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Vastu for plots flats apartments

Vastu Tips for Buying a New Flat

A home is expected to be a haven for its residents attracting positive energy, peace, and good luck. Vastu shastra is an architectural system that provides certain guidelines for the layout, geometry, measurements, and designs. These vastu principles are incorporated into the architectural design of the houses. While some of them do not believe in vastu, some people believe incorrect vastu can cause serious health and financial problems for residents.

Not everyone can afford to buy plots in Chennai and build a home that is vastu compliant. The rapid urbanization of cities is making it difficult to buy a piece of land in Chennai that is vastu compliant. Buying plots on the outskirts of Chennai may pose commutation problems. Therefore, most homebuyers make an informed choice of buying flats that is relatively vastu compliant to lead a happy life.

Now let’s look at favourable directions for each component of a house.

Building Structure:

It is advisable that the building structure should be constructed along with the four cardinal directions and not be built along with the corner directions.

Placement of the Entrance Door:

It is favourable to have an entrance door in the North or East direction or North-East corner of the flat. Depending on horoscopes, some astrologers advise people to buy flats having South or West entrances. Also, consult your astrologer on buying flats that has entrance doors at the South-West corner. Remember, the entrance door should open in a clockwise direction.

Placement of Kitchen:

The South-East corner is considered as Agni moolai. The North-West corner is considered as Vaayu moolai. It is ideal to have a kitchen in the South-East direction. The next preferable spot for the kitchen is the North-West corner of the flat. The kitchen should not face the entrance door. The gas stove should be facing the East or North direction. If the Kitchen is placed in the North-West corner, then ensure that the master bedroom, bathroom, toilet, borewell, or overhead tank are not placed in the South-East corner of the flat.

Placement of Bedrooms:

It is ideal to have a master bedroom in the South-West corner of the flat. The head should rest in the south or west direction and the legs pointing in the north or east direction. It is advisable to have the bed in the centre of the bedroom. The master bedroom in the North-East corner of the flat may cause health deterioration. The master bedroom in the South-East corner of the flat may increase anxiety and quarrels within the family. The guest bedroom or kid’s bedroom can be placed in the East or North-West corner of the flat.

Placement of Puja Room:

The North-East corner is considered as Eesani moolai. It is ideal to have a Puja room in the North-East corner of the flat.

in Blog, Real Estate Posted by Admin
New flat possession checklist

Checklist before taking possession of your new home

When a builder obtains a Completion Certificate (CC) from the statutory authority, he then invites the property buyers to accept possession of the property. Taking possession of a dream home is the happiest moment in one’s life. However, one must exercise restraint the happiness for a moment and list down snags and deficiencies in the property before accepting the possession.

Here’s a ready reckoner of items you must check inside your home before taking possession.

Wall and Floor Finishing:

  • Check for cracks in the walls and ceiling. Wall putty cracks are not of serious concern. However, structural cracks are of serious concern. Inform the builder to attend before you accept the possession.

Flat handover checklist

  • Check whether the tiles in the main door entrance, living room, bedrooms, kitchen, kitchen dados, bathrooms, balcony, and service utility are laid properly without misalignment and gaps. Knock the tiles and hear if the sound is solid and not hollow.
  • Check whether the interior and exterior walls are double-coated with paints as per specifications.
  • Check whether holes are provided on the walls for AC ducts and kitchen chimneys.
  • Ensure water is not stagnating in the bathroom and/or gets out of the bathroom.

Doors and Windows:

  • Check whether the builder has provided doors and windows as per approved floor plans and material specifications.
  • Check whether the doors and windows are treated for termites before being painted.
  • Check the smooth functioning of door locks, doorknobs, and door stoppers.

Things to do before possession of a property

  • Check the smooth functioning of the windows latch / windows stopper.
  • Check whether the doors and windows are properly seated on the door and window frames.
  • Check whether the gap between the window frames and adjoining walls is sealed tightly.
  • Check whether the gap between the door frames and adjoining walls is sealed tightly.
  • Check whether ventilation louvers are provided properly in the lavatories.

Electrical:

  • Check whether the builder has provided electrical points in the entrance, living room, bedroom, kitchen, service utility, balcony, bathroom, and lavatories as per the specifications. If you had asked for extra electrical points at the time of buying a property, check whether the builder has provided the same.
  • Check the sufficiency of Earthing and Grounding.
  • Check the functioning of each miniature circuit breaker (MCB).
  • Check the functioning of each electrical switch – ON and OFF.

Documents to be collected from builder at the time of possession

  • Check the functioning of each 5A and 15A plug point.
  • Check whether the TV and Telephone cable pipelines are free from blockage.
  • Check emergency power supply turns ON when the main power is switched OFF.

Plumbing:

  • Check whether the builder has provided taps in the kitchen, utility, washing, and bathroom as per the specifications.
  • Check whether the builder has provided provisions for geysers and water purifiers as per the specifications.
  • Check whether the builder has provided handwash basins as per requirement.
  • Check the smooth opening and closing of the taps in the kitchen, utility, washing, and bathroom.
  • Check water leakages while opening a tap and after closing a tap.
  • Check water leakages below the kitchen sink and handwash basins.

What are documents required from builder at time of possession

  • Check whether shower nozzles are working properly.
  • Check whether the hot and cold-water mixer tap is working properly.
  • Check whether the flushing happens in closets.
  • Check whether the refill tank is getting filled and cut off.
  • Check whether the health faucet is spraying properly.
  • Check the smooth flow of water through drains in the kitchen, utility, washing, and bathroom. Ensure there is no clogging of drain lines.

Once you checked the above items, hand over a snag list to the builder and ask them to attend to the deficiencies. Reinspect and accept the possession of your home from the builder once the builder attends all snag list. 

Collect all pairs of door keys. Ensure you have the following documents in your possession along with the keys.

