Mega Online Home Fest by Provident Housing

Provident Mega Online Home Fest
Provident Mega Online Home Fest
Provident Mega Online Home Fest

Provident Housing announces the biggest festival of this season, Mega Online Home Fest! The fest offers savings up to Rs.12,00,000 lacs* on premium homes and 1 lac* instant additional cashback (over and above the offer price) on the purchase of an early-bird voucher worth Rs.999 (100% refundable if not used) before 16th October 2019.

You can arrive at this fest as per your convenience as it is a full-fledged ONLINE HOME FEST giving you a chance to own a Provident Home, in just a click. To make your festive season bigger and brighter, Provident Housing has handpicked the projects at the most in-demand micro-markets and have offered savings up to Rs.12,00,000 on these homes.

The offer price will be revealed on 18th October 2019 @00:00 hours on their website (hyper link this). To avail the voucher benefit, you must select and book an apartment online through their online home booking platform, BOOK MY HOME between 18th October 00:00 to 20th 0ctober 23:59 hours. The offer is valid for some specially chosen projects across Bengaluru, Chennai, Coimbatore, Goa and Hyderabad.

Here is how you can book your dream home

Step 1- Go to www.providenthousing.com/megaonlinehomefest and click on the project of your choice.

Step 2- Click on BOOK MY HOME to take a virtual tour of the property.

Step 3- Select your preferred apartment from the available selection.

Step 4- Book your home by making an online payment of just Rs. 2,00,000. Don’t forget to apply your voucher code at the time of booking to get an instant additional cashback of Rs. 1,00,000.

What are you waiting for? Get your own little place to celebrate, a place with new beginnings, a place made of love and dreams. This year, BRING DIWALI HOME!

Choose your project today!

Bengaluru Trumps Mumbai in Uptick of Residential Market

It may seem as if the lean period in Indian real estate market could be turning the corner. Based on Knight Frank’s ninth edition of its flagship half-yearly report on Indian Real Estate for the period January-June 2018 (H1), the residential real estate market seems to be making a comeback from the slowdown caused due to ‘testing triplets’ of demonetisation, RERA and GST.

Knight Frank, an independent property consultant which routinely releases its analysis of the real estate markets around the world and India released this report on July 25th, a day when the Maratha Kranti Morcha called for a state and city wide bandh to protest farmer deaths in the Marathwada region. Most retail establishment across Mumbai were shut for the day and roads were remarkably empty for a city that experiences traffic jams all day. Thankfully the bandh was called off by evening so that people could get home safely. However, the scenario sums up the developmental issues our country and leading cities face, in the backdrop of which the positive news of renewed growth in real estate and its ancillary sectors is a much needed balm.

According to Knight Frank report which analyses the 8 cities of Ahmedabad, Bengaluru, Chennai, Hyderabad, Kolkata, Mumbai, NCR and Pune, there was a 46% YoY increase in units launched during the H1 period, while the increase in units sold was at 3% YoY in the same period. This marks the highest level of launches and sales in the last 18 months since demonetisation was rolled out at 124,000 and 92,000 units respectively.

Mumbai saw a staggering 128% YoY rise in residential launches, accounting for 40% of the total launches across the 8 cities covered in the report. However, the sales grew just 1% casting a shadow on positive sentiments. By contrast, Bengaluru saw a modest but very positive 11% rise in launches and even better 22% increase in sales of residential units. Other markets such as Pune, NCR and Hyderabad also saw a boost in the percentage increase of launches.

Report of Indian residential market
Report of Indian residential market (Source: Knight Frank report)

The key contributor to Mumbai seeing launches to the tune of 35,974 units is the dumping ground reprieve in BMC region and the parallel launches of mega projects in the peripheral suburbs of the financial capital. Dr. Samantak Das, Chief Economist and National Director – Research at Knight Frank noted, “Most developers focused on reducing apartment sizes of their new launches. Accordingly, we have seen shrinkage of 12% in apartment sizes across MMR, with some premium markets witnessing reduction of as high as 31%.”

