#individual house for sale in chennai for 50 lakhs
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Are You Planning to Buy a New Home? Here are the Things to Know.
Buying a new home is one of the most important decisions in every average Indian’s life! After gold, buying an own property is the most demanded and popular investment option. Buying a new home has become a difficult decision since the onset of the pandemic. The chances of getting duped and cheated out of your money is high in this field. A home is a long-term investment and therefore it requires extensive analysis before splurging on your own property. We have compiled a list of important things to know and consider before buying your next home.
The Built-Up Area
The built-up area includes the total area in which the entire property is built on. Prospective buyers usually tend to ask about the square footage of built area, which is not ideal when it comes to purchasing a home. The Built-up area, essentially includes:
Balcony or terrace area
Floor space
Walls and additional columns
If its an apartment, the percentage of shared spaces
Common Amenities
When you are looking for 2 bhk flats for sale in chennai below 50 lakhs, it is highly probable that you will be sharing certain amenities with other residents. It is advisable to learn the list of amenities that you’d share with other occupants to avoid confusion in the future. Some of common amenities that most occupants share with other residents in an apartment include:
Staircase
Terrace
Parking
Indoor amenities
Garden area
Children’s area
Occupancy Certificate
Not many home buyers analyse the details of the building. While trusted builders comply with the government rules and regulations, there are realtors who follow malpractices and do not comply with rules. It is to be noted that every 2 and 3 bhk flats in chennai and individual homes have a set of rules that can be met with by the builders to get the occupancy certificate. Verify whether your home has been certified by officials to avoid issues in the future.
No Objection Certificate
A No Objection Certificate is a green light that ensures that it is safe to buy a property in the preferred location. The builder must obtain a NOC from the local councillor that shows the building is erected legally. While buying your property, ensure that your realtor has a NOC since it is one of the important documents for homeowners.
Looking for a property in Chennai is a complex affair. So many Flats for sale in Pammal and Flats in Pallavaram. But when you choose a trusted agency, realtor or construction company, you can buy your dream home without a hindrance. Viva Housing is one of Chennai’s leading realtors with active and upcoming projects across Chennai. Click here to know more.
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Impact of Coronavirus on Indian Real Estate
The whole globe has seen and experienced the adverse effect of coronavirus. If we talk about India, every industry has to face severe setbacks due to this pandemic especially the real estate industry.
Ever since the Coronavirus impacted humanity in December 2019, much has changed. Amid countries all over the world applying drastic steps to mitigate the pandemic, a lot of companies have come to a worldwide grinding halt, prompting monetary agencies, including India, to cut growth projections for the world economy.
S&P Global Ratings, on September 14, 2020, cut its FY21 growth forecast for India to -9 percent against -5 percent estimated earlier, as the number of patients in the country reaches record levels.
India registered a total of 6,685,082 cases as of October 6, 2020. After the gross domestic product ( GDP) estimates for the first quarter of FY21 showed a decrease of 23.9 percent over the same quarter last fiscal earlier, in the current fiscal year, global rating agencies Moody’s and Fitch have predicted that the Indian economy will contract 11.5 percent and 10.5 percent respectively.
In the last quarter of the last fiscal year, the adverse effect of the Coronavirus on housing sales is visible because March is normally one of the largest sales months. While we may well be on the road to a more sustainable recovery, with many macro-economic indicators showing a positive trend in September, and the upcoming festival season will be crucial in evaluating the sector’s steady growth over the next 12 months.
The spread of the Coronavirus has further disrupted a rebound that may have seemed feasible due to numerous government initiatives to revive demand, although it does not seem that prices are going to drop immediately right now.
COVID-19 impact on the Indian housing market
NAREDCO ‘s national president, Niranjan Hiranandani, notes that “Saving Indian real estate, the second-largest generator of jobs, is important, not only from the perspective of GDP growth but also for job generation, as the sector has a multiplier effect on more than 250 allied industries.”
“In the event of a longer outbreak, however, the effects on overall economic activity is likely to be wider and more persistent, resulting in a more severe impact on developer cash flows and project execution capabilities, giving rise to broader credit-negative implications,” according to the rating agency ICRA.
The Rs 3.74 lakh crore liquidity injected (by the RBI) along with the moratorium on all financial institutions’ term loans would mitigate short-term liquidity issues and assist developers as well as home buyers. The government has also said that the property developers could get their project deadlines extended by 6 months through the RERA citing the force majeure clause, which is a great relief for developers and buyers to help them mitigate the difficulties they face at present, anticipating delays in project completion and extending support to the builder community.
COVID-19 impact on homebuyers in India
While several rate cuts were announced by the RBI, taking the repo rate down to 4%, any positive impact of the change on buyer sentiment will only be seen in the medium to long term. However, the move will come as a big boost for current customers, who could struggle to pay EMIs because of the lockdown or in the event of job losses in the short-term or medium-term.
The pandemic, however, has also made buyers understand the importance of home ownership, thereby giving residential real estate a boost in sales sentiment.
53 percent of respondents said in a survey that they have put their plans to buy a property on hold for just six months and plan to return to the market after that. To operate from home, approximately 33 percent of respondents in the survey have said they would have to upgrade their homes. In a renters’ survey, 47 percent of respondents said they would like to invest in real estate if it were priced correctly.
COVID-19 impact on office space in India
While individuals are increasingly returning to work in sectors where working from home is not an option, as of now, remote work continues to be the keyway for businesses to operate.
According to international property brokerage JLL, in the quarter of July to September 2020, net office space leasing dropped by 50 percent, to 5.4 million sq ft across seven major cities as corporates and co-working players proceeded to delay their expansion plans amid the pandemic.
In seven cities, including Delhi-NCR, Mumbai, Kolkata, Chennai, Pune, Hyderabad, and Bengaluru, the net absorption of office space stood at 10.9 million sq ft in the year-ago period. Net office space leasing decreased by 47 percent to 17.3 million sq ft from 32.7 million sq ft in the same time frame in 2019 during the January-September period of 2020.
Experts, however, expect this segment’s pre-COVID-19 growth momentum to be recovered eventually.
In reality, according to a study by global property brokerage Knight Frank, the office sector accounted for 81 percent of the total private equity investment of USD 2.31 billion across 11 deals in the first nine months of 2020, followed by 10 percent warehousing and 9 percent residential.