Documents to be collected from builder at the time of possession

  1. Copy of Planning Permit
  2. Copy of RERA Registration Certificate
  3. Copy of No Objection Certificates from Government Departments
  4. Copy of Completion Certificate
  5. Copy of Encumbrance Certificate
  6. Set of Legal Documents related to Land and Land Use
  7. Allotment Letter from the Builder
  8. No Dues Certificate from the Builder
  9. Car Park Allotment Letter
  10. Access Keys for Entering, Exit, Club

Traventure Homes Top Builder in Chennai

Traventure Homes wishes you a very new year 2023 and a happy homebuying. 

If you are looking to buy a flat in Saligramam or an apartment in Virugambakkam or a property in Perambur this new year, checkout our ongoing projects – Traventure Tranquil at Virugambakkam, Traventure Amethyst at Virugambakkam, Traventure Anugraha at Saligramam, Traventure Arjuna at Virugambakkam, Traventure Four Square at Saligramam, Traventure Helios at Perambur. 

in Blog, Real Estate Posted by Admin
River sand, sea sand, desert sand, m sand

M-Sand – A Superior Substitute for River Sand

Sand is one of the ingredients in concrete. Sand is coarser than slit and smaller than gravel. Sand is naturally available alongside riverbanks, riverbeds, beaches, seas, and deserts. However, the demand for sand in India has increased multi-fold in the last two decades due to rapid urbanization and large-scale construction activities. The availability of sand from natural sources is inadequate to meet the huge demand. The mining of sand from natural sources is exerting pressure on the ecology and the environment. Many nations, including India, face sand scarcity.

The construction industry started adopting the usage of M-sand and P-sand, which are cheaper and better than river sand. This blog will elucidate the different types of sand and their usage in building construction.

River Sand:

Though there are several types of naturally available sand – river sand, sea sand, desert sand, and pit sand, river sand is the most sought-after sand found on riverbanks and riverbeds. These sands are naturally created when rocks are subjected to constant temperature change and attrition due to flowing water causing them to break into smaller particles. These small particles are then transported by the flowing river and are deposited in the downstream areas. The river sand is relatively yellow in color and has very little amount of salt, sulphate, or organic impurities. The river sand has inorganic impurities such as silt and clay. The river sand also has high moisture content and consumes less quantity of water when used for building construction.

However, in the last two decades, the demand for river sand has increased multi-fold thanks to the rapid urbanization of cities in India and large-scale construction activities. The river sand, which is already scarce in nature, is inadequate to meet the huge demand. Transporting river sand from the riverbeds to the far-off construction site is also a costly affair.

When builders and developers face delays in building construction due to the unavailability of river sand, they resorted to buying river sand at a higher price. They were caught unaware that they were indirectly encouraging the illegal mining of river sand that was creating an ecological and environmental impact apart from depleting groundwater levels. The Government has come down heavily on the illegal mining of river sand since then.

Sea Sand:

In some countries, sea sand, also called beach sand or marine sand, is used for building construction. Sea sand is rounded or cubical, the same as river sand. Sea sand is very fine and does not contain slit or organic impurities. It is abundantly available and can be mined at a low cost. However, it has many inorganic impurities including seashells. Sea sand contains large quantities of chloride content, which can corrode reinforcement iron and steel and reduce the load-bearing capacity of the reinforced concrete. It also contains salt content, if not removed before used for construction shall cause the plaster to crack and pop. Sea sand also has lesser compressive strength and lesser tensile strength compared to river sand.

Desert Sand:

Desert sand is much finer and smoother due to the harsh climatic conditions and extended weathering effects of the desert. As the surfaces are smooth, desert sand does not offer multidirectional linkages. The concrete slurry would slip and collapse. Therefore, desert sand is not suitable for building construction due to poor its strength.

Thus, manufactured sand (M-sand) has emerged as a sustainable eco-friendly superior alternative to river sand.

So, what is M-sand?

Manufactured sand (M-sand) is artificially manufactured sand by crushing big rocks or granites in a quarry or factory. Thus, M-sand differs from other varieties of sand in its physical and mineralogical properties.

Big hard rocks or granites are crushed in vertical shaft impactor (VSI) crushers to coarse aggregates. These coarse aggregates are then crushed in a Rotopactor to get the m-sand of the correct grain size. Finally, screening and water washing are carried out to remove tiny particles. The size of M-sand ranges from 0 to 4.75mm adhering to IS 383 zone II of the Bureau of Indian Standards (BIS).

The M-sand is cubical or angular in shape with a rough texture and is consistent in particle size. Except for water-washed M-sand, M-sand., in general, has low moisture content. It has greater durability to withstand harsh climatic variations and prevent corrosion of reinforcement steel. It has fewer inorganic impurities than the river sand, thus less wastage, and better-quality concrete. The usage of M-sand can overcome the defects occurring in concrete such as bleeding, honeycombing, segregation, voids, capillary, etc, and thus offsets construction defects. It offers better compressive and tensile strength than river sand.

M-sand can be manufactured in bulk quantities as and when needed to meet huge demand, thus consistent in its availability. It is available in different sizes for concreting, plastering, and brick or blockwork. The cost of M-sand is at least 30% to 50% cheaper than that of river sand. The transportation cost of M-sand is also much less compared to fetching river sand from the riverbeds in far-off areas.

However, there are also a few disadvantages to using inferior-quality M-sand. If the M-sand is angular, it needs more cement and water to make high-grade pumpable concrete for high-rise structures, thus an increase in the overall construction cost. Also, ungraded M-sand may contain many finer particles that can affect the strength of the structure. Due to the huge demand for sand, M-sand is adulterated with quarry mud. Therefore, quality testing of M-sand is necessary before using M-sand.