Some of the key takeaways of the report were:

  • Mumbai saw the most number of launches at 128% YoY while NCR and Pune witnessed more than 75% growth.
  • Most launches were in the lower ticket size range wherein Bengaluru and Mumbai witnessed significant supply of units priced under INR 50 lakh and 1 crore, respectively.
  • Average size of units in MMR shrink by 12% between 2013 and 2018.
  • Mumbai, Pune and Kolkata saw prices of residential units drop by 9%, 8% and 8% respectively. The effective price drop was 10-15% after factoring in developers’ sops such as waiver of GST and stamp duty, and no floor rise cost to customers.
  • Despite growth in launches, government reforms and reduction in prices, sales continue to stagnate across markets. Bengaluru’s positive growth however prevents a pan-India decline in sales.
  • The growth-resistant state of the sector until now has also resulted in a higher Project Life Cycle (PLC) as the Quarters-to-sell (QTS) inventory remains stagnant at around 11.2 or 3 years.

Despite the encouraging numbers across most markets, the analysts at Knight Frank remained circumspect of the future growth of the sector owing to the continuing uncertainty in the market, high inflation and rising interest rates as well as the upcoming general elections.

Shishir Baijal, Chairman and MD, Knight Frank India wrapped up, “It could perhaps still be a rocky way ahead for the real estate industry and we all continue to look ahead for the impetus that is required for the industry to revive.”

Purva Swanlake: Premium living in the new hot-spot of South Chennai

The towers of Purva Swanlake project in OMR, Chennai

Over the last ten years in the city of Chennai, the Old Mahabalipuram Road (OMR) has grown at the speed of an investor’s dream and this is not even the end of the development seen here. A number of developers have seen the opportunity this area presents and put their best efforts into building complexes here that have better facilities than anywhere else in the city. Of these builders, Puravankara stands out as a name that one has grown to trust. After having established a reputation in Bangalore and Kochi, Puravankara has steadily been building their presence in Chennai. Having lived in a Purva apartment for four years in Bangalore (Purva Venezia), I had a very high standard that I expected them to maintain in their project, Purva Swanlake.

Purva Swanlake: Location & Connectivity

The entry to the basement parking at Purva Swanlake project in OMR, Chennai
The entry to the basement parking at Purva Swanlake

Purva Swanlake is located just past the OMR-Kelambakkam Junction on the OMR. The location is a prime one in terms of distances to various parts of the city accessible from here. The best part about this location is the fact that no matter now far away a place is in terms of kilometres, the travel times are always within half an hour. SIPCOT, the major attraction for investors in the area, is located 10 minutes (5 km) away. This reduction in travel time actually opens up the general working day so much. One has time to take care of fitness and not have that daily rush to get out of the house and reach work in time. SIPCOT houses various top IT companies, including the largest TCS office in Asia.

The badminton and tennis courts at Purva Swanlake in OMR, Chennai
The badminton and tennis courts at Purva Swanlake

While SIPCOT is the major attraction of this location, there are several other factors that make living in Kelambakkam a pleasure. For one, there is absolute peace and quiet. One gets to enjoy life without the sound of constant traffic and the pollution of living in the midst of the city.  There are also plenty of activities around the area for people of all ages. The proximity as well as the good connectivity to the East Coast Road (ECR) opens up a whole other host of activities to keep the family occupied on the weekends. A few popular destinations on the ECR are MGM Dizzee World (8.7 km), Dakshin Chitra (8.5 km), Crocodile bank (8 km) and Muttukadu Boat House (6.5 km). In addition to all this, the location is ideal for families that like to travel. Mahabalipuram, the place of the Shore Temple is half an hour away, and Pondicherry is two hours away. Further to the South if one is interested, are extremely culturally rich temple towns like Chidambaram.

Purva Swanlake: Social Conveniences

The OMR is well covered in terms of educational institutions, with plenty of schools and universities to choose from. A few examples are the PSBB Siruseri school located within the L&T campus (7 km) and the Hiranandani Upscale School (7 km). In a larger radius, within a half hour is the PSBB Millenium School. There are a lot of university campuses in the vicinity as well-Hindustan University (1.3 km), Sathyabama University (10 km) and SSN College (6.2 km) being a few. Chettinad Health City, located 1.5 kilometers away will take care of all the health needs a family could have.

