1. What is your assessment on the future growth of real estate?
There exist huge gap for the residential space. The small sized projects will have appreciation always. Since there is no space available for the growth in city limit the demand for the city properties will have commendable demand ever.
2. What are the future major infrastructural developments in progress or expected in recent future in Madipakkam, Velachery location?
- Commencement of MRTS Railway Service from Velachery to St. Thomas Mount (Work-in-progress)
- Metro Water and closed Drainage System (Work-in-progress)
- 4 Lane Road between St. Thomas Mount and Medavakkam
- Commencement of Velachery Bus Terminus close to MRTS Railway Station
3. How cost of construction and labour increased in the past?
The prices of labour and material jumped more than two times since 2004 due to various reasons. The fact that the price hike was due to increase in land cost, was there till 2004 and there onwards the price of land, material, labour have started peaking to heights in very short span of period. The overheads like government charges, liasoning charges, fuel price increase, electricity shortage, increase in levies like (VAT, Excise Duty and Service Tax etc) GST, have also increased the cost of material as well as the finished product. The mega projects being undertaken by governments like Metro Rail, Roads, Port expansion etc. also contributed the demand for material and short supply of labour. The rate of interest as charged by bankers has also grown to its peak level between 15% and 18% for real estate transactions. The inflation resulted in increase in cost of everything and the price increase is affected by such factors. Further to add, there is no stoppage for the cost hike and no one could predict the cost of construction for the future year. Every day the price is varying and these results in unplanned cost revision by every construction company once in three months to match their budget.
4. How the price of real estate will be in future?
Real estate has seen its growth between 2004 and 2008 and then the slowness started prevailing. The growth is very gradual and it is the same for every industry like aviation, automobile, textile and other markets. The issues prevailing in various lines like fuel price, higher rate of interest, inflation, food shortage, power shortage, poor government policies, scams, crimes etc de-stabilises the minds of people and the decisions are postponed. This results in slowness of market. However there are some industries will always have its positive side like petroleum, hospitals, pharmacy, eateries, etc. which are considered to be unavoidable sectors and monopolies in nature. When it comes to investments, gold is considered to be the safe and traditional method for its easy liquidity. Real estate stands in second place as for as safe investments are concerned since lack of immediate liquidity in case of emergency. Smaller investments are made on rural lands and reasonable high value is invested on housings as long term investments say 10 years to 20 years time. Since there are financing is available for such venture along with income tax benefit considering the consistent average growth so far it is the number one return giving sector. Not only that this is also a dream of every individual to possess their own house. Planned investment will certainly yield its result.
5. What is the contribution by the banker?
Bankers are playing major role in real estate and without their funding this massive growth would not have become possible. The advantage in housing finance is the growth of the country since resources are invested within India. The laws of the land can be easily executed against the defaulters. It is a secured loan given on properties. In India the attachment towards a person’s house is connected family prestige and pride. Every individual put their hard earned money to have their own house and consequently the default ratio is very limited. Banker’s money, in other term public money is deployed in safe thing so that the realisable value is always reasonably more than the loan outstanding. Unfortunately if the loan was given at lower rate and later the interest rate got increased, the term is extended accordingly. However there is also reduction in rate of interest but it is very marginal. Due to higher rate the term is extended upto 30 years to reduce the EMI.
1. How do I block the flat?
You can block any flat by making a payment of Rs.1,00,000/-.
2. Can I get legal opinion before confirming?
Yes. You need to get your legal opinion within three days from the date of blocking, till such time the same will not be confirmed to others and in-case of any legal non clearance from our side the amount will be refunded hence forth.
3. What is the payment term for your project?
|Respective Floor’s Floor Level||20%|
|Respective Floor’s Roof Level||20%|
|Brickwork & Plastering||15%|
The above general term may vary from project to project and hence be obtained from the office for the exact payment terms. The amount to be paid on the total cost of the flat. In case of a completed project the margin payment to be made while entering into an agreement and the rest to be paid through housing loan at the time of registering the sale deed.
4. Can a buyer change the features of your project?
Yes. Subject to site conditions and at extra cost.
5. Do you undertake extra work of a buyer?
Yes. Subject to site conditions and at extra cost.
6. What is the process of purchase, completion and Handing Over, from Concept Homes?
In case of bank loan customers • Block your flat with Rs.1,00,000/- and confirm the same after legal clearance • Pay your portion of amount payable as per the stage due (less Bank Loan) • Get your bank loan sanctioned • Get the land registered and create mortgage with bank • Disburse the bank loan as per the stage due • Make full and final settlement with extra work and alteration cost if any • Get the possession letter from Concept Homes with no due letter.
