance in 2008. Orbit would not be able to provide any third-party rights for its three projects in mortgage. By the end of 2010, the company had repaid nearly 154 crores to the lender. The entire loan amount had to be completely cleared by January 2013. However, when the apartment developer had not paid the dues that came up to 96 crores, the lender decided to take action and have an auction of the residential apartment to recover the loan amount. The firm was in further trouble because there were defaults in the liabilities and paying the interest on the loan amount.

LIC put up a public bid under the the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest (SARFESI) Act. It quoted a reserve price of 125 crores for the entire residential project spanning 97,733 square feet of area. The bids can be submitted till July 30th and they would be opened on July 31st.

When the house owners got a wind of this action, they started a protest. Nearly 35 home owners took part in this protest that went on for four hours. The house owners protested that the construction firm had mortgaged the flats sold to them. Pujit Aggarwal, the CEO and managing director of Orbit, however, refused the notion and said that the flats that were sold were not mortgaged to LIC. The protestors believed that they would lose their flats in this auction. The company has sold nearly 295 flats in Mumbai the project, and the house owners are in the dark about the situation of their investment.

With the Mumbai real estate industry grappling with reduced investors and bleak market scenario, the current situation does nothing to encourage the investors.

Blackstone is an investment manager and financial advisor with a global presence. This financial institution was established in 1985 by Stephen A. Schwarzman and Peter G. Peterson. In a couple of years they launched their private equity fund. By 1992, it became one of the top investors in the real estate industry.  The firm opened its office in London in 2000 and in the next few years continued to expand to across the globe. In the year 2005, Blackstone Group set up an office in Mumbai. It then travelled to other parts of Asia including Tokyo and Beijing to firmly establish its position in all corners of the financial world. With Blackstone’s support and advice, companies showed a 4.6 percent employment rate whereas the US job growth was just around 1.1%. As the financial advisory firm continued to grow and expand, it set up a charitable arm and a dedicated Energy Fund. This firm has seen a tremendous growth from when it was started.

Now, in a move to further establish its base in India, Blackstone is looking to acquire a property in the Central Mumbai in Dadar region. Technically speaking, if this deal is signed, then this project will be the third purchase by the company in Mumbai. Blackstone acquired Indian Express Towers for around Rs.900 crore in the early 2014. It later purchased &FS Milestone Realty Advisors and Hindustan Construction Co. Limited’s 247 Park Office project for around Rs.1,060 crores.

Once the deal is completed, it will be Blackstone’s third office purchase this year. Two of these have been in Mumbai and have closed in partnership with Panchshil Realty.

In early 2014, the two had acquired Mumbai’s iconic Indian Express Towers for nearly Rs.900 crore. In May, they acquired the 247 Park Office project from Hindustan Construction Co. Ltd’s real estate arm and IL&FS Milestone Realty Advisors for Rs.1,060 crore.

Kohinoor CTNL Infrastructure Co. Pvt. Ltd (KCICPL) is a Mumbai-based construction firm that has been working on several projects in the city. Incorporated in 2005, this real estate firm that concentrates on constructing commercial buildings in the central Mumbai area. KCICPL is working on project along with is Panchshil Realty, a Pune-based firm. KCICPL owns 60% of the project while IL&FS Trust Co. Ltd has one percent ownership and IIRF India Realty VII Ltd owns 39 percent stake. This project has now reached up to 65 percent completion, and is expected to be completed in by April 2016.

Sulabha Kulkarni is an enthusiastic writer who has an eye on the property trends in the country. A born Mumbaikar, always eager for a chat on Mumbai Real Estate over Wada Pav and a hot cup of chai! Loves writing for

Blackstone is eying one of Kohinoor’s projects under construction in Dadar Area. With a building value of about Rs.1,250 crores, this purchase will mean a huge investment for the financial firm. This acquisition is higher than the previous two property purchases. If we look at the purchase trend, it looks like Blackstone is slowly, but steadily expanding its wings by purchasing commercial properties of higher values. If this trend continues, then we can see Blackstone acquiring a large number of A-grade commercial buildings. So, how this expansion is going to affect the indigenous real estate firms is something we have to wait and see.

The real estate market looks very shaky and bleak in the current scenario. Even though the conditions are poor, there are still many people who want to put their money in land or building. If you one such person who has saved money and want to make your investment in property in Mumbai, then you should do a careful study of the various options before you part with your money. If you checkout the list of the top destinations in India for investment in real estate, Mumbai leads the rest.