The industry started marketing very fine grades of M-sand as P-sand, plastering manufactured sand, which gives very smooth finishes to the plasters. While M-sand is used for concrete and mortar mixes while p-sand is used for plastering walls and tiling purposes. The size of P-sand size ranges from 0 to 2.36mm adhering to IS 1542 of the BIS.

With BIS standards and Government policy formulations, artificial sand is gaining prominence and usage in building construction. Karnataka is the leader in manufacturing artificial sand followed by Telangana, Tamil Nadu, Andhra Pradesh, and Gujarat.  

However, homebuyers are hesitant to use M-sand and P-sand and still prefer using river sand due to limited awareness and push from the Government. As always, some manufacturers adulterate M-sand and P-sand with quarry sand and silt to meet the huge demand. The lack of quality standards was also hampering the adoption of M-sand and P-sand.

Having read this blog, you, as a homebuyer, can confidently chose properties that use M-sand choose-sand for building construction and actively contribute to preventing an ecological and environmental disaster.

in Blog, Construction, Real Estate Posted by Admin
Understanding Goods and Service Tax on Residential Properties

Understanding Goods and Services Tax on Residential Properties

In this blog, let us discuss about the Goods and Services Tax (GST) when you purchase a residential property anywhere across India.

What is GST?

Goods and Services Tax (GST) is an indirect tax on the supply of goods and services. It is a comprehensive, multi-stage, destination-based tax. GST is comprehensive because it has subsumed almost all the indirect taxes such as Service Tax, VAT, Excise Duty, Central Sales Tax, Entertainment Tax, Luxury Tax, Entry Tax, etc levied by the Union and State Governments. GST is multi-stage because it is imposed at every step in the production process, but GST can be claimed as input credit by all parties involved in the production process other than the final consumer. GST is a destination-based tax because it is collected from point of consumption and not the point of origin like previous indirect taxes.

In India, Goods and Services Tax (GST) came into effect on July 1, 2017, through the implementation of the 101st Amendment of the Constitution of India by the Indian government. The tax rates, rules and regulations are governed by the GST Council which consists of the finance ministers of the Union Government and all the States.

The current GST structure has five different tax slabs for the collection of tax: 0%, 5%, 12%, 18%, and 28%. However, petroleum products, alcoholic drinks, and electricity are not taxed under GST and instead are taxed separately by the respective State Governments, as per the previous tax system. There is a special rate of 0.25% on rough, precious and semi-precious stones and 3% on gold.

GST on Residential Plots:

The land is an immovable property. The sale of land is neither a supply of goods nor a supply of services. If the sale of land involves just the transfer of ownership, then it does NOT attract GST as per Schedule III of the Goods and Services Tax Act 2017. The sale of land attracts only Stamp Duty levied by the respective State Governments along with Registration Charges.

However, the Central Board of Indirect Taxes and Customs (CBIC) clarified through a notification on August 3, 2022, that GST is applicable for the services rendered by the Developer for laying of roads, laying of drainage pipelines, laying of electricity cables, setting-up of sub-stations, leveling of land, developing amenities such as clubhouse, etc at applicable rates.

Therefore, when you buy a plot from a plotted development, GST is applicable on the amount which a developer is charging for providing additional services and common amenities.

GST on Residential Flats / Villas:

Before the era of Goods and Services Tax (GST), homebuyers were charged with Service Tax and Value Added Tax (VAT) at the time of purchasing an under-construction property. While Service Tax was levied by the Government of India, VAT was levied by the respective State Government.

Both taxes were applicable to under-construction properties where the builder has not received a “completion certificate” from the competent authorities. However, there would be no levy of service tax or VAT if the homebuyer buys a property after the builder obtained a “completion certificate”. The onus of collecting and remitting service tax and VAT from the homebuyer and depositing with the concerned authority rests with the builder.

With the implementation of the GST Act that came into effect on 1st July 2017, homebuyers buying an under-construction apartment are liable to pay GST at a specified rate on the property value. Completed projects i.e., those projects that have received their completion certificate from a competent authority are not liable to pay GST. The developers were mandated to charge GST from the homebuyers for the purchase of an under-construction property and in turn, pay the GST to the Government of India.

Before March 31, 2019, the GST rate for an under-construction property under the “other than affordable housing projects” category was 12% with an input tax credit (ITC) and for an under-construction property under the “affordable housing projects” category was 8% with an ITC.

The Government of India expected that the cascading benefit of an input tax credit would be passed on to the homebuyers. However, some developers were profiteering by not passing this cascading benefit to the homebuyers. Homebuyers were feeling the heat of paying more than 20% of the property cost as Government taxes and levies.

This forced the Government of India to modify GST rates and input credit. From April 1, 2019, the GST rate for an under-construction property under the “other than affordable housing projects” category was 5% with NO ITC and for an under-construction property under the “affordable housing projects” category was 1% with NO ITC.

GST on Corpus Fund:

Contributions made by homeowners of a cooperative housing society (CHS) towards a sinking fund meant for the future upkeep of the society will be subject to the goods and services tax (GST).

The Authority for Advance Ruling (Karnataka) has held that contribution made by the homeowners of a housing society or residents welfare association towards the corpus fund (also termed as sinking fund) is not a “deposit”, but in fact, an “advance” collected from the homeowners for future upkeep and maintenance works of the society. Thus, the sinking fund shall attract 18% GST.

However, one can avail of exemption of GST for the value of supply up to an amount of ₹ 7,500/ – per month per member. In case the maintenance charges or the contributions to the sinking fund exceed Rs.7,500/ – per month per member, the entire amount is taxable.

GST on Other Charges:

The Authority for Advance Ruling (Maharashtra) has held that the charges collected by real estate developers for other than construction services, such as the development of clubhouse, amenities, utilities, and facilities, shall attract 18% GST provided these charges do not form a part of the total sale consideration for the purpose of stamp duty calculation.