Purva Swanlake: Design

The pool housed within the clubhouse complex at Purva Swanlake in OMR, Chennai
The pool housed within the clubhouse complex at Purva Swanlake

The construction was very simplistic in Purva Swanlake, with fifteen towers arranged in the plot interspersed with little pockets of landscaping that provide an element of surprise while rounding certain bends. The grey and white buildings have creepers growing on the walls in some places, creating a beautiful contrast.

A view of the clubhouse at Purva Swanlake in OMR, Chennai
A view of the clubhouse at Purva Swanlake

The clubhouse is designed in a more angular fashion to provide a contrasting balance to the rectangular nature of the apartment blocks. This clubhouses houses all the indoor facilities like the multipurpose hall, snooker rooms, yoga rooms, squash court and gym. The one major difference in Purva Swanlake and other Puravankara constructions is the lack of the central play area. While this struck me as odd, all my doubts were assuaged when I saw the park. I was treated to a view of a sprawling area with a tiny sliver of sea sparkling in the distance. In this area were the tennis and basketball courts as well as a huge landscaped garden for the residents to come and spend their evenings. The evening sea breeze provides a much-needed respite from the heat of Chennai.

Purva Swanlake: Specifications

View of the green expanse in Purva Swanlake in OMR, Chennai
View of the green expanse in Purva Swanlake

Purva Swanlake consists of 15 blocks of only 3 BHK apartments. Nine of the blocks have 14 storeys with 2 blocks each of 9, 10 and 11 storeys. With the OMR being bounded by the gentle hillocks to the West and the sea to the East, you are guaranteed an amazing view either way. The parking is provided in the basement as well as on stilt level and on the first floor (open parking). The areas of the houses vary from 1710 to 1805 sq. ft. The flats are going at a rate of Rs. 4199 per square foot (as of 28th July 2017). The rental rates are around Rs. 22,000 for a month.

Conclusion

In conclusion, Purva Swanlake is a complex that offers all the facilities required for the modern-day family. The USP is definitely the park, where the aura of calm and the feel of the sea breeze is enough to de-stress one with even the most hectic work schedule. The connectivity of this area is doubled with the proximity to the Vandalur-Kelambakkam road, which connects to the GST, another arterial road, in half an hour. The feeling of living in a community and yet having the calm and quiet of a holiday home is definitely something which I consider a huge plus point and which makes Purva Swanlake a good option for investment.

Godrej Palm Grove – Finer details of the Master Plan

Godrej Palm Grove(PC:Godrej Palm Grove)

Godrej Palm Grove is the first completed project by the Godrej Properties at Chennai, and is quite self sufficient, providing for the area in which it is situated. Choosing the developing stretch of the Chennai-Bangalore highway, Godrej Palm Grove is a high-rise, modern complex with stunning views overlooking the Chembarambakkam lake.

The construction of the complex has been carried out by L&T, starting in 2012 and being handed over in May 2016. There are 14 towers, with 5 towers in the first phase. The towers have flats of 2 and 3bhk, with the 2bhk towers having 8 apartments a floor and the 3bhk towers having 4 apartments a floor.

The unique feature design-wise, is that the whole complex has been raised onto a podium, with the parking on the ground level instead of a basement. This provides the additional height that only enhances the views around the complex, which is definitely one of the major selling points.

There are two types of views that are provided in Palmgrove. For the outer facing apartments, it is the view of the vistas around. The inner apartments have views of the swimming pool and landscape. The swimming pool here feels like  one out of a lavish resort. With a wooden deck and lovely landscaping around, one can sit and look at it for hours. Residents can get a closer look from the cafe in the clubhouse, where one can enjoy a cup of coffee overlooking the pool. I got a chance to visit when it was raining, which just made everything more beautiful.

Conceptual view of the Chembarambakkam lake, also showing the parking below
Conceptual view of the Chembarambakkam lake, also showing the parking below

The amenities provided for the residents of the complex make for an extremely comfortable life with all the conveniences of the modern life at residents’ fingertips. A 22,500 square foot clubhouse has all the amenities for one to lead a healthy life with a fully equipped gym, yoga room, squash court amongst others. Tennis courts are located outside for those who want to pick up the sport. A skating rink provides an alternate and fun hobby for children growing up here. The multipurpose hall with a deck overlooking the pool provides the perfect setting for celebrating festivals as a community, or for residents looking to entertain their friends. The conveniences of groceries delivered to the house, and concierge services, along with provisions for chauffeurs are available.

