‘GST Road, OMR – fastest growing residential sectors’

What do you think sells best in the city?

Apartments are the most popular property type in Chennai. The main reason behind this is that owners find apartments easier to maintain due to the support of the association. In addition, apartments give a feeling of security to its inhabitants.

What is the current scenario of re-development in Chennai?

Chennai is gradually moving towards re-development. The corporation is extending its limits around Chennai and is planning to give facilities in these extended limits.

Which locations are being redeveloped in Chennai?

Localities such as East Coast Road (ECR), Old Mahabalipuram Road (OMR), Grand Southern Trunk (GST) Road, Oragadam and Sriperumbudur are a few localities which are witnessing rapid redevelopment.

Which are the future growth corridors of the city and what factors affect their growth?

GST Road and OMR are the fastest growing residential sectors in Chennai. There has been rapid development of IT/ITeS industry in the areas around GST, OMR and ECR. This has facilitated growth of the residential sector in these areas. Oragadam and Sriperumpudur are the major industrial zones of the city. Since there is substantial industrial growth in Chennai, residential development is also taking place in these locations.

Can you define affordability and luxury in Chennai?

Affordability and luxury vary as per the location in the city. For instance, in prime locations of South and Central Chennai, lower end properties are available within Rs 15,000-20,000 per sq ft. Luxury depends on the facilities offered in the projects. It usually starts at Rs 20,000 per sq ft.

Similarly, in developing locations like OMR, GST Road, areas near Maraimalar Nagar, Chengalpattu, Sriperumpudur and Oragadam, lower end properties are available in values ranging between Rs 2,800 to Rs 4,800 per sq ft and luxury apartments start at Rs 6,000 per sq ft and go up to Rs 10, 000 per sq ft.

Divine delight – Swarnabhoomi Academy of Music

SAM President Prasanna and SAM percussion faculty Ghatam Karthick in concert this Saturday at the Music Academy with a never before lineup of amazing musicians.

Unsold houses in Chennai pile up as sales slump

Builders across the country have been worried as unsold housing stock have been piling up in the recent months.

Chennai’s unsold housing stock, for instance, has risen from 20,000 units a year ago to 45,000 units now as per a study conducted by international realty consultant Jones Lang LaSalle. Sales have dipped across seven major markets in India in the first quarter of 2013, . As against 80,000 apartments sold in the last quarter of 2012, only 65,000 units were sold between January and March this year. A sizeable portion, about 39% of these sales happened in the National Capital Region (NCR). Mumbai accounts for 18%, Bangalore 15%, Chennai 13% and Pune 8%.

The waiting period for unsold inventory in Chennai is the lowest among seven major Indian cities, said Puri. While the average waiting period for a completed apartment to get sold in the country is 15 months, in Chennai it is only 10 months. Hyderabad and Kolkata have a slightly higher waiting period of 12 months, Pune and Gurgaon 14 months and Bangalore 23 months. An average apartment in Mumbai, which has the highest waiting period, gets sold after 34 months of completion. It is this comparatively higher demand for residential apartments that helped Chennai rebound soon after the 2008-09 realty slump,.

Differentiating between Chennai city and outlying areas, “While the demand for housing in the core city is quite high even now, it has slowed down in the suburbs.”the slump in the suburbs partly to an unprecedented glut in supplies and partly to a steep hike in prices, especially on the Old Mahabalipuram Road in a short span of six to nine months. “Until a year ago, apartment price on the OMR was in the region of Rs 4,000 per sq ft. It suddenly went up to Rs 5,500 per sq ft in areas like Sholinganallur and Thoraipakkam, which still lag in good social infrastructure. Naturally”.

About 35% of Chennai suburbs unsold housing stock is on the OMR, “If investors who have funded the projects find it difficult to exit, the market may crash as it happened in the case of NCR,”. Too much concentration by builders on OMR is the bane of Chennai, noted  “When so much of development is happening on the OMR, transportation facility and social infrastructure need to be improved manifold.”