If the development of amenities, utilities, and facilities are considered as a part of total sale consideration for the purpose of stamp duty calculation, then the same shall be considered as a composite supply of works contract and thus the same shall attract an effective rate of GST (5% GST for on other than affordable housing).

in Blog, Real Estate Posted by Admin
Why should you buy your new home from the reputed builders in Chennai

Why should you buy your new home from the reputed builders in Chennai?

Your dream home is not just a place you live. It is hard-earned money over several years. The investment that you make in a property should give you peace of mind and confidence about every aspect of home buying. While one has a choice to buy a dream home from a small-time builder, read the blog to know why you should buy your dream home from the reputed builders in Chennai.

Developer Credibility:

When you are looking to buy a property in Chennai, you should first look at the builder’s credibility, experience, and deliverability of the projects. Look for developers who have been in the market for at least 5 years and have successfully handed over several projects over the years.

Small-time builders may execute just 1 or 2 projects in a year. Whereas top real estate companies in Chennai have at least 5 to 10 ongoing residential projects in Chennai and at least another 5 upcoming residential projects in Chennai.

Statutory Approvals and Legal Compliance:

Small-time builders may not check whether the land parcel on which the project is proposed has a 100% clear title. Some builders may not obtain all statutory approvals and no objection certificates. Some builders may also deviate from the approved plans. There are several instances where buyers became aware of such unapproved deviations on court notice. These can put the hard-earned money of homebuyers at risk.

On the other hand, renowned builders carry out proper due diligence on the land parcel. They accept land parcels that have 100% clear titles to avoid any risk for their investment and returns. They also obtain all statutory approvals, no objection certificates, and legal compliances.  They also construct and deliver projects as per approved planning permits and obtain a completion certificate from the competent authority. Therefore, it is wiser and safer to buy properties from renowned property developers in Chennai.

Architectural Design and Construction Quality:

Small-time builders may not have the engineering expertise to design and build the projects. They depend on small-time architects and contractors for building design and construction. There are also chances that the floor plan may have a lot of dead spaces that a homebuyer cannot use effectively but need to pay for it. The collective knowledge may severely impact the design, delivery, and quality of building construction.

On the other hand, reputed builders in Chennai have an in-house team of experts in the field of architecture, structural engineering, civil engineering, mechanical engineering, electrical engineering, plumbing, and landscaping. Top builders in Chennai also contract the services of reputed architectural firms, civil contractors, MEP contractors, and landscaping contractors to deliver projects with quality. Every part of design and engineering is optimized using advanced software. The collective knowledge of in-house experts and contracted agencies provide a value greater than the money paid for.

Use of Branded Quality Materials:

When you buy a home from a small-time builder, they may not provide full details of the brand and the type of materials used for building construction. You may have to rely on the words of the small-time builder especially when the building is already constructed and ready to move.

On the other hand, renowned builders in Chennai provide you with a detailed list of material specifications that they shall use in the building construction. These specifications are also captured in the construction agreement that you sign with the builder.

Some builders even allow customization of materials as per the buyer’s need at extra cost. However, this depends on the size of the project, the construction stage of the project, and the builder’s willingness to allow for material customization.

Hence, you can be assured of the make and quality of building materials used in the building construction by a reputed builder.

Choice of Properties:

Most of the small-time builders may not have more than 2 projects in their offerings. Some buyers may look for specific configurations such as 1 BHK, 2 BHK, 3 BHK, etc. Some buyers may have budget constraints. Some buyers may have location constraints. Some buyers may have vastu constraints. Some buyers may want on specific floors. Some buyers look for lifestyle amenities. A small-time builder may have limited choices to cater to your home-buying needs.

On the other hand, prominent builders in Chennai have at least 5-10 projects to offer to a home buyer. They shall have a wide range of choices in terms of property type (apartment/villa), configurations, locations, and pricing. Thus, you can choose your dream home from a pool of property offerings.

On-time Delivery of Projects:

Small-time builders may not advertise aggressively to attract homebuyers. They largely depend on the site banner ads and referrals for sales. They may not have a sales team to receive direct walk-ins, provide information about the project, address queries of the homebuyers, and assist in the home-buying process. When the small-time builders struggle to find homebuyers, they slow down the speed of building construction and delay the possession.

On the other hand, prominent builders in Chennai have access to construction loans from banks and NBFCs. In most cases, the construction progress may not depend on the sale of the project. And if the project is RERA registered, builders must deliver the project on-time to avoid paying penalties. This gives confidence to homebuyers to buy properties from the top property developers in Chennai.

Home Loan Assistance:

When you buy a property from a small-time builder, you may have to arrange for a home loan for yourselves. You shall have to shuttle between the builder and the banks, collecting and handing over the documents. Banks may rise several questions regarding the title, plan approvals, statutory approvals, NOCs, and handover that the builder may not have answers for.

On the other hand, the best builders in Chennai obtain Approved Project Financials (APF) from various banks and lending institutions. Home buyers simply have to quote the APF number at the time of home loan application. Banks and NBFCs undertake an extensive process of verifying title documents, plan approvals, statutory approvals, NOCs, and builder financials before approving a project. This is another advantage for the buyer as the document gets double-checked by an independent panel of advocates appointed by each bank and NBFC.

Post-Sales Service:

When you buy a home from a small-time builder, the relationship ends with the handover of the property. The snags and deficiencies in the civil, electrical, and plumbing works shall crop up after a few months of handover. Most small-time builders do not entertain repair and modification requests after handover.

On the other hand, some reputed developers attend to snags and deficiencies to earn goodwill and salvage their reputation.

Concierge Service:

Some of the best developers in Chennai also provide concierge services such as rental assistance so that investors can buy their properties and put them up for rent. They also provide resale assistance to homebuyers and investors if they want to sell or upgrade their lifestyle.

