Tag Archives: Chennai’s real estate

Chennai vs Hyderabad: Where to Live and Invest in 2024

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Whenever an individual plans to shift or find a location that suits their lifestyle, the Southern side of India is always on the list, and when searching thoroughly, Chennai and Hyderabad are the two locations that click in everybody’s mind. And, why not? Both cities have robust economies, unique attributes, and a promising real estate market. 

In today’s blog, I will share my insights between these two cities, a comparison to decide which city is a better option to invest in and to live in. 

Overview of Chennai and Hyderabad

Geographic Location and Climate

Chennai: Located along the Bay of the Bengal in the eastern coast of India, Chennai’s climate is tropical. Summer can be extremely humid, the rainy season promises pours and mild winters. 

Hyderabad: is situated in the southern part of Telangana, in southeastern India. The weather in this city is hot and humid in summer but cooler and comfortable in winter. 

Population and Demographics

  • Chennai: Famous for its historical places like the government museum and Valluvar Kottam, Tamil Nadu’s capital Chennai is also an IT hub, and reflects traditionality and modernity in its culture. Currently, Chennai is home to approximately 12 million people. 
  • Hyderabad: With a growth rate of 2.48%, Telangana’s capital Hyderabad resides 11 million people. Among the attractions in this city are Charminar, Hussain Sagar Lake, and Ramoji Film City.

Key Industries and Economic Drivers

  • Chennai: Chennai is known for its software services, Hardware manufacturing, automobile manufacturing, healthcare, and financial services. The cultural significance of Chennai is Marina Beach, Kapaleeshwarar Temple, and Mahabalipuram. 
  • Hyderabad:  We all know that Hyderabad is the major center of Tech industries, pharmaceutical companies, and biotech firms. Golconda Fort, HITEC City, a hub for IT, and business parks are famous locations. 

Investing in Chennai

Real Estate Market

Chennai offers a diverse real estate market where you can invest in residential and commercial properties. The city has seen steady growth over the last few years because of the infrastructure development and strong economic base. 

Cost of Living and Infrastructure

  • Cost of Living: The living cost in Chennai is reasonable compared to other metro cities. The daily and monthly expenses are also manageable.
  • Infrastructure Development: The transportation facility in Chennai is convenient for the residents. Buses, suburban trains, and metro are the public transportation that increases connectivity. Projects like CMRL (Chennai Metro Rail Lines) are growing real estate market values. 

Job Market and Growth Potential

Chennai’s job market promises a steady lifestyle, especially in the automobile, IT, and healthcare sectors. Multiple MNCs and startups offer employment to every kind of person seeking a job.  

Promising Sectors and Neighborhoods

  • Promising Sectors: Automobile industries near Oragadam, IT parks in Taramani and Sholinganallur, and the healthcare industries. 
  • Neighborhoods: Residential areas like OMR (Old Mahabalipuram Road), ECR( East Coast Road), and Adyar are famous because of their connectivity to the IT hubs, schools, and entertainment. 

Investing in Hyderabad

Real Estate Market

The real estate market in Hyderabad is growing and becoming a top-notch place for the IT industries and MNCs to set up their businesses in this city. Whether an individual wants to reside or invest in it, this city has interesting offers in both residential and commercial properties. 

Cost of Living and Infrastructure

  • Cost of Living: Hyderabad is cheaper than most of the Indian cities. Transportation, food, and housing costs are manageable. 
  • Infrastructure Development: The infrastructure of Hyderabad has great connectivity throughout the city, the outer ring road, the metro line, and an international airport. Projects like  Regional Ring Road and the expansion of the metro line are still in progress and will provide convenient connectivity to the residents. 

Job Market and Growth Potential

Hyderabad’s IT hubs and Pharmaceutical sectors offer multiple opportunities for job seekers. Companies like Amazon, Google, and Microsoft intrigue job seekers to come to Hyderabad. 

Promising Sectors and Neighborhoods

  • Promising Sectors: Areas like Gachibowli, Genome Valley, and HITEC City are in demand. 
  • Neighborhoods: Most individuals decide to reside in Gachibowli, HITEC City, and Kondapur due to the convenience of modern amenities, IT hubs, and educational institutions. 

Recommendation: Chennai or Hyderabad?

Quality of Life

Both of the cities offer a convenient quality of life. But, settling in Hyderabad will be a better option as it is affordable and the weather conditions are better. However, Chennai is a cultural hub with rich traditions and vibrant art scenes. 

Economic Prospects

The growth of tech industries and the expanding infrastructure of Hyderabad is attracting multiple investors to invest. On the other hand, With the mix of tradition and set up of old industries, Chennai guarantees you steady growth.

Long-Term Growth Potential

The growth potential of these two cities is interesting. However, Hyderabad’s growth rate reflects that it may surpass Chennai in the upcoming years. The increasing rate of IT industries and business-friendly environments in Hyderabad shows increasing demand for real estate and attracts investors to invest. 