There are a lot of unsold flats and apartments in most places in Mumbai. Plus, many of the new projects have still not got approval for construction. These facts may put a damper in any investor, but a cautious investor will study the slump in the real estate industry in Mumbai and find out places where he/she can profit for the real estate slowdown.

In spite of all these conditions in the Mumbai property market, are you’re still strong and convinced enough to make your investment? Here’s a list of places that are doing well in 2015, localities that you can invest in this year.

Nariman Point

This place got the spotlight again after many years when the environment ministry gave a nod for the Mumbai coastal road. This long stretch of highway is designed to follow the Mumbai coastal line and take traffic away from the city to the outer areas. This posh place is a great place to invest in Mumbai.

Navi Mumbai

Another popular investment location is the Navi Mumbai. This planned township area in the western part of Mumbai is home to many Mumbaikers. The suburban railway and roadway connects this area to the city central areas. Plus, there are ample schools, colleges, and infrastructure in Navi Mumbai that encourages more people to become its residents.


With easy connectivity to its neighbouring areas of Kurla, Chaunbati, Ghatkopar and Mahul, Chembur is a preferred choice for most people who want to settle in Property in Mumbai. This suburban area is located in the eastern part of Mumbai. The recent infrastructure development as well as the construction of mono rails and new metro lines, the property values of this place has further increased.


Panvel is another hot spot in Mumbai Real Estate central area as it is well connected to the other suburban areas as well as Mumbai and Pune. The proposed 22KM sea link between Sewri and Nhava Seva, if completed could take the property values in this part of Mumbai to an even higher level.


Bordered by Vasai Creek on one side and Ulhas River estuary on the other side, the twin cities of Virar-Vasai make a picturesque destination for any investor. This suburban is well connected both internally and with other suburban areas of Mumbai. If you’re looking for affordable housing solutions, then this is the place you should heed to. The cost of living in this area is also lesser than the other areas, which makes it a preferable spot for the lower income group.

There is always a demand for good houses and apartments in Mumbai, especially in the affordable range. With more people migrating to this metropolitan city and settling down here, the requirement for residential apartments in Mumbai is always present. Making the most of this demand, many builders are planning to construct residential apartments in various parts of the city.

One such construction firm that is tapping into the demand of the Mumbai real estate market is DB Realty. It is one of the big players in the Mumbai property market, and has proved itself with a number of good projects in various parts of the city. Projects designed and constructed by DB Reality are known for their innovative design and excellent construction. Adding another feather to its cap, DB Reality has now proposed to construct a multi-storeyed residential apartment in Bandra.

With 29 storeys, this residential apartment, once completed, will become one of the hot spots of the Bandra Kurla complex. Though Mumbai is a city that has a number of skyscrapers, the addition of a new one is sure to bring in plenty of investors. The strategic location of the residential apartment as well as the goodwill of the construction firm is sure to encourage many investors to put their money on this real estate and construction firm.

The project has got a positive nod from all the respective permission granting authorities including the AAI (Airport authority of India). The permission from AAI was important because of the height of the project. The project is expected to launch in October, 2015. It is a joint venture between DB Realty and Radius developers with DB Reality owning a 51 percent stake in the project and the developer’s 49% stake. All the planning and developmental activities will be jointly handled by both the partners.

The project is spread over a wide area of 2.6 million square feet and is expected to cost the company Rs 340 crores. The project is expected to be completed in 39 months. This residential apartment is not being constructed on a vacant plot, but on land reclaimed after demolishing the existing buildings. So, you can even call it as a redevelopment project.

Even as the project is being announced, there seems to be a strategic shift in the property in Mumbai rates and trends in this part of Mumbai. Currently, the property rates per square feet are ranging from Rs 35000- Rs 55000 in this area. The rates could increase once this project is completed. So, many of the savvy investors are looking for options to invest their money in properties in the BKC area, so they can make a profit out of their investment in the future. But, we will have to wait for 3 years to find out what exactly is going to happen.

People who want their house to be a landmark in Mumbai can choose to buy an apartment here. It could prove economical for investors to book for an apartment in Mumbai during construction rather than after completion because the prices could be less. DB Realty and Radius developers are all set to give Mumbai a new landmark at BKC.

The city of Mumbai has a growing real estate market with tonnes of options available for buyers and investors. Be it buying a house for personal use or for investment purposes, there are innumerable options at one’s disposal. However, the fast developing real estate market in Mumbai is witnessing an ever diminishing demand in the recent past. Though the property builders are working on their building projects day and night, the gap between property demand and supply continues to widen. What are the reasons for this growing discrepancy?