Source: The Times of India, Chennai

MARG Institute of Design & Architecture Swarnabhoomi (MIDAS) breaks into TN’s Top 10 architecture colleges

MIDAS – a niche institution for architecture education is addressing global need for high quality architects. As per the recent rankings, MIDAS ranks amongst the Top 10 Architecture Institutes in Tamil Nadu. In a short span of time, this is an achievement for MIDAS and stands testimony to the quality of architecture education being imparted at MIDAS with a concerted industry focus

MARG Institute of Design & Architecture Swarnabhoomi (MIDAS) – a niche institution for architecture education is addressing global need for high quality architects. MIDAS is affiliated to Anna University of Technology, Chennai and approved by the Council of Architecture, New Delhi. As per the recent rankings, MIDAS ranks amongst the Top 10 Architecture Institutes in Tamil Nadu. In a short span of time, this is an achievement for MIDAS and stands testimony to the quality of architecture education being imparted at MIDAS with a concerted industry focus. Regular workshops, seminars and guest lectures by industry experts play a major role in keeping the students abreast with industry norms and developments. Curriculum at MIDAS is designed to factor the prevailing trends across the world.

A big plus for MIDAS is that it is strategically situated in the 22.8 million sq. ft. live lab eco-system of MARG Swarnabhoomi – the first of its kind SMART integrated industrial and Services Township with a fast emerging 200 acre education cluster, the EduCity. The best of the multi-domain stude
nts, faculty and infrastructure are rubbing shoulders at EduCity to provide a unique learning experience & facilitating a seamless integration of multi-disciplinary research, education and critical thinking in an enabling smart, sustainable environment.

Launched in 2011, MIDAS has successfully completed its second year of operation with 135 students. In 2012 MIDAS admitted 80 students (100%) and was also the top choice in single window counseling. Recently, MIDAS has recently received a Letter of Intent (LoI) from Council of Architecture, New Delhi, for adding another 40 seats to the B. Arch program, from the academic year 2013-14. The annual intake of B. Arch program post the increase will become 120.

GRK Reddy, Chairman & Managing Director, MARG Group who envisioned this world class architecture institute says, “To deliver true potential of real estate space and planned infrastructure, India needs 396,000 architects and 119,000 planners over the next decade. MIDAS as part of the first such future built environment, MARG Swarnabhoomi, is playing a pivotal role in developing best in class Architects and Interior Designers in the country. The philosophical foundation of MIDAS is its commitment to complex symbiotic relationships of education, research, theory, practice and a broad spectrum of creative endeavours relevant to significant architectural development.”

The research eco-system of MARG Swarnabhoomi, which is being developed to provide cutting edge technology to the sustainable environment, is a strong catalyst towards honing the talent pool at MIDAS and this is supplemented by a host of amenities that MIDAS students’ enjoy viz. a well-equipped library, a futuristic studio, large spacious classrooms, audio & video learning support, a Wi-Fi enabled campus, residential accommodation with centralized kitchen, swimming pool and play ground.Spread on land area of 2.5 acres, MIDAS also a Telugu Minority Institute, is one of the few schools in India to offer alternative career options to architecture students through an integrated curriculum and teaching methodology marked by international standards of delivery and assimilation.

Conceptualized with a vision to create milestone in field of Architecture studies in India, MIDAS is headed by Mr. Jaffer AA Khan, RIBA RAIA, and FRSA, an architect and academician of international repute, since last 25 years. A team of national and international faculty supports him to provide best education in field of architecture. MIDAS Pedagogy includes extensive projects and expert lectures from eminent Architects from India and abroad for real time industry exposure.

Speaking on the strong brand equity that MIDAS has been able to create in a short period, Prof. Jaffer Khan, Director, MIDAS said, “MIDAS in a short time has emerged as one of the key players in architectural education in South India. The efforts by the faculty and students have enabled us to critically think, reflect & research on contemporary issues in a built environment. Our unique design projects have made the institute a trendsetter in architecture education. MIDAS has endeavored to bring experts and the extraordinary performers in the field of architecture so that the emerging minds get a deeper understanding of architecture in creative, artistic and social contexts.”