COVID-19 impact on builders in India
In the midst of a lockdown in India to contain the virus and a pause in the supply of manufacturing materials and equipment from China, the near-halting of construction activities would further push the delivery timelines of ongoing projects, thus raising developers’ total costs. China, the nation where the virus emerged, has been able to rein-in the pandemic through furious efforts, with staff returning to workplaces. However, builders here will be forced to delay orders amid friction between the two neighborhoods.
Several initiatives announced by the government during the critical time in its Coronavirus-specific stimulus package and the EMI holiday for developers are some moves that could give the building community some relief.
For any more information or updates regarding real estate or property SBP Group is always available for you.
#covid-19 impact on homebuyers#covid-19 impact on indian builders#covid-19 impact on indian real estate#impact of coronavirus on real estate
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Impact of Coronavirus on Indian Real Estate
The whole globe has seen and experienced the adverse effect of coronavirus. If we talk about India, every industry has to face severe setbacks due to this pandemic especially the real estate industry.
Ever since the Coronavirus impacted humanity in December 2019, much has changed. Amid countries all over the world applying drastic steps to mitigate the pandemic, a lot of companies have come to a worldwide grinding halt, prompting monetary agencies, including India, to cut growth projections for the world economy.
S&P Global Ratings, on September 14, 2020, cut its FY21 growth forecast for India to -9 percent against -5 percent estimated earlier, as the number of patients in the country reaches record levels.
India registered a total of 6,685,082 cases as of October 6, 2020. After the gross domestic product ( GDP) estimates for the first quarter of FY21 showed a decrease of 23.9 percent over the same quarter last fiscal earlier, in the current fiscal year, global rating agencies Moody’s and Fitch have predicted that the Indian economy will contract 11.5 percent and 10.5 percent respectively.
In the last quarter of the last fiscal year, the adverse effect of the Coronavirus on housing sales is visible because March is normally one of the largest sales months. While we may well be on the road to a more sustainable recovery, with many macro-economic indicators showing a positive trend in September, and the upcoming festival season will be crucial in evaluating the sector’s steady growth over the next 12 months.
The spread of the Coronavirus has further disrupted a rebound that may have seemed feasible due to numerous government initiatives to revive demand, although it does not seem that prices are going to drop immediately right now.
COVID-19 impact on the Indian housing market
NAREDCO ‘s national president, Niranjan Hiranandani, notes that “Saving Indian real estate, the second-largest generator of jobs, is important, not only from the perspective of GDP growth but also for job generation, as the sector has a multiplier effect on more than 250 allied industries.”
“In the event of a longer outbreak, however, the effects on overall economic activity is likely to be wider and more persistent, resulting in a more severe impact on developer cash flows and project execution capabilities, giving rise to broader credit-negative implications,” according to the rating agency ICRA.
The Rs 3.74 lakh crore liquidity injected (by the RBI) along with the moratorium on all financial institutions’ term loans would mitigate short-term liquidity issues and assist developers as well as home buyers. The government has also said that the property developers could get their project deadlines extended by 6 months through the RERA citing the force majeure clause, which is a great relief for developers and buyers to help them mitigate the difficulties they face at present, anticipating delays in project completion and extending support to the builder community.
COVID-19 impact on homebuyers in India
While several rate cuts were announced by the RBI, taking the repo rate down to 4%, any positive impact of the change on buyer sentiment will only be seen in the medium to long term. However, the move will come as a big boost for current customers, who could struggle to pay EMIs because of the lockdown or in the event of job losses in the short-term or medium-term.
The pandemic, however, has also made buyers understand the importance of home ownership, thereby giving residential real estate a boost in sales sentiment.
53 percent of respondents said in a survey that they have put their plans to buy a property on hold for just six months and plan to return to the market after that. To operate from home, approximately 33 percent of respondents in the survey have said they would have to upgrade their homes. In a renters’ survey, 47 percent of respondents said they would like to invest in real estate if it were priced correctly.
COVID-19 impact on office space in India
While individuals are increasingly returning to work in sectors where working from home is not an option, as of now, remote work continues to be the keyway for businesses to operate.
According to international property brokerage JLL, in the quarter of July to September 2020, net office space leasing dropped by 50 percent, to 5.4 million sq ft across seven major cities as corporates and co-working players proceeded to delay their expansion plans amid the pandemic.
In seven cities, including Delhi-NCR, Mumbai, Kolkata, Chennai, Pune, Hyderabad, and Bengaluru, the net absorption of office space stood at 10.9 million sq ft in the year-ago period. Net office space leasing decreased by 47 percent to 17.3 million sq ft from 32.7 million sq ft in the same time frame in 2019 during the January-September period of 2020.
Experts, however, expect this segment’s pre-COVID-19 growth momentum to be recovered eventually.
In reality, according to a study by global property brokerage Knight Frank, the office sector accounted for 81 percent of the total private equity investment of USD 2.31 billion across 11 deals in the first nine months of 2020, followed by 10 percent warehousing and 9 percent residential.
COVID-19 impact on builders in India
In the midst of a lockdown in India to contain the virus and a pause in the supply of manufacturing materials and equipment from China, the near-halting of construction activities would further push the delivery timelines of ongoing projects, thus raising developers’ total costs. China, the nation where the virus emerged, has been able to rein-in the pandemic through furious efforts, with staff returning to workplaces. However, builders here will be forced to delay orders amid friction between the two neighborhoods.
Several initiatives announced by the government during the critical time in its Coronavirus-specific stimulus package and the EMI holiday for developers are some moves that could give the building community some relief.
For any more information or updates regarding real estate or property SBP Group is always available for you.
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WCRC India's Inspirational Leader 2018-2019: Manoj Kumar Jain, Managing Director, Shriram Life Insurance
WCRC India's Inspirational Leader 2018-2019: Manoj Kumar Jain, Managing Director, Shriram Life Insurance
Shriram Life Insurance Company is a part of Chennai headquartered Shriram Group. Shriram Life follows Shriram group philosophy of working in the Aam Aadmi (Common Man) the financial Inclusion customer segment.