A lot of projects by a plethora of builders are coming up in Mumbai. These projects are spread over different parts of the city. Though there are good available options for the investors to choose from, the projects are expensive and way beyond the affordable limits. To describe in statistical terms, there are a total of 77,460 units of residential projects coming up in the city, out of which, 2600 units have been completed. Around 5311 residential units are as pricey as Rs 5 crores and above. About 17000 units are available in a comparatively lesser bracket ranging from Rs 2 – 5 crores while 205 units fall in the third category and are priced at Rs 2 crores and above. There are 5,700 units standing empty and the value of each apartment is anywhere between Rs 65 lakhs to Rs 2 crores. Nearly 19,500 residential units fall in the lowest offered range i.e. below Rs 65 lakhs.

The New projects in Mumbai are built on swanky and lavish concepts and demand a high price from the investor. The buyer will seriously feel the pinch when he or she invests in such projects. As a result, the investors are wary of investing their valuable money in any property. There is no doubt that there is a demand for homes in Mumbai, but the demand is only in the affordable segment. The investors now are keenly observing the increasing and decreasing trends in the real estate market in order to gauge the customer requirement. The demand principle says that when prices increase, demand falls. Going by the principle, many investors are hoping for the property prices in Mumbai to come down, so they can invest in the properties. This is expected to be a trickledown effect of the sluggish demand for high end properties.

Top builders in Mumbai should understand that they need to construct projects matching the demands of the people. The demand for affordable homes is on the rise. However, the projects that fall in the affordable housing category are comparatively very low in number. Builders are focussing on making large money rather than meeting the buyer’s demands by constructing as per limited budgets.

The expectation of the buyers and sellers are on different planes, which means that the sellers are not providing what the investors require. It is only when the prices come down that people will be ready to invest their money in a property. Currently, the real estate environment doesn’t look suitable for buyers who are looking for investing in houses for own use or for the investors who are looking for a property solely for investment purposes.

Real Estate in Mumbai is about to get real! After a dull period over the past few years, projects are beginning to shine as buyers are starting to show interest. Booking have been on the rise and property developers are quickly trying to cash in on the trend by pushing huge discounts and attractive deals along with purchases. It is high time the low ballers and those who have been playing the waiting game throw in the towel and jump in to purchase and get the property market of Mumbai going!

Ready to move in projects save a lot of money to the buyer! Unlike projects under construction where you pay up for your house in advance, start paying those installments and still end up paying rent for your accommodation till your apartment is complete, ready to occupy projects make life easier. Rajhans Kshitij is one such project which has caught the fancy of many! Situated in Vasai road, it is easily accessible to the major civic facilities and schools. The classy exterior is well complimented by spacious apartments that start at just over 40 lakhs making it a practical project for many!

Karbao Town, Bhiwandi is yet another locality that has been garnering interest from the public of late. The area now has its flagship project underway by the name of Poonam Hills. It is a residential project that boasts of an Earthquake resistance structure which makes the front page of the brochure. It is definitely something which many would be amazed about.

Moving back into the city gives us the chance to explore an uber luxurious project. L&T’s Crescent Bay Parel needs no introduction! The location, being Parel doesn’t need a description to sell itself. Being smack in the middle of all things thick and thin, the project has the location to boast of as well as the style to look good while doing it! The creative team of L&T have really let go of any inhibitions while designing the Crescent Bay and have given the property market of Mumbai what it has deserved after all these years of an ugly property bubble being blown out of proportion.

Going back to more affordable options available in the metropolitan of Mumbai, Simplicity, as the name suggests is for the modern, yet inconspicuous man who would want a residence without much fuss about it. Modest flats in Mumbai that start from as low as 380 square feet are available in this project though it does flaunt amenities like a swimming pool, club house and an in-house gym facility! ‘Simplicity’ in Shahpur is the definitive description of what the modern Mumbaikar wants but albeit being a bit too far off from the action of Mumbai. However, the proximity to the railway line means you can still consider it.

It you like to go green, then you must go yellow! Yellow Tree is a perfect statement in Asangaon by Prakhhyat Residency. With solar heating, rainwater harvesting, greenery, meditation center amidst all the greenery and a responsible garbage disposal system, it could be the perfect retirement home. Do read my article on buying a second home too!


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