About Traventure Homes:

Traventure Homes is in the business of residential and commercial properties across Chennai since 2014. Our motto is to develop best-in-class properties and provide a pleasant home-buying experience. We have successfully handed over 55+ projects. Another 12 ongoing projects in Saligramam, Virugambakkam, and Perambur localities. There are also 2 commercial properties in Mogappair and Virugambakkam.

For more details, please send us an email at sales@traventurehomes.com or call us at 9150015000.

in Blog, Real Estate Posted by Admin
New Flats for Sale in Perambur

Why should you buy an apartment in Perambur?

Greater Chennai can be classified as Central Business District (CBD) areas, North Chennai, South Chennai, and West Chennai. Due to the establishment of IT hubs alongside OMR and GST Roads, people migrating from other cities and towns of Tamil Nadu and from other states preferred settling down near their workplaces. The localities between Perungudi to Kelambakkam (OMR) and the localities between Chrompet to Guduvanchery (GST Road) are the most favorite among IT/ITeS employees.

North Chennai regions were primarily characterized as industrial zones comprising of Madras Fertilizer Limited and Chennai Petroleum Corporation Ltd Refinery in Manali, Ennore Thermal Power Plant and Ennore Port, and Integral Coach Factory (ICF) in Perambur. People, and therefore real estate developers, have largely ignored the localities in North Chennai such as Perambur, Vyasarpadi, Tondiarpet, Madhavaram, Kolathur, and Puzhal till recent years due to a lack of development and connectivity.

However, North Chennai is undergoing rapid development in the last few years with the development of the Madhavaram Mofussil Bus Terminus (MMBT) on Grand Northern Trunk (GNT) Road. Chennai Metro Rail Limited has also floated tenders for developing metro connectivity from Madhavaram to Siruseri, and another one from Madhavaram to Sholinganallur.

These developments have created a buzz among the residents and the real estate developers of Chennai. Several real estate builders have launched their premium projects in North Chennai – Voora Ocean’s 27 in Tondiarpet, Radiance Empire and Lifestyle Param in Vyasarpadi, SPR City in Perambur, Radiance Suprema and Sidharth Crown in Madhavaram, Sugal and Damani Lake Side Apartments in Puzhal, Pavani North Star in Villivakkam, to name a few. All these developments are pushing property prices up. According to Magicbricks Price Trends, property prices in Perambur have shot up by 21% in the last 1 year.

To add to this growing list of premium residential apartments in Perambur, Traventure Homes is elated to shortly launch its prestigious project in Perambur, christened Traventure Helios. It is a premium residential community that has 23 apartments on 5 floors with a stilt level covered car parking. All the apartments have two bedrooms, a living room, and a kitchen. The apartment sizes are between 885 and 1287 sq.ft. The residential apartment complex shall have amenities such as Lift, CCTV Cameras, Power Back up, and Video Door Phone to fulfill your needs. The project shall be provided with a metro and sewage connection from CMWSSB.

Your home is built using AAC blocks, also called aerocon bricks. These blocks are three times lighter than red bricks and fly ash bricks. These blocks reduce the dead weight of the structure, thereby reducing the consumption of steel and therefore, the cost of construction.

The highlight of the project is its Greek-styled architecture incorporated into the design. Perambur railway station and Vyasarpadi railway station are within a 5-minute distance. The upcoming Perambur Metro Station would be just 5 minutes from your home. Puratchi Thalaivar Dr. M.G. Ramachandran Central Railway Station, commonly known as Chennai Central, and Madhavaram Inter-City Bus Terminus are within 15 minutes. For someone working in Manali or Ennore, it is just 30 minutes away.

KRM Public School in Perambur, Narayana e-Techno School in Kodungaiyur, and Padmashree School in Kolathur are some of the famous schools near Traventure Helios.

North Chennai, in general, and Perambur, in particular, have enormous growth potential in the coming years. This would be the right time to invest in the property as prices are shooting up fast. If you are looking for a flat in Perambur or in Vyasarpadi, you must act quickly.

Register your interest in the enquiry form and make a site visit to Traventure Helios today. If are booking your dream home in Traventure Helios by reading this blog, there is a surprise gift hamper waiting for you. Inform the sales team of code THBLOG2022 at the time of booking. Happy homebuying with Traventure Homes!

 

in Blog, Chennai, Real Estate Posted by Admin
Interior Design Ideas for Homes

Home Decor Ideas for Indian Homes

A home is a place where you unwind and relax after hectic work. A home is a place where positive vibes overflow. A home is a place where you get excited coming back and don’t get bored while you are inside. For this, home interior design plays a crucial role in giving you comfort, convenience, and peace. This blog gives you some tips on home decor and interior design ideas to make a house a home.

Home Decor Tips for Entrance Area / Foyer Area:

The home décor starts with the main entrance door. A wooden door carving instead of a plain door transforms your home with a magnificent appeal. A glass panel on either side of the entrance door adds grandeur to your home.

Home Decor Tips for Foyer Area:

A beautifully decorated foyer creates a good impression on your guests. Keep urli bowls filled with fresh flowers in the entrance area. Display brass figurines of Ganesha or Buddha or idols of your interest in the foyer area. You can also place a mirror in the foyer opposite the main door to add a welcome touch. However, if the apartment is north-facing or east-facing, it is advisable NOT to place a mirror in the foyer as it drives away positive vibes entering the home.

Home Decor Tips for Living Room:

The living room should be filled with vibrancy and liveliness to avoid boredom. A brass figurine or a water fountain in the corner spaces of the living room increases positive vibes. Hang wind chimes in the living room. It is a great way to enhance positive vibes. You can place a fish tank in the north or east direction of the living room.

The walls of the living room can be decorated with paintings of Tanjore, Madhubani, Kerala Murals, Kalamkari, and Patachitra. The paintings depict the cultures and ancient history of India. Revitalize the living room with indoor plants on plant shelves to add freshness.

