Announcement

Collapse
No announcement yet.

Hiranandani Upscale House of Hiranandani OMR Chennai

Collapse
X
Collapse

Hiranandani Upscale House of Hiranandani OMR Chennai

Last updated: October 10 2017
1893 | Posts
  • Time
  • Show
Clear All
new posts

  • Re : Hiranandani Upscale House of Hiranandani OMR Chennai

    @chandru,

    What is average rental in Oceanic? Are there cases where owners are unable to find tenants for several months as shown in NDTV property show?

    Comment


    • Re : Hiranandani Upscale House of Hiranandani OMR Chennai

      Originally posted by Love4land View Post
      @chandru,

      What is average rental in Oceanic? Are there cases where owners are unable to find tenants for several months as shown in NDTV property show?
      L4L,
      About 20 to 30 families have occupied so far at Oceanic.More are expected to occupy soon.Still ,people are doing furnishing & we dont see anyone looking to rentout at this stage.Soon we will get clear picture.There was a leading Hotel group looking for 7 to 8 four BHK apartments in Oceanic to be used as Service apartments for TCS.Not sure how many are renting out at this stage.But 2 Five BHK have already been letout & getting very good rentals to the tune of 1.5 lakhs.

      Comment


      • Re : Hiranandani Upscale House of Hiranandani OMR Chennai

        are you saying that the prime 5bhk's will be used as cheap rentals for hundreds of IT employees just like hotels ?

        Comment


        • Re : Hiranandani Upscale House of Hiranandani OMR Chennai

          Originally posted by chandru_13 View Post
          L4L,
          About 20 to 30 families have occupied so far at Oceanic.More are expected to occupy soon.Still ,people are doing furnishing & we dont see anyone looking to rentout at this stage.Soon we will get clear picture.There was a leading Hotel group looking for 7 to 8 four BHK apartments in Oceanic to be used as Service apartments for TCS.Not sure how many are renting out at this stage.But 2 Five BHK have already been letout & getting very good rentals to the tune of 1.5 lakhs.
          TCS is certainly on a spree if you are on a platinum status you can get upto 500 to 750rs a bedroom per night on a 3BHK you can get upto 2500 a night and 75K a month , this was acheived by a friend of mine in his development

          Comment


          • Re : Hiranandani Upscale House of Hiranandani OMR Chennai

            It's been raised many a times now- How/What to furnish to fetch premium rental?

            Will share my experience as I had my fair share across India- When I set-up Chennai base (SOHO) in mid 2000s for my X company- I looked in and around Adyar for furnished apartments and froze one 3BHK in Thiruvanmiyur for 45k/month (when I was paying 6k rent on my flat in Adyar):

            1. The entire flat/home should be Air-Conditioned
            2. Furnished with all white goods
            3. Ensuite is must (atleast 1 bed room)
            4. Car parking (dedicated)
            5. Kitchen/Bathroom fittings to best-in-class
            6. Furnitures and beds to acceptable standard (subjective)
            7. Throws, carpet, lighting (chandelier, if possible) and blinds to acceptable quality
            8. Above all privacy, less pollution (noise and air) and gentry plays key role.

            Corporates/Senior execs will be your client- requirement of cash payments may not cut ice with them and if one could provide butler or dedicated service personnel- it will be icing on the cake. Generally many run as service apartments with an entity.

            I could see many are struggling to come in terms with rent of Rs 50/sq ft. It is quite normal in other metros. Hira had set up the platform and upto the owner to scout/network based on his/her profile and maximize returns. Look at (www. Prime Locator *** in), is quite popular among foreign migrants and NRIs and ECR is on top of the list for many.

            Firstly- Many expat/Sr management package carries rent as perks; 2000£/month will fetch 1BHK in Zone 1 on their home country, same may get beach house or 4/5 BHK with sea views in Chennai. I remember reading (SSC)- there are 10,000 Sr. managers in Chennai- Do we have that many quality homes?

            Secondly- It is cost effective for corporates to lease Service apartments from established GCs/township. Let's work out the nos- Single King suite in ITC/Leela will be around 25k/night (seasonal) and 5-10k/night for rooms after corporate discount. Now work out the maths when one can share rooms in Service apartment or exclusive flat to Sr. management guy. They can recoup their cost (1.5L/month) in a week and win-win to both tenant and owners.