Manoj Kumar Jain, Managing Director Shriram Life Insurance receiving the WCRC Inspirational Leaders 2018-2019 award from the legendary brand guru Prof. Malcolm McDonald and Richard Heald, Group CEO UK India Business Council
In Conversation with Manoj Kumar Jain, Managing Director, Shriram Life Insurance
The Key Differentiators
The key differentiator of our brand offering is that we work with lower & middle income group customers. This is evident from the fact that the average premium per policy for Shriram Life is around Rs.18000 to Rs.20,000 as against the private life insurance industry average of Rs.50,000/- plus.
AS a business model, in life insurance business Shriram Life has focused on the Tier 2, Tier 3 cities and has much broader network of branches Pan India. In states like Orissa, Bihar, Jharkhand, Madhya Pradesh, Uttar Pradesh, Shriram Life has a strong network of branches and Mr Manoj Jain played a key role in developing the network of distribution in these states, starting from the scratch.
As measured according the IRDAI regulatory provision, Shriram life has more than 60% of the business coming from the designated rural areas during the year 2016-17. Shriram Life has been consistently sourcing more than 50% of the business from Non-urban markets
Individual Business –Rural %
Rural NOP
Total NOP
Rural %
14-15
106611
232431
46%
15-16
219550
374321
59%
16-17
157521
262680
60%
17-18
135632
247,057
55%
While other life insurance companies chased rural business to meet up with the regulatory requirement, Shriram Life has adopted non-urban focus as a business model
Manoj Kumar Jain, Managing Director, Shriram Life Insurance
Focus is on Aam Aadmi ( Common Man) customer segment
Most of the customers are from business, SME and unorganized business community segment
Majority of the customers fall in the income band of Rs.2 lakhs to Rs. 6 lakhs
SLIC products, Process and service delivery mechanism are tuned to map to the requirements of this customer segment
Niche customer segment – Non Urban and Rural market customers – Financial inclusion segment
Average premium –SLIC average premium is Rs.18,000 as against private industry average of Rs.53000/-
Product and process simplification. – Simple, easy to brief, avoidance of missale , guarantee return products
Simplified proposal forms – Very simple proposal forms with 4 pages as against the industry average of 8 to 9 pages
Customer segments include – Micro Finance customers, Truck Driver segment, SME borrowers, Affordable Housing customers
What are your future plans for the brand?
India is a grossly underinsured Market. As per IRDAI, Insurance penetration in India is 3.49% (2016) as against the global average of 6.28%. Moreover as a country India has a large proportion of the population living in Non-Urban and rural areas. Although the hinterlands of India offers huge potential for life insurance, it also comes along with the unique challenges of reaching out and cost of distribution
At Shriram life, we continue to work in the Aam Aadmi segment. We plan to expand our reach to block and Tehsil levels. We will continue to invest in technology to serve the common man. Our current products and services are customised for the benefit of common man.
What according to you are the key traits of a successful leader?
Leadership is all about having an uncompromising vision, building a passionate likely mind team, communicating the vision and close monitoring of execution. Need to focus on long term goals without losing sight on the short term milestones.
What has been your driving force or philosophy in life?
Passion to create a sustainable, scalable business has been my passion. Involved in startup of operations in all my assignments. The energy and enthusiasm associated with starting from scratch, setting the vision, building a performing team & driving for delivery keeps me going and in this process help me develop several leaders with similar passion along the way. I believe in giving full freedom and empowerment, so that I always gets the best out of my team.
How do you define success and how do you measure up to your own definition?
Delivering value to all my stakeholders like Customers, employees & the shareholders, as long as I am able to keep a fine balance and bring smile on their faces, then success is just a buy product. Customer first approach, employees and their family members should feel proud to work with Shriram and connect with the society as I firmly believe that no business can sustain unless you do not a social angle to it.
Your perception of an empowered society.
Financial independence means a lot to the family and society. We, at Life insurance industry, aim to provide the financial support to the family, in the event of death of the breadwinner. Benefits of a life Insurance product will help the life assured or his family financially secure and be independent.
Life Insurance products addresses two risks in human life. I.e. 1) Risk of Early Death, death of the breadwinner leading to financial turbulence in the family 2) Risk of Living Longer, risk of living beyond the income earning years.
India as a country is highly under insured in both the risk products as well as pension products. We will see a large population beyond the age of 55 in the next 30 years and the current youngsters need to start providing for their old age.
We at Shriram Life believe in working for the mass market, common man segment living in non-urban and rural markets by providing him with the right products and services near his place.
One thing you have to let go off as an entrepreneur/leader?
Life Insurance selling in India is not a pull products, it has to be sold , thus require lot of patience in dealing with the Sales team as it takes a longer time to build sustainable business, thus some time you have to have a fair balance between short term goal and long term sustainable business.
How do you see the market 5 years down the line?
Indian Life insurance market will continue to grow and we expect the industry to grow at a CAGR of not less than 20% in the coming 5 years. There is a huge potential. We firmly believe technology will be a great enabler in both increasing our reach and reducing our cost of acquisition, in addition to making it convenient for the customers. Mobility based business processing including new business acquisitions, customer servicing will become a norm and can help in both deeper and broader penetration of life insurance products
Would you rather be respected or feared and why?
At Shriram group, we foster our employees as entrepreneurs by providing them with adequate freedom with appropriate vision statement. Many of the current leaders have grown within the group. There is a lot of respect for individuals and we believe every individual has a strength and can contribute significantly in building the enterprise, if the ambience is free, transparent and respectful.
Give me one word that describes you the best
Task Oriented People’s leader
Read the full article
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New Post has been published on Alienation
New Post has been published on https://alienation.biz/chennais-avenue-to-sustainable-real-property-recovery/
Chennai’s avenue to sustainable real property recovery
It has been a hard couple of years for the town of Chennai. From devastating floods to losing a Chief Minister and consequent political instability, people and enterprise alike have felt the impact. The actual estate enterprise has been no distinctive. After reeling below the outcomes of the abovementioned activities, it seems as if Chennai actual estate is subsequently beginning to recover this year.
The quarter ended March 2017 witnessed a renewed surge in income and launches of residential gadgets. According to Knight Frank India, a leading International Property Consultant, assets income have been great in the beneath Rs 50 lakh range, which is the less costly housing segment.