Instead of modern sofas, antique dark-polished wooden furniture adds grace to the living room. Use contemporary fabrics with vibrant colors and floral patterns for the curtains. Place ethnic rugs in the seating area for an elegant look. Elevate your living room with weaved décor items and string arts.

Home Décor Tips for Bedroom:

Create a statement ceiling. Display a gallery wall of beautiful moments on the sides of the bedding. Place a vibrant artwork atop of upholstered headboard. These décor tips shall instantly soothe you to unwind after a day’s work.

Home Décor Tips for Balcony:

If you are an avid book reader or a music listener, you can have a single-seater hanging swing with a stand. You can have a hammock tied across the balcony grills if you love relaxing in the open. Décor your balcony with hanging potted flowering plants. Place green plants in the corner of the balconies.

in Blog, Real Estate Posted by Admin
how does rera help buyers

How does RERA empower a home buyer?

Before you learn about RERA and how it empowers a homebuyer, you should understand the background that made the Government of India promulgate the Real Estate (Regulation and Development) Act, of 2016.

Why was RERA promulgated?

For many Indians, buying a home is a dream and involves lifetime savings. Most homebuyers stay in rented housing and avail up to 90% of the property value as a home loan to buy a property. Thus, homebuyers incur monthly rent and Pre-EMI till they get possession of the property to enjoy. When the possession gets delayed, the financial burden increases on the homebuyers.

Some promoters launched new projects to take money from homebuyers and invest in other projects. When promoters faced a cash crunch, they slowed construction progress which resulted in delayed possession.

Some promoters were modifying the architectural design and material specifications without taking consent from the homebuyers and without making any amendments to the construction agreement. Homebuyers were forced either to accept the modification by paying an extra amount or to cancel their allotment by paying a cancellation fee.

Some promoters do not get all approvals, NOCs, and clearances required for the project. Many homebuyers get to know only when a show cause notice is issued by the concerned authority for probable violation or deviation. By then, time and money are lost for the homebuyers.

In the urge to buy a property, several homebuyers do pay attention to the clauses on the delayed possession, late payment penalty charges, and cancellation fees that were drafted favorable to the promoters.

There was also no standard format across the industry for the clauses on the allotment conditions, cancellations, penalty charges, execution of the sale deed, and execution of the construction agreement. Hence, homebuyers had to engage legal experts for due diligence. 

When there arises a dispute between the promoters and the homebuyers, homebuyers were left lurching with long emotionally and financially draining legal battles. Homebuyers were having no authority whom they can approach for quick redressal of their concern/grievances.

This forced the Government of India to promulgate a Real Estate (Regulation and Development) Act, 2016, which was passed in the house of Parliament on March 10, 2016, effective from May 1, 2016.

How does RERA help buyers?

This Act helps bring the transparency to real estate sector, protecting the homebuyers from misleading advertisements, non-disclosure of property details, lopsided agreements, inordinate delays in the project handover, and resolving disputes between the homebuyers and the promoters in a time-bound manner.

When RERA is applicable for a project?

If the area of the land proposed for development exceeds 500 sq.m or if the number of apartments in all phases exceeds 8 units, then a promoter must register the project with the respective state authority for RERA.

RERA is applicable for layout developments, and residential as well as commercial property developments.

What documents need to be submitted for RERA authority?

To obtain a RERA registration number, a promoter must apply with the following details and documents to the concerned RERA authority.

  1. Names, addresses, and photographs of the Promoter(s)
  2. Firm/Company Registration Certificate
  3. Names, addresses, and photographs of the Landowners (in case of Joint Venture)
  4. Sale Deed, Patta, Encumbrance Certificate of the Land
  5. Copy of Planning Permit
  6. Copy of Building Plans certified by the Local Body / Authority
  7. Copy of No Objection Certificate (NOC) from the Civic and Defense Establishments
  8. Structural Stability Certificate
  9. Geo-technical Report and Certificate
  10. Details of the Plots / Flats / Villas signed by Architect / Project Engineer
  11. Details of the Projects launched in the last five (5) years
  12. Project Completion Date
  13. Details of the dedicated Bank Account for the Project
  14. Copies of Allotment Letter, Sale Deed, and Construction Agreement
  15. Latitude and Longitude of the Project Location
  16. Details of the Architect, Structural Engineer, Contractors
  17. Details of the Amenities, Facilities, Infrastructure
  18. Audited Balance Sheet of the Promoter for the preceding financial year

How RERA ensures on-time project handover?

Through this Act and the Rules framed thereof, every promoter must deposit at least seventy percent (70%) of money realized from the homebuyers in a separate bank account in a scheduled bank.

Promoters can withdraw the money from the bank account only on certification by a project engineer, an architect, and a chartered accountant that the withdrawal is in proportion to the percentage of completion of the project.

If there is a delay in the project handover due to unforeseen conditions such as labor unavailability, material unavailability, war, earthquake, etc, Promoters can enforce the force majeure clause and can apply for an extension of the project completion date from the concerned RERA authority.

Thus, RERA ensures the interest of the homebuyer for the timely handover of the project.

How RERA ensures transparency and uniformity in the Carpet Area of the Property?

Before RERA defined Carpet Area, there was a practice to include areas that were exclusively meant for the homebuyer such as kitchens, living rooms, bedrooms, toilets, exclusive private terraces, exclusive balconies, exclusive staircase, and service utility, and to exclude external walls and internal partition walls of the property.

To bring uniformity across the real estate sector in India, RERA defined Carpet Area as the net usable floor area of a villa/apartment including the internal partition walls of the property but excluding external walls, exclusive private terraces, exclusive balconies, exclusive staircase, and service utility. These areas must be shown separately along with the RERA carpet area for transparency.

Thus, at the time of application for RERA registration, Promoters must declare the carpet area of each villa/apartment along with the area of the exclusive balcony/verandah/open terrace areas for sale, the UDS area, and the Number of Car Parking for each property.