An opportunity to live in this complex is not difficult to come by, with reasonable rates that fall into budgets of several Chennai-ites. Two bedroom apartments start at Rs. 4100 per square foot and three bedroom apartments start at Rs. 4200 per square foot. Extra charges apply per floor rise per square foot. Parking spots are charged extra as well.

The rental income of Palmgrove is the highest in the area. While the norm is around Rs. 10,000 per month for 2bhk, the rentals in Palmgrove start from Rs. 16,000 for 2bhk and Rs. 22- 30,000 for 3bhk apartments.

The apartments come in the following sizes:
2 BHK apartments-1194 sq. ft

1220 sq. ft

3 BHK apartments- 1426 sq. ft

1489 sq. ft

The design of each house is done so as to optimise the use of the views around the complex, with one balcony in the hall and one in the master bedroom in select modules. The advantage of the complex is that the amenities are provided in phase 1, and are already functional. Around a hundred families have already moved into Palm Grove, and more are expected to move in the coming year. Out of the 484 units in the complex, a healthy number has already been sold.

ECR – Property Market Overview

Growing up, the ECR always meant a weekend destination-a means to an end-with Mahabalipuram, Pondicherry and a whole host of other activities all accessed via it. When I was a little older it included the houses of a couple of friends-still under the category of leisure. It is often categorised as an area for a secondary home or for older families. The fact remains however, that it is one of the most comfortable and enviable localities to have a home.

Stretching from the Thiruvanmiyur signal to Mahabalipuram and beyond, the ECR has developed now into way more than just a highway. Extending till Neelankarai, there is an abundance of residential development, with flats and apartments closer to Thiruvanmiyur and independent bungalows and villa complexes further away. The ECR-OMR link at Shollinganallur has also drastically improved the value of property on the ECR, making it a sensible investment even for families working in the IT companies on the OMR.

Lifestyle: Living on the ECR is a completely different experience altogether. A food lovers’ paradise, the ECR is lined with speciality restaurants of all varieties all along. Restaurants like The Beach Club and Shiraz café offer views of the sea, and a host of other restaurants like Jonah’s, Kipling Café, Tryst Café and many more offer amazing food.

The cozy Tryst Cafe [Source: Polka Cafe]
Enjoy the beautiful ambiance of Kipling Cafe [Source: Polka Cafe]
Weekends on the ECR can never get boring with the number of activities that are on offer. Go-Karting is big on the ECR with two tracks- Kart attack and the ECR Speedway providing the facility. Amusement parks are the next on the list with VGP closer to the city and MGM Dizee World a little farther. The cultural experience at Dakshinachitra never gets boring, with it being one of the most unique cultural hubs in the country. The experience involves seeing reproductions of authentic houses from various parts of South India, as well as learning about the different arts and crafts of the regions of the South. Weekend getaways in the form of resorts are a dime a dozen on the ECR, with Taj Fisherman’s Cove, Radisson Temple Bay and Ideal Beach resort being a few. The latest addition to the ECR has been surfing schools- giving the city’s youngsters a new activity to focus on.

Radisson Temple Bay [Source: WeddingSutra]
Children watch performances of South India Folk Dance at Dakshinachirta [Source: tripadvisor.in]
Last but not the least are the major destinations accessed via the ECR from the city. Mahabalipuram, the closest, is 45 kilometers away from the city offering a glimpse of Dravidian architecture. Pondicherry, next on the list, is the best weekend destination to unwind, have a couple of beers and enjoy life. The cobblestoned pathways of the French part of the city make you wish you were around in the older days. Another destination that is accessible is Chidambaram. More popular as a temple town, one can see the architecture of the great Chola Dynasty.