Real Estate License Required
Looking for a totally rewarding commercial enterprise opportunity? Real estate brokering is the top desire for a number of humans. Real Estate Brokers and actual estate retailers are working all through the nation. Not only are they making top notch earning, they’re additionally contributing to the financial system in direct, in addition to, oblique ways. By assisting the dealers in selling their assets and at the same time helping the customers in shopping for assets these dealers assist fulfill their want for shelter. Creating this transaction often involves many other services to be ordered. So, can absolutely everyone start actual estate brokering? Well, no longer actually.
Possessing a Real estate license is a pre-considered necessary for becoming a real estate agent. However, obtaining an actual property license isn’t always hard. In maximum states, the qualifications for purchasing an actual property license are very minimal. So you must first take a look at the eligibility criteria for acquiring an actual property license (as an alternative pre-license) to your country. The actual property license eligibility criterion includes things just like the minimum age restrict (that is mostly 19 years) and educational qualifications (that’s on the whole high faculty). Most states do require a clean crook record, sorry. Once you recognize that you satisfy the one’s actual property license (pre-license) eligibility criteria, you could pass in advance and join for a pre-license training.
There some of the actual property schools that offer real property license schooling. Some real property faculties provide online training for an actual estate license. Choose a course this is spread over a sufficient period of time e.G. 1 yr so you are capable of drawing close the ideas nicely (after all you want to grow to be a success actual estate agent and no longer simply every other real property agent). You could be taught some of the topics as a part of your actual property license education. All this may assist you to increase a fundamental information of real property and various components associated with real estate (e.G. Actual estate law, deeds, contracts, ownership switch, etc)
Once you’ve got undergone this real estate license schooling, you’ll be required to undergo a kingdom examination. After you pass this examination, you will typically want to go through extra training on state authorized guides. That’s it, you could now get a real property license that is well worth that effort (as you may locate in a couple of years of starting actual nation brokering). Most states additionally require you to go for non-stop education after you have got received your real property license. However, this is an only some hours each few years.
So a real estate license is what you want to start your career as a real property agent. But your success after as a way to be depending on how significantly, ethically and correctly you perform your task. Unfortunately, 80 percent of recent retailers could have left the business within five years. Remember, that is a very aggressive commercial enterprise and you may discover that the pinnacle twenty percentage of marketers earn almost eighty in keeping with a cent of the cash. Being average within the sales commercial enterprise will go away you hurting financially.
Citrus County Real Estate
Real estate is the felony time period encompassing land with some thing connected to the land like buildings, specifically belongings. These are motionless or fixed residences. It is the not unusual jargon used in numerous jurisdictions along with Australia, Canada, United Kingdom and the US.
In America, a county is the nearby degree of government under the federal territory or nation. In maximum Northeastern and Midwestern states, a county is subdivided into city or townships. It can encompass unbiased and self-governing municipalities. The region of a county’s courtroom and management is also referred to as the county seat. Orange County is famous for its tourism and home of attractions inclusive of Knott’s Berry Farm and Disneyland.
Tips on Becoming a Real Estate Agent
Make sure that you are a self-possessed individual, affected person and hardworking. It is a good concept to have persuasion competencies and desirable communique capabilities earlier than you pick this filed of work. You can also keep in mind taking up personal improvement or a communique route to convey your competencies up.
Collect data about sanctioned real estate institutions which give numerous guides by means of interacting with the Real State Association functioning in your place or the Professional Licensing Commission of your kingdom.
Enroll in a complete-fledged or small path and take the written exam essential to assess your familiarity with the legal guidelines of trading real estate. You want to be a high school graduate and at the least 18 years old.
Allow the Real Estate Licensing Commission of your region to conduct a background investigation manner in keeping with the regulation. It is crucial due to the big personal records and the amount of money concerned within the deal.
Work with a real property broker for about 2 to five years and advantage successfully enjoys earlier than putting in individual practice. Learn and take a look at the tricks of the alternate.
Citrus County, Florida Real Estate
Citrus County, Florida lies inside the United States kingdom of Florida. More than ninety percent of its inhabitants live out of doors of included towns inclusive of Crystal River and Inverness. The kingdom is the best website online in the US where individuals can engage and swim with endangered West Indian manatees whose iciness home is the spring-fed river inside the u. S ..
The county is a prime location because it is close to a few attractions which include the John F. Kennedy Space Center, Universal Studios, Sea World and Walt Disney World. The country additionally offers biking, canoeing, fishing and fowl watching sports. You can also include snorkeling, diving, climbing and so much extra.
The campus of Central Florida Community College is close to the Gulf’s glowing waters, imparting a wide kind of scholar services and educational packages. It also gives a terrific and incredible Student Education Program for college students whose potentials and capabilities are ranked notably incredible.
The area appeals to many traders because it’s far beneficial. It has ended up the most wanted preference of real estate purchasers due to its precise functions. The country is referred to as the Nature Coast because it gives many sports for those who love nature.
A capability investor will locate many appropriate regions here in which he can build his dream residence or retirement citadel. This is in conjunction with all its facilities like golfing clubs and swimming pools. The utilities featured through these single-circle of relatives homes and home colonies are aggressive with several international-elegance communities.
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Property Watch expands downtown
New Post has been published on https://pagedesignhub.com/property-watch-expands-downtown/
Property Watch expands downtown
Which will reduce competitive panhandling and loiter downtown, the Astoria Police Department has reinstated and multiplied an application that permits police to oversee unique companies on proprietors’ behalf.
Astoria building owners can signal a one-year contract with police that lets in them to oversee houses and take away those who interact in disorderly activity. They may be additionally advocated to put up symptoms on the front windows warning in opposition to behavior along with making unreasonable noise, preventing, threatening others, littering and last on premises for more than 20 minutes.
Astoria Police ran a comparable Property Watch software in 2015, which concerned 4 apartment houses. Since the software turned into rebooted in March, 9 businesses and rental homes have agreed to take part. The listing includes some of downtown groups and homes: M&N, Hobson, Astoria Downtown Market, Columbia River Maritime Museum, Inside the Boudoir and Business Adjustment Co.
Oregon law does now not supply police the authority to stop humans from panhandling, loitering, sitting or lying in public areas. So the settlement essentially allows police to act at the Belongings owner’s behalf, Sgt. Andrew Randall said.