Tamil Nadu Real Estate Regulatory Authority (TN RERA):

As revenue land is a state subject as per List II of the Seventh Schedule in the Constitution of India, every State has to frame rules as per provisions of the Real Estate (Regulation & Development) Act, 2016, and notify the same.

The Government of Tamil Nadu vide G.O.Ms.No.112, Housing & Urban Development Department, dated 22.06.2017 has approved the Tamil Nadu Real Estate (Regulation & Development) Rules, 2017 to carry out the provisions of Real Estate (Regulation & Development) Act, 2016.

How to check RERA approval for projects in Tamil Nadu?

One can access the details of TN RERA registered projects, RERA rejected projects, the list of registered real estate agents, various Forms to raise and monitor complaints, judgments of the appellate tribunal, etc through https://www.rera.tn.gov.in/

Happy homebuying!

in Blog, Real Estate Posted by Admin
Statutory approvals required for building construction

Statutory approvals required for residential building construction

Statutory approvals required for residential building construction

If you are looking to buy a property in Chennai, you might be looking to gather information on the projects, locations, pricing, and offers. Have you gathered information on the list of approvals, NOCs, and licenses required for a residential building? Every builder / developer / promoter must obtain several statutory approvals, NOCs, and licenses from the competent authority before they launch a project. If you are NOT aware of, read this blog to understand the types of approvals, NOCs, and licenses required for residential building construction. 

CMDA / DTCP approval

Chennai is the fourth largest Metropolitan City in India. An area encompassing 1,189 sq.km in the city and surrounding its suburbs in Kanchipuram, Chengalpattu, and Thiruvallur districts has been demarcated as the Chennai Metropolitan Area (CMA) and the Chennai Metropolitan Development Authority (CMDA) has been designated as the nodal authority to handle town planning and development within the metro area.

The CMDA regulates developments of residential, commercial, industrial, and special buildings in the Chennai metropolitan area through the issuance of Planning Permission (PP) under section 49 of the Tamil Nadu Town and Country Planning Act 1971.

On the other hand, the Directorate of Town and Country Planning (DTCP) has its jurisdiction over the entire Tamil Nadu except for Chennai Metropolitan Area.

You should be aware that Village Panchayat President does NOT have powers to sanction any plot layouts. Although the Government of Tamil Nadu introduced regularization schemes to approve unapproved plots, the areas that were classified as archaeological sites, heritage and monument sites, civil aviation and defense zones, and hill and coastal zones are not covered under the regularization scheme, and it remains unapproved.

No Objection Certificate (NOC) from the Civic and Defense Establishments

Depending on the project, a developer may also need to obtain NOCs from relevant authorities such as clearance from the National Highways Authority of India (NHAI), Tamil Nadu Highways Department, Chennai Metropolitan Water Supply and Sewerage Board (CMWSSB), Tamil Nadu Generation and Distribution Corporation Limited (TANGEDCO), Tamil Nadu Fire and Rescue Services, Commissionerate of Transport and Road Safety, Tamil Nadu Forest Department, Tamil Nadu Pollution Control Board (TNPCB), Ministry of Environment, Forest and Climate Change (MoEF), Archaeological Survey of India (ASI), Airport Authority of India (AAI), and Indian Air Force (IAF).

Approval from Coastal Zone Management, Tamil Nadu

India has a vast coastline of around 7,500 km while Tamil Nadu alone has a coastline of 1,076 km. The Government of India has notified 500 m from the High Tide Line (HTL) and a stage of 100m along banks of creeks, estuaries, backwaters, and rivers subject to tidal fluctuations as the Coastal Regulation Zones (CRZ).

Through this notification, the Government intends to protect the coastal stretches, promote sustainable living, and ensure the livelihood of fisherman / local communities in the coastal areas. Therefore, a clearance is required from the Coastal Zone Management, Tamil Nadu if the projects lie near the coastlines.

Completion Certificate

Once the building is fully constructed, a developer applies to the competent authority, either CMDA or DTCP, for a completion certificate as per the format prescribed in the National Building Code, 2016. The competent authority shall appoint empanelled professionals to conduct a site inspection and check whether the building is constructed as per the approved plan. The competent authority shall also check the compliance certificate from various civic and defense authorities who have issued NOC for the building construction. Once the competent authority is satisfied, a completion certificate is issued.

Occupancy Certificate

A developer would have obtained a temporary connection from the utility agencies for the purpose of building construction. Once a completion certificate is obtained, the same is submitted to the utility agencies to disconnect the temporary connection and provide a regular utility connection. Once the regular utility connection is made available, the developer applies to the competent authority who will then certify that the building is ready for occupation by the homebuyers. Only then, developers do issue a Possession Letter to the homebuyers.

Though this certificate is necessary for homebuyers to occupy their houses in several Indian states, this is NOT a statutory requirement in Tamil Nadu.

TN RERA Registration

The Government of India notified the Real Estate (Regulation and Development) Act, 2016 empowering States to appoint a regulatory authority to regulate real estate developments in the State and to appoint an appellate tribunal to adjudicate the dispute that may arise between the buyers and the promoters/developers of residential or commercial projects.

The Government of Tamil Nadu vide G.O.Ms.No.112, Housing & Urban Development Department, dated 22.06.2017 has approved the Tamil Nadu Real Estate (Regulation & Development) Rules, 2017 to carry out the provisions of Real Estate (Regulation & Development) Act, 2016.

With TN RERA in place, every developer must register their project if the area of land exceeds five hundred square meters or if the number of apartments proposed to be developed exceeds eight inclusive of all phases. A developer must upload the details of the proposed project, promoters, structural stability report, geotechnical report, NOCs from the civic and defense authorities, expected completion date, bank details, and unit inventory details.

The Government of Tamil Nadu has also made this registration a pre-requisite for obtaining the Completion Certificate from the competent authority.