MIDAS has truly emerged as the nurturing ground for architecture based thought leadership. It is today synonymous with practical, industry-focused education and is attracting students from across the country. MIDAS has gained acclaim for extensive industry led academia. A series of academic excursion to architectural landmarks, participation in various architectural events & competition give ample opportunity for experiential learning at MIDAS.

Admission for B. Arch is now open at MIDAS (counseling code 1130) and interested students can call 044 24541115 and 08754412325 or write at midasadmissions@marggroup.com.To know more visit http://www.midas.ac.in/

Notes to Editor

About MARG Swarnabhoomi

Located on the scenic growth corridor of East Coast Road (ECR), mid-way between Chennai and Puducherry and promoted by the infrastructure major MARG Group, MARG Swarnabhoomi is the first of its kind 1000 acre integrated industrial and services township, unique in its co-existence of education, research, innovation, industry and fine living. Designed by world’s leading architects, HOK (USA), MARG Swarnabhoomi is Indian Green Building Council’s (IGBC) pilot project for “Platinum Rated City”.MARG Swarnabhoomi has 612 acres for multi-services & engineering sectors and will have 30 million+ sq. ft. of built up space in near future with more than 50,000 population in the form of working professionals, domestic & international students and senior citizens. The township uniquely combines the co-existence of economic and social pillars of life i.e. education, research, innovation, industry & fine living. Proximity to the auto & electronic industrial belts at Oragadam and Sriperumbudur along with the IT and knowledge hub of Chennai & connectivity with road, rail & air are critical parameters in strengthening the socio-economic fabric of MARG Swarnabhoomi and its emergence as a education & research cluster for a new economy.

http://www.margswarnabhoomi.com/

Jeff Richman Summer Jazz/Rock Shred Camp

Exclusively for Guitar Players – June 15,16,17 2013

Come and study at SAM for three days with a Jazz/Fusion legend and star guitar faculty of Musicians Institute (MI) in Los Angeles.

Virtuoso guitar master Jeff Richman is one of America’s most prolific guitarists in the Jazz/Rock and Fusion genres. Jeff has been among the ‘A’ list of Los Angeles players for the last few decades.

Exclusively for Guitar Players – June 15,16,17 2013

Come and study at SAM for three days with a Jazz/Fusion legend and star guitar faculty of Musicians Institute (MI) in Los Angeles.

Virtuoso guitar master Jeff Richman is one of America’s most prolific guitarists in the Jazz/Rock and Fusion genres. Jeff has been among the ‘A’ list of Los Angeles players for the last few decades.

For more about Jeff click here.

he Program

Jeff Richman, the consummate guitar player, teacher, composer and arranger will bring his decades of top-notch performance and LA studio experience to hone the technical and musical skills of Camp students. Through a well defined hands on approach designed to bring out all aspects of musicianship, Jeff will focus on melodic and chordal approaches to improvisation, composition, arranging and interpretation. For more information on the Program click here.

 

Registration

To register for this camp click here.

Property deals pick up in TN, register 11% growth

After a slump during last fiscal when real estate purchases fell 23.54%, property registration in Tamil Nadu appears to be clawing back with a 11% growth in registrations in April-May 2013.

The government of Tamil Nadu raised guideline values sharply — the base price at which a property is registered– effective April 1, 2012. This coupled with high lending rates impacted new home buys. With no signs of a rollback on guideline rates and mortgage rates showing signs of easing, property registrations appear to pick up. New property registrations were homogenous and spread across the state, data from the state’s registration department showed. Registrations in April-May stood at 4.47 lakh as against 4.03 lakh a year ago, a rise of 10.87%.

Among the regions which witnessed strong growth includes, Kancheepuram, Chengalapet, Kumbakonam, Nagapattinam, Pattukottai, Myladuthurai, Namakkal, Dharmapuri and Krishnagiri.