Conclusion

After researching the current trends, growth potential, culture, lifestyle, weather, and the development of these two cities, I am choosing Hyderabad over Chennai to live and invest. The robust infrastructure, low cost of living, and vast job market make Hyderabad a better option for investing and living. 

People interested in experiencing rich cultural heritage and steady growth can opt to settle in Chennai. 

Before finalizing your decision consider the above factors to get a rough idea to choose and tick off the list that matches your lifestyle and financial objectives. 

All the information you require regarding SUC in real estate taxes

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With initiatives like the Swachh Bharat Abhiyan taking the world by storm, India is looking at more progressive ways to maintain its cleanliness and environmental sustainability. SUC, or Street Waste Management User Charges, is one such program run by the regional government. This article will examine the meaning, objectives, advantages, and modifications of SUC in property taxes. 

Restructuring effective waste management practices has long been a top priority in India. Street Waste Management User Charges, or SUCs, are an efficient solution devised by local municipal or governing bodies to control this expanding issue. However, what is the state of waste management in India’s cities for residential and commercial properties? What prospective homeowners and property owners should know about SUC in Indian property taxes is provided here. 

Property tax SUC: Interpretation 

The charges imposed by the Indian local government for collecting and disposing of waste produced by homes and businesses are known as “usage fees for street waste management.” The purpose of these fees is to guarantee city cleanliness and encourage appropriate waste management practices. 

It is significant to remember that these fees are only applied to waste management services and are not related to property taxes. User fees generate revenue to fund waste collection vehicle maintenance, hire sanitation staff, and carry out waste segregation and recycling programs. 

SUC in real estate taxes: Advantages 

Among the advantages of putting SUC into practice are: 

  • Environmental sustainability: User fees help create a kinder, healthier environment by supporting waste management programs. Effective waste management reduces pollution, halts the spread of disease, and safeguards the environment.  
  • Cost-cutting: Efficient waste management minimizes the workload for municipal governments and lowers the total cost of removing waste. It could lead to lower taxes and more efficient use of public funds for other development projects. 
  • Job creation: A sizable portion of the population can find work in the waste management industry. The money from user fees funds employment in facilities that handle waste treatment, recycling, and collection. 

SUC for real estate taxes: City Specific fees 

In India, different cities have different user fees for managing street waste. Here are a few significant numbers: 

Mumbai 

Depending on the type of property, users in Mumbai are responsible for paying for the management of street waste. For instance, monthly fees for residential properties are approximately Rs 60, whereas commercial property fees are contingent upon the use of the property. 

Delhi 

In Delhi, the built-up area of the property determines the user fees for managing street waste. The MCD states that the monthly cost for residential properties ranges from Rs 50 to Rs 200, and for commercial properties, it can range from Rs 100 for street vendors to Rs 5,000 for clinics, marriage halls, exhibitions, and the like. 

Bangalore 

Bangalore uses a different strategy of user fees for street waste management. Residents of Bangalore pay their user charges combined with their monthly electricity bill instead of choosing a separate user charge. The monthly fee for residential properties ranges from Rs 30 to Rs 500, whereas the cost of commercial properties varies from Rs 75 to Rs 1,200.  

Chennai 

Based on the annual rental value and the purpose of the property, user fees for street waste management vary in Chennai. Monthly fees for residential properties can range from Rs 10 to Rs 100. Commercial or religious buildings (such as temples or wedding halls) can cost anywhere from Rs 300 to Rs 15,000, depending on their intended use. 

It is crucial to remember that these fees could alter depending on the rules set forth by the local municipal corporation. It is best to speak with the relevant municipal corporation or a real estate advisor for the most accurate and current information. 

SUC in real estate taxes: 2016 revision 

The Ministry of Environment, Forests, and Climate Change in India introduced the new Solid Waste Management Rules (SWM) in 2016 in response to the nation’s growing concerns about solid waste management. Unlike the SUC rules, the amended regulations concentrate more on donations that cross municipal boundaries. Among the new regulations’ primary points are: 

  • Separation at the source 

The regulations stress how crucial it is to separate waste at the source. It facilitates material recycling and rescue while also helping in effective waste management. 

  • Processing and handling of waste

The SWM regulations promote the construction of facilities for the processing and treatment of waste. By assisting with the appropriate handling and disposal of waste, these facilities lessen the load on landfills. 

  • Extended producer responsibility (EPR): This encourages manufacturers to adopt eco-friendly packaging and recycling practices. 
  • Waste-to-energy facilities 

Additionally, the rules encourage the construction of waste-to-energy facilities. By converting waste into energy, these plants lessen reliance on fossil fuels and help to maintain a cleaner environment. 

In conclusion, many Indian urban areas that have struggled with waste management have found that introducing user fees for street waste management has been a godsend. In addition to the SUC property tax levies, solid waste management laws have the additional purpose of improving how effectively waste management and disposal. We advise contacting the local municipal authorities to learn more about the expenses and rules governing waste management in your neighborhood.