In case of other customers • Block your flat with Rs.1,00,000/- and confirm the same after legal clearance • Pay the amount payable as per the stage due up to 60% • Get the land registered • Pay the amount payable as per the stage due up to 95% • Make full and final settlement with extra work and alteration cost if any • Get the possession letter from Concept Homes with no due letter.
1. How can I work out my housing loan eligibility?
For Salaried Persons (Including Spouse) (50% of Gross Salary Less Existing Loan EMIs) / EMI per lakh for the selected term * 1,00,000
For Self Employed Persons (Including Spouse) (50% of Net Average Income for the last 3 years Less Existing Loan EMIs) / EMI per lakh for the selected term * 1,00,000
Note: The above workings are made on approximate basis for easy understanding. Proposed Rent, Depreciation is also considered for working out the loan eligibility. The method of working out the loan eligibility varies from bank to bank.
2. Do you arrange housing loans?
3. To what extent the housing loan can be raised?
Subject to your repaying capacity, the housing loan can be arranged upto 85% of the total cost of your house / flat. In some cases the % may vary between 80% and 90%. Criteria like first house or second house, term, loan components etc will also decide the rate, percentage of funding etc.
4. Can an employee of a private concern get housing loan?
Yes. Provided the employee is covered under Provident Fund Scheme.
5. What are the basic papers required for housing loan?
|Proof of address, Identity,PAN Copy, Colour PP Size Photo 2 Nos, processing fee cheque for the loan, profile of the applicant and co-applicant, proof of existing loan and its EMIs with other banks||R||R||R|
|Passport, Visa Copy, NRI and NRO bank Account Copy for last 6 months, General Power to a resident person, Specific Power to the resident person||NR||R||NR|
|Last 3 years income tax returns, Profit and loss account, Balance Sheet, Memo of Income Computation, Depreciation Schedule||NR||NR||R|
|Rental income agreement for existing house if any||R||R||R|
|Salary Credit Bank Statement Last 6 Months , Cost To the Company Letter, Appointment and Increment Orders, Employee Card Copy||R||R||NR|
|Attestation by Notary and Embassy in POA||NR||R||NR|
R – Required NR-Not Required
6. Who can be a co-applicant for a housing loan?
Spouse, Father, Mother, Unmarried Son, Unmarried Daughter with combinations. This combination varies from bank to bank.
7. What is the total term of years housing loan is extended?
5 to 20 years from all the banks and 25 years from few banks, subject to maximum age of 60 / 65 years. (Some banks are also offering loans upto 30 years term as part of their economical policy).
8. Can a retiring person say 55 years of age get housing loan?
Normally the housing loans are given upto the age of retirement. However in specific cases like employees of Central / State Govt. few financial institutions are extending for 5 years beyond the age of retirement.
1. Do you support the formation of flat owners association of your project?
2. How do you hand over the original parent documents and other papers of a project?
After selling all the flats of a project the original and related documents of the project will be handed over to either the formed association chairman or to the authorized person who is nominated by all the flat owners. In both the situations the letter should be signed by all the owners.
3. Do you support your project after its completion?
We give one year free maintenance in electrical, plumbing and other similar areas and at the end of the first year the cracks if any are attended with one complete internal Colour wash as compliment service.
4. How is Concept Homes flat distinct from others?
- The standard of your neighbours
- The size of the rooms
- Quality of construction and after sales service
- The reputation and traceability of builder
- Easy sellable for any emergency which may arise in future
- Easy rentable in case of you not occupying the flat
- Good appreciation for the flat including the layout
5. What is the location advantage of Concept Homes Projects?
- Well developed layouts
- All wide intersecting roads
- More than one route to reach the projects
- Well designed elevation giving esteem to your flat
- Close to Metro Facilities like Railway Station, Bus Terminus, Airport etc.
- Close to Schools, Colleges, Hospitals, Super Markets, Temples etc
- Fast growing appreciation
6. What are the set backs in your project locations, in your point of view?
- Ground water is not potable in velachery and Madipakkam locations.
- Pending implementation of closed drainage system which is expected to be implemented in another couple of years.
7. How can we manage or justify ground water problem?
In Chennai Metro except for few locations major part is not having potable water. Larger sector of the people depend on Metro Water that too for drinking the water is purchased. The average cost of water per month is estimated at around Rs. 1000/-. By staying close to the city, the savings in running cost of four wheeler, capital erosion, time value of a person etc are greater than the cost of outsourcing water. This calculation is understood by all the buyers who opt for this location