            One got to have impeccable service history and network to fetch these kind of returns, but it isn't impossible as many portray it to be. IMO Oceanic fetching 1.5L/m is not exorbitant.
            Last edited June 20 2013, 09:18 PM.

            Comment


            • Re : Hiranandani Upscale House of Hiranandani OMR Chennai

              Originally posted by Clairvoyant View Post
              It's been raised many a times now- How/What to furnish to fetch premium rental?

              Will share my experience as I had my fair share across India- When I set-up Chennai base (SOHO) in mid 2000s for my X company- I looked in and around Adyar for furnished apartments and froze one 3BHK in Thiruvanmiyur for 45k/month (when I was paying 6k rent on my flat in Adyar):

              1. The entire flat/home should be Air-Conditioned
              2. Furnished with all white goods
              3. Ensuite is must (atleast 1 bed room)
              4. Car parking (dedicated)
              5. Kitchen/Bathroom fittings to best-in-class
              6. Furnitures and beds to acceptable standard (subjective)
              7. Throws, carpet, lighting (chandelier, if possible) and blinds to acceptable quality
              8. Above all privacy, less pollution (noise and air) and gentry plays key role.

              Corporates/Senior execs will be your client- requirement of cash payments may not cut ice with them and if one could provide butler or dedicated service personnel- it will be icing on the cake. Generally many run as service apartments with an entity.

              I could see many are struggling to come in terms with rent of Rs 50/sq ft. It is quite normal in other metros. Hira had set up the platform and upto the owner to scout/network based on his/her profile and maximize returns. Look at (www. Prime Locator *** in), is quite popular among foreign migrants and NRIs and ECR is on top of the list for many.

              Firstly- Many expat/Sr management package carries rent as perks; 2000£/month will fetch 1BHK in Zone 1 on their home country, same may get beach house or 4/5 BHK with sea views in Chennai. I remember reading (SSC)- there are 10,000 Sr. managers in Chennai- Do we have that many quality homes?

              Secondly- It is cost effective for corporates to lease Service apartments from established GCs/township. Let's work out the nos- Single King suite in ITC/Leela will be around 25k/night (seasonal) and 5-10k/night for rooms after corporate discount. Now work out the maths when one can share rooms in Service apartment or exclusive flat to Sr. management guy. They can recoup their cost (1.5L/month) in a week and win-win to both tenant and owners.

              One got to have impeccable service history and network to fetch these kind of returns, but it isn't impossible as many portray it to be. IMO Oceanic fetching 1.5L/m is not exorbitant.
              Even if this theory holds good how many companies are going to rent in Siruseri? Except for some of the companies in and around Siruseri no one is going to care about this location. Within those companies in Siruseri
              how many companies are going to rent here? How many so called senior executives who are entitled to such perks work out of this location? If you take into account all these the number will be in single digit. Except for one or two owners who have good connection (and may be for reasons unknown) it is very difficult to get such rentals.

              Comment


              • Re : Hiranandani Upscale House of Hiranandani OMR Chennai

                Originally posted by ChennaiInv View Post
                Even if this theory holds good how many companies are going to rent in Siruseri? Except for some of the companies in and around Siruseri no one is going to care about this location. Within those companies in Siruseri how many companies are going to rent here?
                What is the supply of 4/5BHK at Hira or Siruseri at the moment? (My guesstimate less than 200- rental will be limited to few tens, due to high % of end use!). Atm OMR is skewed towards IT.

                Originally posted by ChennaiInv View Post
                How many so called senior executives who are entitled to such perks work out of this location? If you take into account all these the number will be in single digit.
                To my understanding ECR is the current hot spot and will remain so for a while. Most of the Sr. Management crowd from manufacturing belt (Oragadam, SPDR, Mahindra city) have base in ECR at the moment.

                I do agree it is limited, so is the supply, until we have the ecosystem- more businesses move towards OMR; facilities inside the township sprout to acceptable level. Apart from Indians,on expat crowd- Koreans, Japanese, Europeans and Americans (from cities) may be comfortable with flats.

                It is not necessary it got to be individuals- Corporates will be major players to host their clients, out station senior management and as a guest house.

                Quick count on no. of 5 star hotels in OMR may throw some surprise!
                Last edited June 20 2013, 10:52 PM.