“There was a definitive slowdown. Besides, February and March are months where companies race to achieve their sales targets which could have compromised on prices. But we are witnessing a definitive improvement in both sentiment and sales.

Chennai lead with 18.9% growth in property deals. Southern sub-urban areas like Medavakkam, Pallikaranai, Neelankarai, Guduvancherry, Tambaram and Tiruporur witnessed strong growth. The other hot-spots were Siruthavur, Panaiyur and Kelambakkam off Vandalur and East Coast Road, data showed. Thanjavur and Salem recorded 17.24% and 14% growth respectively in property deals. The registration of documents hovered around 27 lakh to 35 lakh till 2008, and fell to 26 lakh last year.

“The past two months have been fairly good in terms of new sales. We tend to believe that the downward bias has been halted.”

Sales in drought hit delta districts were brisk. The agricultural lands in delta districts were lapped up as hot cakes. Thanjavur region, comprising of Nagapattinam, Pattukkottai, Myladuthurai, Kumbakonam has recorded good growth. “At least 50% of the sale is registered against agricultural lands and the rest in urban areas,” said a district officer in Thanjavur. The proximity to NH7 and NH45, the busiest national highways, are attracting buyers to the industrial corridor of Salem, particularly Hosur.

“With too many choices around, buyers are doing window shopping. The sale will pick up”. With the National Housing Bank (NHB) Residex, that tracks on the housing prices in cities suggesting fall in real estate prices of several areas in Chennai region, the demand will soon pick up. “There is a high rise in first time buyers.

In the Western parts of the state, property buying was strong in Namakkal and Thiruchengode towns, famous for ‘super schools.’

Source: The Times of India, Chennai

Enjoy this jam session at SAM

Enjoy this jam session at SAM with visiting delegates from Berklee College of Music and SAM faculty – Greg Badolato (soprano saxophone), Asst. Vice-President, International Programs, Jason Camelio (trombone), Director of International Programs with our faculty Prasanna (guitar), Jane Getter (guitar), Carmen Staaf (piano), Derek Nievergelt (bass), Dafnis Prieto (drums) and S. Karthick (ghatam) playing ‘Nardis’ by Miles Davis on Dec 13, 2011. Video courtesy SAM student Prithwidev Bhattacharya.

Nardis

Click To Watch the Video :Click Here

Another session with Guests from Berklee College of Music.

About SAM : Swarnabhoomi Academy of Music

About Marg Swarnabhoomi :MARG Swarnabhoomi

Residential prices in Chennai fall for first time in 3 years

Stubbornly high mortgage rates coupled with high real estate prices pushed down NHB Residex – an index used to track the movement of prices in the residential housing segment, for Chennai during the March quarter.
The Residex, developed by the National Housing Bank with inputs from RBI and CSO tracks the movement in prices of residential properties on a quarterly basis since 2007. Chennai’s index for the January-March quarter was 310 as against 314 during October–December 2012. The base year for the calculation of the index is 2007 and the base is 100.

Of the 10 residential zones in the city as computed by NHB, in 6 zones real estate values fell while in one it was unchanged and in three there was an increase. Prices dropped the most in Mylapore, Adyar, Velachery and Thiruvanmiyur by nearly 11% between October-December quarter and January—March quarter.

“Prices were tepid earlier this year. High interest rates forced buyers to hold back purchases. But overall there is a recovery in the markets in the past few weeks as buyers expect a cut in lending rates for home loans.

Residential prices witnessed a rise in Mumbai, Bangalore and Delhi while it dropped in Chennai and Kolkata. “We are witnessing slowdown in sales. This has resulted in developers dropping prices. The Residex was rising for 11 quarters and has dropped for the first time since then.

“Smaller real estate players are in a trap as there isn’t enough bank funding for projects which were linked to cash flows from sales, therefore delaying project completion.

 

Source:timesofindia