Many homebuyers do not have sufficient knowledge to check whether a developer has obtained all approvals, NOCs, and licenses required for the project. With RERA in place, developers must submit all approvals, NOCs, and licenses to the RERA authority to get the RERA registration number. This will give peace of mind and confidence to homebuyers when they buy a property.

Encumbrance Certificate

Before you buy a property, ensure that the property is free of any encumbrances. An encumbrance certificate (EC) is issued by the Sub-registrar under whose jurisdiction you intend to buy a property. EC document is typically obtained for the last 30 to 50 years to ascertain the ownership, sale transactions, and other details regarding the particular property vide survey number.

You must also check if all the Parties or legal heirs of Parties have consented to the sale transactions individually or through a Power of Attorney. Ensuring this step will protect you and your hard-earned savings from any litigation later.

The registration department has computerized the application process for obtaining an EC for the property you intend to buy by accessing https://tnreginet.gov.in/portal/

Licenses for Utilities Operation

If the project has a swimming pool, diesel generator, firefighting systems, waste management facilities, or storage of flammable liquids and hazardous chemicals, a developer or a utility maintenance agency must obtain and renew the licenses required to operate these amenities.

Conclusion

So, while buying a property in Chennai, check with the developer if the project is approved either by CMDA or DTCP, check whether TN RERA registration is applicable for the project or not, and check whether necessary NOCs are obtained from the civic and defense authorities.

When all approvals and NOCs are in place, you can be assured that the building cannot be demolished by any authorities unless a deviation, violation, or non-compliance is found from the approved layouts or Planning Permission or NOCs.

in Blog, Real Estate Posted by Admin
Tips to increase your home loan eligibility

How to improve your credit score to increase home loan eligibility

How to improve your credit score to increase home loan eligibility

It is a dream for many to buy a home. But not many have the capacity to buy a home without home loans. Some may have low incomes. Some may have large, fixed monthly obligations. Some may have defaulted on their previous loans. Some may be nearing their retirement age. All these factors can affect your home loan eligibility and borrowing capacity.

Here are the top 10 tips to improve your credit score for home loan eligibility and increased borrowing capacity.

Tip 1: Add a co-applicant:

If you have a family member who is earning and has a good credit score, add them as a co-applicant. This increases the home loan eligibility and borrowing capacity. The best option is to apply for a home loan with your spouse and/or parents.

Adding co-applicants will not only be a good way to increase home loan eligibility but also a good way to avail of an income tax deduction for home loan interest up to INR 2 lakh each and principal repayment under Section 80C up to INR 1.5 lakh each in their tax returns.

Tip 2: Maintain excellent credit score:

You may have heard bankers discussing credit scores when applying for loans. The credit score is usually between 300 and 900. In India, there are four licensed credit bureaus that prepare credit scores – TransUnion CIBIL, Experian, CRIF High Mark, and Equifax.

The credit score represents an individual’s ability to repay the borrowed credit. While a credit score of 700 is considered good for several types of loans, banks expect a higher credit score of 750 for home loan distribution.

Tip 3: Declare additional incomes:

Many salaried employees do not declare their additional income while filing income tax returns. Non-declaration of additional income may prove to be counter-productive if such an additional income is sizeable. It could prove to be a deal-clincher for several homebuyers who has a low salary or a low credit score or are aged above 45 at the time of availing of a home loan.

Tip 4: Close existing loans:

Many people may have taken a personal loan or a vehicle loan or an education loan. These loans shall reduce your borrowing capacity. Plan to close all these loans at least 1 quarter before you apply for a home loan. Once you close other loans, it may take a quarter or so to reflect on your credit history.

Tip 5: Low Fixed Obligation to Income Ratio (FOIR):

Bankers evaluate your fixed obligations in your take-home salary. These obligations may include expenses for rent, groceries, education fees, loan EMIs, insurance premiums, etc. Keep these fixed obligations to around 40% of take-home salary. A higher FOIR shall reduce your borrowing capacity.

Tip 6: Avoid frequent job changes:

People of this generation frequently change their jobs in search of higher salary packages instead of sticking with a company for a good number of years. They are not aware that frequent job changes shall impact their home loan eligibility. Bankers may categorize disbursing home loans to such people under a risk category. Bankers may either reduce the borrowing capacity or increase the home loan interest rates to counter the risk.

Tip 7: Opt for a longer loan tenure:

Typical home loan tenures are between 12 years to 20 years, while one can avail home loan for a tenure of up to 30 years.

When FOIR is above 50%, bankers may find it difficult to disburse home loans for shorter tenures. Instead, opt for longer loan tenures. Though longer loan tenures shall reduce EMI, it shall also increase the total interest payable over the loan tenure.

Tip 8: Buy a home at the right age:

There was a time when people built a dream home with a retirement amount. Gone are those days. People are now expected to own immovable property even at the time of marriage. But not many earn big salaries at the beginning of their professional career. Their loan borrowing capacities may be lower. Therefore, one must plan to buy a home at the right age.

While there is no written rule on the right age, the age between 27 and 40 is considered the most ideal age as one earns a decent salary for home buying.

Tip 9: Save money for a down payment:

This is a no-brainer for homebuyers. Plan to save a fixed amount from your salary every month. Do this saving for at least 3-5 years before purchasing a home. The more the money one saves, the less the money one needs to borrow from bankers for a home loan.

Tip 10: Choose approved projects by the lenders:

Last but not the least, buy properties that are approved by the lenders. Lenders carry out due diligence on the land title and the project approvals to approve a project. Lenders provide an APF number to the developer for the project.

Home buyers can quote this APF number while applying for a home loan. APF number saves home buyers from the hassle of collecting the legal documents of the project from the developer and verification.

Hope you implement above tips to improve your credit score in order to increase your home loan eligibility. Happy homebuying!

in Blog, Real Estate Posted by Admin

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