“After the business closes, human beings come on to the Property and grasp available,” he said. “It’s about dealing with those that aren’t pretty as cooperative.”
Astoria’s version of the program is primarily based on comparable ones offered in Pendleton and Beaverton that have been a hit, Randall stated.
“We adjust based totally on what we’ve discovered,” he stated. “We checked out these cases and attempted to craft some thing that might supply officers a device to deal with a number of the issues.”
Handing police more authority over loitering troubles will prove to be effective, stated Bypass Hauke, the Astoria-Warrenton Area Chamber of Trade’s government director.
“The concept is splendid,” he said. “If the chamber took this on, it wouldn’t have half of as lots of an impact. I suppose it’s a step Within the proper course.”
this system will assist a whole lot of low-income individuals and families who frequently fall sufferer to crimes, stated Elaine Bruce, Clatsop Network Movement’s govt director.
Chennai Assets Watch – The Rise of Porur As a Realty Hub
The Property Marketplace of Chennai is ever changing! The areas that had been once now not but a suburb at the moment are buzzing with activity and scorching the Belongings charts. One such region is Porur! The DLF IT park In the locality and the stone’s throw distance to the Guindy Industrial area has made Porur not most effective a hotspot for residences in Chennai but also for Business Property and funding. The accessibility to the Chennai Maduravoyal bypass via the provider road near the Porur Lake has similarly more advantageous the connectivity to both the town and the suburbs making it a rewarding spot. The proposed mono rail project will connect it to the metro stations making Pour the spot to be Within the next decade or so.
From being a town panchayat lower back in 1977, Porur has come a long manner. In the beginning, it became a selection that became without both motivation and improvement. Be that as it could, after the extension of the IT Commercial ventures, concoction corporations and plant assembling, Porur set up itself as a potential Place for Property investment to Chennai’s prospective actual property traders and quit consumers. individuals at the same time as looking for buy in Chennai’s actual estate are lured toward Porur way to the now not so costly land quotes proper now at the same time as being Within the thick of things otherwise. There has been a important and short improvement in Porur due to which there are collection of Business ventures and sea of occupations reachable nearby.
Proximity to the airport, the country wide dual carriageway via the Perungalathur – Maduravoyal by skip and the arrival of 3 greater IT-SEZs coming up Inside the locality, Porur is gearing up to be the following IT hub of the town! apartments in Porur are aplenty and the range of North Indians Inside the locality is substantive. So, if you are from the North and would really like to dwell some of the Hindi speaking population of Chennai, Porur is a smart choice!
Villas in Porur also are available, albeit a bit further from the locality. The spotlight of the Property Marketplace of Porur is its flexibility! The locality has an condo for each want. right from 2 BHK apartments starting at simply 50 lakhs to 3 crores for a complex penthouse overlooking the Chennai skyline on one side and the luxurious greenery of the outskirts on the other, Porur has them all.
At present, there are various private and home activities arising in Porur. on the off threat that one is looking for a plot in Chennai, he or she must reflect onconsideration on having a look at plot layouts in Porur. Estates in this locale are constructed in such an method to offer a scope of proximity to workplaces and comforts needed for a quiet dwelling. Porur also offers a ready to transport houses in Chennai with cutting part facilities and reasonable waiting durations.
BBC1’s Assets Watch – Statistics Or Headlines?
To be truthful, I was involved, would this be a sequence of ‘scare mongering’ and bad stats, or claims to get to the ‘reality approximately Property’ which has never got there Inside the beyond. But, the programme became an Adequate mix of Property stats and stories. The ‘headlines’ were about how costs have fallen and the fear of long term terrible fairness, then a tale approximately how the falls had affected human beings throughout the UK, interspersed with some Records, albeit now not thus far the first-class ones to be following the Marketplace.
So, as a minimum an awesome balanced approach. But, there are some problems with the records that they used and honestly a number of the studies. For example, one survey become from a organisation referred to as Standard and Poors, which forgive me, isn’t always that the same company that gave triple AAA amazing investment ratings to the ones awful subprime mortgage loans? Will we actually need our difficult earned tax payer’s money going to this business enterprise? not positive we do, or might we ever consider any information from this organization each again thank you very lots!
Here’s our thoughts at the records they did use:-
Land Registry
To degree the falls In the Marketplace, they relied on government facts from the Land Registry. That is first-rate data, and I love analysing it, but it’s out of date and in the event that they keep to use it, their figures will keep to reveal a falling Marketplace for a few months to come. The facts is based on ‘offered expenses’ with a purpose to have come from a few gives made previous to Xmas, so it’s accurate, but ‘old’ statistics in Assets phrases.
ought to we still be using Halifax records?
Other records used blanketed HMRC showing an increase in sales in January, true information, however from a very low base. The National information confirmed one blip of an increase in prices in March, hardly revealing on its very own. The Halifax information didn’t appear to understand whether it became going up or down and that is no surprise, are they truly doing a good deal lending for the time being. Is their facts robust? I don’t assume so, we’ve got visible some very odd outcomes lately, so have taken it off our listing of ‘surveys to observe’.
The handiest actual information that did assist to expose what is going on ‘now’ was records from the country wide Association of property Dealers which showed the range of income per agent going up over the previous few months and matched with lots of Other facts, together with information from Hometrack.
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The note ban may have brought real estate developers to their knees, but house hunters are looking on keenly from the sidelines. In October 2016, a Mumbai builder who runs a business worth roughly `500 crores was compelled to sell 1 lakh square feet of an upcoming residential project in the western suburb of Kandivali at `6,500 per sq ft when the going rate was around double that. To add to his woes, the broker in the middle charged a hefty 7% commission, or `5 crores, for arranging the `65 crore deal.
“The builder’s profit was even lower than the brokerage he paid,“ recounts another developer, a friend of the `shortchanged’ builder. “It’s better to be a broker than a small developer,“ he adds as an afterthought. Broking firms, and not developers, grease the squeaking wheels of the construction business in Indian metros. In a market in which buyers are scarce and supply of under construction spaces is abundant, middlemen rule the roost, often arm-twisting cash-strapped developers to sell out cheap.
Till about a few months ago, developers did not solicit the help of brokers to sell projects as buyers showed renewed interest to own property across Indian cities. But the tables turned when the government announced its decision to ban `500 and `1,000 notes in the first week of November. It has been a grind ever since.