                Comment


                • Re : Hiranandani Upscale House of Hiranandani OMR Chennai

                  Supply in ECR is high

                  right now supply in ECR for rentals is pretty high - i have been keeping tabs in this market and primelocator will show / reveal this as well.
                  apart from what you see there is decent inventory with local brokers as well
                  50K to 1.5K gets good houses with servants/cook etc.
                  Pool/Beach access is a given.

                  Comment


                  • Re : Hiranandani Upscale House of Hiranandani OMR Chennai

                    Originally posted by SRajagopalan View Post
                    right now supply in ECR for rentals is pretty high - i have been keeping tabs in this market and primelocator will show / reveal this as well.
                    apart from what you see there is decent inventory with local brokers as well
                    50K to 1.5K gets good houses with servants/cook etc.
                    Pool/Beach access is a given.
                    If it is the case, where will an senior executive or expat would prefer to live? a posh private bungalow with a beach access or apartment in Hira with sea view?

                    Comment


                    • Re : Hiranandani Upscale House of Hiranandani OMR Chennai

                      It is for one to pick beach side for horizontal view with 10 feet or top view from little bit say 800 Mtrs from OMR from 200-300 feet above the sea level . Nobody can bring in and advice the benefit of ECR and OMR for those who opted ECR and OMR for that matter based on above figures in Mtrs and feets

                      Phase 1 has 2,3 ,4 BHK flats acquired with floor plan of 1295, 1795, 2000, 2200, 2700 sft base rate of Rs 2800-3700 initially and @3900 max.

                      Entire Phase 1 is like Rectangular tower with A and B combination in tandem with each other while they projected some X pattern and Phi pattern in phase 2

                      Oceanic in Phase 2 started at same time exclusively to witness and showcase the further towers in similar style and it won the heart of customers too quickly unlike Phase 1 with Premium price of 4500 to start with and maximum at 5500 base rate for 112 flats of 4,5 BHK of 2330 and 3487 sqft.

                      It is being mulled for Seagull in Double the floor Plan horizontally and double too vertically in height to have 50 floors

                      Those who bought at 1C in Phase 1 might have coughed 2 C in Phase 2 for best floor plan of X and Phi .

                      Friend of mine who runs SA for corporates like TCS,Paypal,Accenture ,Wipro used to discuss with me day in and night about the Rental pattern to be formed and I used to say to derive the fact to pick in either from phase 1 acquired at 1 C or 2C from Phase 2 consciously as per his business objectives

                      It is an understanding amd tangible felt value rather than digging to find what rocket science on Newtons 3 laws

                      It is for them to pick in phase 1 at 30 per sqft or 40-50 per sqft in phase 2 based on 4 or 5 BHK requirement as per the details collected

                      Coming back to the point of requirement and demand , phase 2 as on date has 60 flats for end use and balance 52 are tilted for mixed use . Who knows what is in store?

                      Even the enduse flats of 60 are getting tilted due to encouraging and sound rental pattern as all know what and why it is and 52 flats are too tilted in similar fashion

                      But steadily cars started coming with cargo vans and real picture of Occupancy will be known before Diwali

                      TCS with workforce of 1.2 lacs coupled with others in SIPCOT and SHOL and its sorroundings with another 2 lacs in numbers for SA to carry minimum of 1100-1200 per night per bed room with toilet for middle level and 1400-1600 for senior level executives .This is is yielding minimum of 1.44 lacs and maximum of 2.4 lacs thus leaving great win win deal for corporates to have SA service rather than putting executives in Star hotel or own guest House 2500-5000 per night leaving the outgo of 4 lacs per month .

                      It was narrated clearly that to draw a line between 1200 flats of 2,3,4 BHK in rectangular pattern acquired at half the cost and to derive the value from X and Phi pattern acquired at 2X cost.

                      They know what is the cost and it's value and how to turn ultimately in their favour comfortably to run the business as they were asked to relocate from Shol to close SIPCOT very shortly for ease and comforts for commuting .

                      Trend and pattern will be formed soon and let us wait in sideline as usual since it is a matter for corporate and it's network for win win situation with potential owners .
                      Last edited June 21 2013, 01:04 AM.

                      Comment

                      Have any questions or thoughts about this?
                      Working...
                      X