When I decided to seriously begin house hunting, I was surprised at the number of factors one has to consider.
So much so, I hoped someone would hand me a ready reckoner on what to look for.
As I searched for my new home, I realised there are three very important issues every home buyer must look at.
1. Common areas
Builders add the common area to the individual flat area.
Common areas refer to the staircase, the corridor outside the apartment, the lobby, garden, terrace and other such areas enjoyed by all and not owned by any single member.
Each apartment has a proportionate share in the above.
Depending on the builder, the common area content would be anywhere between 15% to 20% of the total area of your home. When the builder tells you he is selling you an 800 sq ft apartment, your home will actually be around 680 sq ft; the balance 15% (120 sq ft) is the common area.
If you want to have a house of say 1,000 sq ft, you need to actually look for and pay for 1,200 sq ft.
So, when the area is quoted to you, ask specifically how much of it is actually the live-in or carpet area.
2. Parking
If you own a vehicle, give this factor due consideration.
Parking is not given much attention by the builders, except for a few of the well-known larger players.
Check what type of parking is offered. Is it covered parking? Is it open car parking or what is known as a half-covered parking area?
In such cases, rain, water from homes (when people clean their balconies, water their plants or hang their clothes to dry), trash thrown from windows, droppings from birds, fall onto the car.
Also, if the air conditioners of the apartments are directly above the area where the cars are parked, then water once again falls onto the car. There is the danger of the AC itself falling on the car (such accidents, though, occur rarely).
3. House layout
~ Balconies: This one is not a favourite with the builders, though many residents would prefer having one.
~ Bedrooms: The sizes of the bedrooms are rather small. Bedrooms need to be sufficiently large otherwise, once you put in the bed and cupboards, they turn out to be very cramped. Try and visualise your bedroom with furniture and see if it suits you.
~ The common bathroom: Often, the common bathroom is located close to the main door and sometimes even directly opposite it. Ensure you are comfortable with where it is placed. If you want to make changess in the flat's layout, find out how much it will cost.
My experience in Chennai
Chennai is a great place to live in with the city corporation bent on creating more parks, better roads and alternate sources of water.
The best part is that real estate is still affordable. You can still get a great apartment for under Rs 3,000 per sq ft in a prime residential area.
I picked up an apartment in a complex. The construction seemed good and I got a good deal at Rs 1,100 per sq ft.
The ground floor is solely reserved for parking, with clearly demarcated parking lots for each apartment.
What I liked most was the amount of space in the complex. The 30-apartment complex is divided into four blocks with at least 10 feet of space around each block. There is ample space for children to play.
Not only does the layout give a sense of space, it also provides for free circulation of air.
The location too caught my fancy. It is situated on the outskirts of Velachery and is about 400 yards from the terminus. Not only would I get proximity to the city, I would also enjoy the relaxed atmosphere of the suburbs.
The current scene
Anna Nagar, Nungambakkam, Adayar, Thiruvanmiyur, Egmore and T Nagar are some of the prime residential areas in Chennai.
The southwestern suburbs too are fast becoming hot real estate areas as they are close to Tidel Park and the IT highway.
Velachery is booming with construction activity. Though it is plagued by water shortage, it has not dimmed people's enthusiam for the place. People are reconciled to buying water through tankers and actually allocate a part of their monthly for this.
The real estate prices have gone up beyond imagination in this area. A 40 x 60 ft plot would now fetch you Rs 40 lakh (Rs 4 million). Apartments are being lapped up at even Rs 2,000 per sq ft.
The area from Velachery to Tambaram Road is the best bet for investment in real estate if you have a couple of millions to spare. It is certain to double in less than three years time.
If you would like to be closer to Tidel Park or the IT highway, Pallikkaranai is now more affordable than Velachery. Medavakkam, which is still further away, is actually developing much faster than both Pallikkaranai and Velacheryas as it provides easy access to the IT highway.
The other prominent suburbs are Manapakkam on the Bangalore highway and Medavakkam and Pallikkaranai on Tambaram Road.
Perambur, the forgotten in-the-city area of Chennai, is fast becoming home to the middle class non-IT Chennaiites. You can get a place here for around Rs 1,300 per sq ft.
Mogappair is the other happening place on the other side of the city. It is more affordable than Anna Nagar. Mega residential projects are being successfully sold even before the projects are complete.
If you are looking for individual houses, Manapakkam, Medavakkam and Villivakkam score high on approach and good water levels.
An apartment or a bungalow?
The latest mantra chanted by the builders is the sale of individual bungalows and villas in areas like Porur, Manapakkam, Villivakkam, Mogappair, Medavakkam and even Maraimalai Nagar.
For Rs 12 lakh (Rs 1.2 million) onwards, you can get a 1,300 sq ft house built in a 30 x 40 ft area or 30 x 50 area.
If you are willing to spend Rs 25 lakh (Rs 2.5 million), you can get a house within the city limits itself.
Typically, apartments are a preferred housing option since they are much more affordable. You can get one in the suburbs at around Rs 1,500 per sq ft.
Other than the price, they are ready to move in and hassle-free; you don't have to bother supervising the construction.
The problems of getting regular water supply and maintaining the complex are taken care of by the society. Security is provided for the entire day.
Besides, if you have opted for a complex, it will most probably have a gymnasium and a swimming pool.
Moreover, unlike other cities, the maintenance costs are still affordable at anywhere between Rs 750 to Rs 1,500 per month.
So even if you are not thinking of living in Chennai but want to buy real estate as an investment, it is still affordable.
Would you like to share your experience house hunting? We would love to hear from you.
Illustration: Dominic Xavier