Developers are being forced to offer 5-7% as commission to offload inventory -which has swelled to over 6.71 lakh unsold units (across eight cities) in the second half of 2016. Consultants like Knight Frank not only count ready-to-move-in units as unsold units but also commissioned projects that are pre-sold to buyers before completion. The likes of Mumbai, Delhi (NCR), Pune and Chennai may show a dip in unsold units, but that’s more a numerical mirage (See graphic).
“The dip in (unsold units) numbers is not because of actual sales but because of the fewer number of new launches. Builders have stopped announcing new projects lately,“ explains Samantak Das, chief economist and national director (research), Knight Frank. “It may take two to three years for developers to offload their full stock. In markets like Delhi NCR, where there’s mass supply of residential units, it may cross four years.“
This is where brokers come into play.The canny ones are wheedling high net worth individuals (HNIs) and non-resident Indians (NRIs) to buy projects of small, capital-starved builders at prices almost 50% of the market rate.
The Faultlines
The year 2016 began well for the top residential markets (Mumbai, Delhi-NCR, Bengaluru, Pune, Chennai, Hyderabad, Kolkata, and Ahmedabad); sales volumes grew by 7% in the first half, as per data sourced from Knight Frank.
Factors such as probable interest rate cuts, political stability, economic growth, setting up of real estate regulators across states and imminent goods and service tax augured well for the sector -at least from a buyers’ point of view.
Analysts and builders viewed this phase as the turning point of the real estate sector, which had not fully recovered from the global financial meltdown of 2008 and 2009; and, more importantly, since the lending restrictions (on real estate developers) imposed by the RBI on banks in early-2015.
Optimism sustained in the second half of 2016 too, with sales numbers between July and October averaging better than the previous ten quarters. Things looked good and rosy till the time government announced its demonetization plans.
“Real estate sales dropped 40-44% across Indian cities post demonetisation. The fall was such that it brought down the yearly (2016) averages to below 2015 which, again, was not a great year for real estate. The year ended with sales lower than in the past six years,“ analyses Das of Knight Frank.
It’s not only sales of ongoing projects that have been affected. Builders have applied the brakes on new launches as they wrestle with uncertainties around latent demand, economic effects of demonetization, implementation of Rea l Estate ( Regulation and Development) Act or RERA and probabilities of further rate cuts.
New residential project launches across eight key markets have fallen close to 28% in 2016, over a year ago, to 1.75 lakh units.There was 4.58 lakh new launches in 2012 considered the best by far.
“Real estate sector has weakened even further post-demonetisation… Demand for new projects is also not very encouraging,“ admits Adi Godrej, chairman of Godrej Group, which owns Godrej Properties. “But we expect this to be more of a temporary blip… demand will pick up in a few months,“ he believes.
Established builders like Godrej and Niranjan Hiranandani, chairman of Hiranandani Group, are not worried about the build-up in unsold inventory or lower number of new launches. Lower rates and setting up of RERA will embolden prospective customers to get off the fence and buy properties, they feel.
“There’s demand for affordable ready-to-move-in units,“ feels Hiranandani. “But there are not many buyers for under construction projects as of now… Project level booking has come down drastically post demonetisation, but that’s more psychological… People are simply deferring their decision to buy an apartment to a later date,“ he says.
But such assurances are pretty unconvincing if one glances through actual residential property sales data.
In 2012, over 3.59 lakh units were sold across eight Indian cities; this has fallen consistently over the next four years, hitting almost rock bottom in 2016 at 2.44 lakh units a long term sales erosion of over 32%.
Builders are putting up a stoic front.“We’re already seeing some revival in January. Demand is coming back gradually. Indians are value-seekers…and this definitely is their market,“ says Cyrus Engineer, chief sales & marketing officer, SP Real Estate, a Shapoorji Pallonji Group company. “We’re cautiously optimistic about the sector.There’s a lot coming en route… RERA, GST… There could be some chaos when RERA is getting implemented,“ adds Engineer. “Uncertainty will last for another six months. But I am positive about long-term prospects of the sector.“
What Buyers Want
Home-buyers, on their part, are waiting for rate cuts before firming up their purchase plans. If bankers are to be believed, there could be at least 50 bps (one basis point or bps is equivalent to 0.01%) cut in rates over the next year. This may bring down home loan rates to as low as 8.25% (2007-08 levels); competitive, cash-flushed banks may start offering loans at even lower rates. It’s anybody’s guess if loan rates would touch 7.25%, the level of 200304. Potential customers are also hoping property prices to correct in the interim. But that’s unlikely, says builders and sector analysts.
The sector has already undergone a “time correction“, wherein prices have remained stagnant for years together.Since 2013, real estate price inflation has matched the pace of general retail inflation which is mostly in single digits.
“Property prices don’t come off overnight, the only number of transactions falls,“ opines Sharad Mittal, director & head of Motilal Oswal Real Estate Fund, which manages over Rs 1,500 crore across three real estate funds.
“It’s mostly a time correction and not really a price cut. But there could be some level of price correction in high-end property and plots. But that again would be very negligible,“ says Mittal.
Contrarily, a few developers such as Hiranandani expect prices to inch up a wee bit once RERA comes to the fore. The Higher cost of compliance, title insurance, `escrowing’ incoming funds (from home buyers) and defect liability clauses are likely to jack up prices post the installation of real estate regulators.
Also, in metros, developers buy land parcels from institutions (and not individuals). Such land acquisitions are “all white dealings“, with no room for “underbilling“ or covering up the purchase price to skirt transaction taxes.
“Builders may not give discounts as they’ll be worried about taxmen. By lowering costs, developers may send wrong signals to the tax department that they’re collecting the reduced amount of cash,“ says Hiranandani.
The sector is moving gradually towards only-cheque payments, thanks to the stringent inspection of builder-to-buyer deals by the tax department. Lesser use of cash could well ring the death knell for developers with dubious track records.
“Absence of cash may hit local builders in smaller cities hard. Cities like Surat and Rajkot use 50 60% cash in their property transactions… Builders in these cities are in for hard times,“ says Shashi Kumar, executive director, Ornate Spaces, a Mumbai builder.