Although the ECR originally had mainly independent houses, the SIPCOT IT Park has seen the development of several high rise apartments along the ECR between the ECR-Shollinganallur link road and the Kelambakkam link road. A few apartments are ECR14 by Casa Grande at Kanathur (approx. 4500 per sq. ft), and Altis Oceanique (approx.. 7000 per sq. ft.). The areas closer to the city have upscale villa complexes from builders like Casa Grande, Amara and more. Casa Grande Elita has a per sq. ft. price of 11,000 per square feet.

Altis Oceanique offers sea views [Source: altisville.com]
With the new and competitive rates that builders are offering, the ECR has become a great investment for people from all backgrounds both for day to day living and as a post-retirement home.

PBEL City- Plans, Project Updates and Site Visit Report (Feb 2017)

pbel city chennai

When one is looking for homes based on convenience rather than preference, there is always a resigned attitude with which houses are looked at. Especially when the house is located in Kelambakkam, prospects of having the community life that is prevalent in the more central areas of the city seem bleak. It is with this doubt that I went to visit the site of PBEL City, Chennai, but what I found left me pleasantly surprised and more than a little impressed.

At first glance, this complex does not look like the typical apartment complex. A large driveway before the first block gives the impression of it being more like a locality than an apartment complex- something that becomes more apparent as one sees all the features of the complex.

Other Projects by PBEL

The second venture by PBEL City, the project is located just beyond the Kelambakkam junction on the OMR. The location on the OMR is a huge advantage when you take into account the needs of the modern family. With a majority of the IT parks in the city being located less than 15 minutes away, there is negligible travel time involved while getting to the workplace. This allows families to focus on each other and spend that much-needed time together. With world-class schools like PSBB Millenium located less than 10 minutes away, the children are not compromised either. The Chettinad Health City takes care of all ones healthcare needs, located at the Kelambakkam junction. The Kovalam beach is a 15 minute drive away, allowing families to spend weekends at the beach if they so wish. Another advantage of being located so close to the ECR is the ease with which one can get away for the weekend to the various resorts located on the ECR.

pbel city chennai
The clubhouse at PBEL City [Source: PBEL city website]

After having a successful launch and subsequent progress in Hyderabad, PBEL City has upped their game in Chennai, roping in Shapoorji-Pallonji (SP Group) as the builders of this project. An integrated project, PBEL City is spread over 42 acres, with towers having 1, 2 and 3 bhk apartments. With 70 percent of the complex being open space, it truly gives you the luxury of enjoying the fresh air that is so rare to find in today’s apartment complexes. PBEL City Chennai has made community life a big part of the focus here, as one can see in the importance given to all the amenities provided. A standard size cricket pitch is by far the unique one that is present on the site. In a nation where the sound of the roar when Kohli hits the ball out the boundary is one of the biggest unifying factors, the introduction of this facility is a thoughtful one. In addition to this is 4.2 acres of amenities, including a basketball court, tennis courts, jogging track and swimming pool. Standing separately is also a 40,000 square foot clubhouse housing a multipurpose hall where one can throw parties and entertain guests.

[tag_para tags=”Apartment Overview”]

PBEL City Chennai : Apartment Space

PBEL City  chennai
The standard size cricket pitch [Source: PBEL City website]

The houses themselves are designed to provide optimum privacy to each unit, with minimum common walls. Phase 1 of the complex had 388 apartments in four towers, two towers of which were handed over in June 2016. The other two were handed over by October 2016. Stilt parking caters conveniently to the residents of the complexes while additional parking structures have been built for families having more cars or for visitors. The 2 BHK apartments come in the sizes of 1033, 1042, 1262, 1274, 1505, and 1689 square feet. The wide range of sizes cater to the needs of a variety of families and provides a solution convenient for all. The 3 BHK apartments come in the sizes of 1370, 1505, 1518, and 1689 square feet.

When it comes to convenience, PBEL City Chennai has thought of facilities that will make life easy for the residents of the complex. A school is to come up in the complex and will be fully operational shortly, currently having classes up to 6th grade. A crèche allows the working moms stress free days while their child is taken care of around familiar faces. A grocery and convenience store caters to all the household needs of the family. In addition to this, 24 hour power backup and maximum security ensure that the residents don’t ever have to worry about anything.

As of now, 40 families have moved into the complex, and 400 units have been sold overall. Phase 2 is starting soon, with L&T doing the construction for this phase.