“In cities and metros, only builders with good institutional backing would survive in the long term. We’ll see a lot of industry level consolidation soon,“ envisages Shashi Kumar.
Source: https://goo.gl/AMuuwL
Far From Realty The note ban may have brought real estate developers to their knees, but house hunters are looking on keenly from the sidelines.
#real estate developers#real estate regulators#Real estate sales#real estate sector#RERA#residential property sales
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WCRC India's Inspirational Leader 2018-2019: Manoj Kumar Jain, Managing Director, Shriram Life Insurance
WCRC India's Inspirational Leader 2018-2019: Manoj Kumar Jain, Managing Director, Shriram Life Insurance
Shriram Life Insurance Company is a part of Chennai headquartered Shriram Group. Shriram Life follows Shriram group philosophy of working in the Aam Aadmi (Common Man) the financial Inclusion customer segment.
Manoj Kumar Jain, Managing Director Shriram Life Insurance receiving the WCRC Inspirational Leaders 2018-2019 award from the legendary brand guru Prof. Malcolm McDonald and Richard Heald, Group CEO UK India Business Council
In Conversation with Manoj Kumar Jain, Managing Director, Shriram Life Insurance
The Key Differentiators
The key differentiator of our brand offering is that we work with lower & middle income group customers. This is evident from the fact that the average premium per policy for Shriram Life is around Rs.18000 to Rs.20,000 as against the private life insurance industry average of Rs.50,000/- plus.
AS a business model, in life insurance business Shriram Life has focused on the Tier 2, Tier 3 cities and has much broader network of branches Pan India. In states like Orissa, Bihar, Jharkhand, Madhya Pradesh, Uttar Pradesh, Shriram Life has a strong network of branches and Mr Manoj Jain played a key role in developing the network of distribution in these states, starting from the scratch.
As measured according the IRDAI regulatory provision, Shriram life has more than 60% of the business coming from the designated rural areas during the year 2016-17. Shriram Life has been consistently sourcing more than 50% of the business from Non-urban markets
Individual Business –Rural %
Rural NOP
Total NOP
Rural %
14-15
106611
232431
46%
15-16
219550
374321
59%
16-17
157521
262680
60%
17-18
135632
247,057
55%
While other life insurance companies chased rural business to meet up with the regulatory requirement, Shriram Life has adopted non-urban focus as a business model
Manoj Kumar Jain, Managing Director, Shriram Life Insurance
Focus is on Aam Aadmi ( Common Man) customer segment
Most of the customers are from business, SME and unorganized business community segment
Majority of the customers fall in the income band of Rs.2 lakhs to Rs. 6 lakhs
SLIC products, Process and service delivery mechanism are tuned to map to the requirements of this customer segment
Niche customer segment – Non Urban and Rural market customers – Financial inclusion segment
Average premium –SLIC average premium is Rs.18,000 as against private industry average of Rs.53000/-
Product and process simplification. – Simple, easy to brief, avoidance of missale , guarantee return products
Simplified proposal forms – Very simple proposal forms with 4 pages as against the industry average of 8 to 9 pages
Customer segments include – Micro Finance customers, Truck Driver segment, SME borrowers, Affordable Housing customers
What are your future plans for the brand?
India is a grossly underinsured Market. As per IRDAI, Insurance penetration in India is 3.49% (2016) as against the global average of 6.28%. Moreover as a country India has a large proportion of the population living in Non-Urban and rural areas. Although the hinterlands of India offers huge potential for life insurance, it also comes along with the unique challenges of reaching out and cost of distribution
At Shriram life, we continue to work in the Aam Aadmi segment. We plan to expand our reach to block and Tehsil levels. We will continue to invest in technology to serve the common man. Our current products and services are customised for the benefit of common man.
What according to you are the key traits of a successful leader?
Leadership is all about having an uncompromising vision, building a passionate likely mind team, communicating the vision and close monitoring of execution. Need to focus on long term goals without losing sight on the short term milestones.
What has been your driving force or philosophy in life?
Passion to create a sustainable, scalable business has been my passion. Involved in startup of operations in all my assignments. The energy and enthusiasm associated with starting from scratch, setting the vision, building a performing team & driving for delivery keeps me going and in this process help me develop several leaders with similar passion along the way. I believe in giving full freedom and empowerment, so that I always gets the best out of my team.
How do you define success and how do you measure up to your own definition?
Delivering value to all my stakeholders like Customers, employees & the shareholders, as long as I am able to keep a fine balance and bring smile on their faces, then success is just a buy product. Customer first approach, employees and their family members should feel proud to work with Shriram and connect with the society as I firmly believe that no business can sustain unless you do not a social angle to it.
Your perception of an empowered society.
Financial independence means a lot to the family and society. We, at Life insurance industry, aim to provide the financial support to the family, in the event of death of the breadwinner. Benefits of a life Insurance product will help the life assured or his family financially secure and be independent.
Life Insurance products addresses two risks in human life. I.e. 1) Risk of Early Death, death of the breadwinner leading to financial turbulence in the family 2) Risk of Living Longer, risk of living beyond the income earning years.
India as a country is highly under insured in both the risk products as well as pension products. We will see a large population beyond the age of 55 in the next 30 years and the current youngsters need to start providing for their old age.
We at Shriram Life believe in working for the mass market, common man segment living in non-urban and rural markets by providing him with the right products and services near his place.
One thing you have to let go off as an entrepreneur/leader?
Life Insurance selling in India is not a pull products, it has to be sold , thus require lot of patience in dealing with the Sales team as it takes a longer time to build sustainable business, thus some time you have to have a fair balance between short term goal and long term sustainable business.
How do you see the market 5 years down the line?
Indian Life insurance market will continue to grow and we expect the industry to grow at a CAGR of not less than 20% in the coming 5 years. There is a huge potential. We firmly believe technology will be a great enabler in both increasing our reach and reducing our cost of acquisition, in addition to making it convenient for the customers. Mobility based business processing including new business acquisitions, customer servicing will become a norm and can help in both deeper and broader penetration of life insurance products
Would you rather be respected or feared and why?
At Shriram group, we foster our employees as entrepreneurs by providing them with adequate freedom with appropriate vision statement. Many of the current leaders have grown within the group. There is a lot of respect for individuals and we believe every individual has a strength and can contribute significantly in building the enterprise, if the ambience is free, transparent and respectful.
Give me one word that describes you the best
Task Oriented People’s leader
Read the full article
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WCRC India's Inspirational Leader 2018-2019: Manoj Kumar Jain, Managing Director, Shriram Life Insurance
WCRC India's Inspirational Leader 2018-2019: Manoj Kumar Jain, Managing Director, Shriram Life Insurance
Shriram Life Insurance Company is a part of Chennai headquartered Shriram Group. Shriram Life follows Shriram group philosophy of working in the Aam Aadmi (Common Man) the financial Inclusion customer segment.
Manoj Kumar Jain, Managing Director Shriram Life Insurance receiving the WCRC Inspirational Leaders 2018-2019 award from the legendary brand guru Prof. Malcolm McDonald and Richard Heald, Group CEO UK India Business Council
In Conversation with Manoj Kumar Jain, Managing Director, Shriram Life Insurance
The Key Differentiators
The key differentiator of our brand offering is that we work with lower & middle income group customers. This is evident from the fact that the average premium per policy for Shriram Life is around Rs.18000 to Rs.20,000 as against the private life insurance industry average of Rs.50,000/- plus.
AS a business model, in life insurance business Shriram Life has focused on the Tier 2, Tier 3 cities and has much broader network of branches Pan India. In states like Orissa, Bihar, Jharkhand, Madhya Pradesh, Uttar Pradesh, Shriram Life has a strong network of branches and Mr Manoj Jain played a key role in developing the network of distribution in these states, starting from the scratch.
As measured according the IRDAI regulatory provision, Shriram life has more than 60% of the business coming from the designated rural areas during the year 2016-17. Shriram Life has been consistently sourcing more than 50% of the business from Non-urban markets
Individual Business –Rural %
Rural NOP
Total NOP
Rural %
14-15
106611
232431
46%
15-16
219550
374321
59%
16-17
157521
262680
60%
17-18
135632
247,057
55%
While other life insurance companies chased rural business to meet up with the regulatory requirement, Shriram Life has adopted non-urban focus as a business model
Manoj Kumar Jain, Managing Director, Shriram Life Insurance
Focus is on Aam Aadmi ( Common Man) customer segment
Most of the customers are from business, SME and unorganized business community segment
Majority of the customers fall in the income band of Rs.2 lakhs to Rs. 6 lakhs
SLIC products, Process and service delivery mechanism are tuned to map to the requirements of this customer segment
Niche customer segment – Non Urban and Rural market customers – Financial inclusion segment
Average premium –SLIC average premium is Rs.18,000 as against private industry average of Rs.53000/-
Product and process simplification. – Simple, easy to brief, avoidance of missale , guarantee return products
Simplified proposal forms – Very simple proposal forms with 4 pages as against the industry average of 8 to 9 pages
Customer segments include – Micro Finance customers, Truck Driver segment, SME borrowers, Affordable Housing customers
What are your future plans for the brand?
India is a grossly underinsured Market. As per IRDAI, Insurance penetration in India is 3.49% (2016) as against the global average of 6.28%. Moreover as a country India has a large proportion of the population living in Non-Urban and rural areas. Although the hinterlands of India offers huge potential for life insurance, it also comes along with the unique challenges of reaching out and cost of distribution
At Shriram life, we continue to work in the Aam Aadmi segment. We plan to expand our reach to block and Tehsil levels. We will continue to invest in technology to serve the common man. Our current products and services are customised for the benefit of common man.
What according to you are the key traits of a successful leader?
Leadership is all about having an uncompromising vision, building a passionate likely mind team, communicating the vision and close monitoring of execution. Need to focus on long term goals without losing sight on the short term milestones.
What has been your driving force or philosophy in life?
Passion to create a sustainable, scalable business has been my passion. Involved in startup of operations in all my assignments. The energy and enthusiasm associated with starting from scratch, setting the vision, building a performing team & driving for delivery keeps me going and in this process help me develop several leaders with similar passion along the way. I believe in giving full freedom and empowerment, so that I always gets the best out of my team.
How do you define success and how do you measure up to your own definition?
Delivering value to all my stakeholders like Customers, employees & the shareholders, as long as I am able to keep a fine balance and bring smile on their faces, then success is just a buy product. Customer first approach, employees and their family members should feel proud to work with Shriram and connect with the society as I firmly believe that no business can sustain unless you do not a social angle to it.
Your perception of an empowered society.
Financial independence means a lot to the family and society. We, at Life insurance industry, aim to provide the financial support to the family, in the event of death of the breadwinner. Benefits of a life Insurance product will help the life assured or his family financially secure and be independent.
Life Insurance products addresses two risks in human life. I.e. 1) Risk of Early Death, death of the breadwinner leading to financial turbulence in the family 2) Risk of Living Longer, risk of living beyond the income earning years.
India as a country is highly under insured in both the risk products as well as pension products. We will see a large population beyond the age of 55 in the next 30 years and the current youngsters need to start providing for their old age.
We at Shriram Life believe in working for the mass market, common man segment living in non-urban and rural markets by providing him with the right products and services near his place.
One thing you have to let go off as an entrepreneur/leader?
Life Insurance selling in India is not a pull products, it has to be sold , thus require lot of patience in dealing with the Sales team as it takes a longer time to build sustainable business, thus some time you have to have a fair balance between short term goal and long term sustainable business.
How do you see the market 5 years down the line?
Indian Life insurance market will continue to grow and we expect the industry to grow at a CAGR of not less than 20% in the coming 5 years. There is a huge potential. We firmly believe technology will be a great enabler in both increasing our reach and reducing our cost of acquisition, in addition to making it convenient for the customers. Mobility based business processing including new business acquisitions, customer servicing will become a norm and can help in both deeper and broader penetration of life insurance products
Would you rather be respected or feared and why?
At Shriram group, we foster our employees as entrepreneurs by providing them with adequate freedom with appropriate vision statement. Many of the current leaders have grown within the group. There is a lot of respect for individuals and we believe every individual has a strength and can contribute significantly in building the enterprise, if the ambience is free, transparent and respectful.
Give me one word that describes you the best
Task Oriented People’s leader
Read the full article
0 notes
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