For centuries, the deep-rooted yearning to explore and discover has driven people across the globe to seek new opportunities and lifestyles. The world’s migratory birds, one of the miraculous wonders of nature, with their unerring ability to navigate vast distances, somehow leave us in awe and admiration. We, the human race, can take cues from them, seeking a seasonal change in our lives in the form of geographical locations. A search for a better career, a higher standard of living, or the opportunity to start over – are but a few motivations that lead us to explore new territories. And when the time finally comes when our hearts call us to our homelands again, a peaceful place to lay our heads prevails integral – our piece of land or house that can be called home.

The non-resident Indian (NRI) population has, more than ever before, begun to realize the benefits of investing in property back in India. Not only can this result in potential returns, but it also serves as an emotional connection of sorts.

Investing for financial gains and emotional connection is just the icing. In addition to these benefits though, the NRIs have a slew of reasons to purchase property in India, from financial gains to even cementing ties with their homeland.

Cashing in on India’s booming Real Estate
India's real estate economy is set to skyrocket to an unprecedented US$1 trillion mark by 2023 – and NRIs stand to reap great rewards from this thriving market. The residential segment, in particular, is set to attract a substantial amount of NRI investment, with Bengaluru leading the charge, followed closely by other major cities such as Chennai. Reports from the third quarter of 2021 demonstrate a significant surge of 113% year-on-year in home sales across seven major cities, delivering a much-needed boost to the real estate sector. In light of this promising data, NRIs are being presented with a golden opportunity to invest in a property that is still on the rise – with the potential to convert the asset into a lucrative source of income, should they choose to monetize.

Breezy property acquiring process
The government understands the obstacles that hindered prior Non-Resident Indians (NRIs) from investing in India and has consequently created measures to facilitate the property-buying process. According to the Foreign Exchange Management Act, Section 3.1.1, NRIs and Overseas Citizens of India (OCIs) are capable of purchasing any immovable asset, barring agricultural lands, plantations, and farmhouses. Consequently, NRIs are now permitted to purchase any kind of real estate, apart from the above exempted specified.

Paying for the property is simple too!
In light of simplifying the process of acquiring property for Non-Resident Indians (NRIs)/Overseas Citizens of India (OCIs), the Foreign Exchange Management Act (FEMA) permits two options for payment, namely

1.  Incoming remittances from lawful channels from countries outside India or 
2.  Funds held in a non-resident account.  

These are signals that buyers may remit money from abroad or from their respective Non-Resident External/Non-Resident Ordinary accounts held with an Indian bank. Notably, foreign currency notes or traveler’s checks are excluded as payment methods.

External Funding to buy property
Oftentimes, it is not feasible for NRIs to pay for the property in its entirety. Fortunately, a notable list of Indian Banks is catering to providing property loans to NRIs, circumventing the need to obtain finance in a foreign country. It is important to keep in mind that banks do not transfer loan amounts to buyers directly, but rather to the seller or developer. For loan repayment, NRI investors can access their Non-Resident External (NRE) account or Non-Resident Ordinary (NRO) reserves.

Unable to travel to India to buy the property? Outsource it!
A major concern of some NRIs when considering buying a property is the inability of traveling to India to complete essential transactions and other legal formalities. The good news is that an extended stay is not required! By granting a Power of Attorney (POA) to someone in India, NRI customers can authorize the individual to pursue the real estate process in their stead. Obtaining a power of attorney is as simple as getting the document attested in the presence of the designated consulate authority in the Indian embassy of the respective foreign country.

RERA, a game changer
With the introduction of RERA, NRI property buyers now can heave a sigh of relief as this legislation has incorporated fair play for both buyers and sellers. With NRIs being out of the country, it is difficult for them to track progress. But, with RERA the builders are now accountable and are obliged to complete the project within specified timelines, failing which a penalty is imposed on them. Not that alone, builders also need to provide the buyer and RERA with frequent updates on the progress of the project, thereby bringing more transparency to the whole process.

In the pre-RERA days, the primary reason behind delays in the project was largely due to the inappropriate use of funds. But, with RERA now demanding that builders set aside 70% of the received funds to cover the cost of land and cost of construction, misappropriation of funds is eliminated thereby helping builders to deliver projects on time. The builder will now be able to withdraw funds in proportion to the percentage of completion of the project.

The amalgamation of transparency, accountability, and methods for timely completion, RERA has rendered buying property in India incredibly beneficial for NRIs.

And hence the perfect setting…
Simplification of key processes such as availing loans and making payments, elimination of legal hassles, and adaptation of RERA by the respective governing bodies have significantly reduced the legal chaos and administrative burdens placed on NRIs. Undoubtedly, the current atmosphere is optimal for NRIs interested in investing in Indian real estate.    

About 5 years ago, along the western side of Old Mahabalipuram Road, in the southern part of the city, what used to be a relatively quiet and underdeveloped area on the outskirts of Chennai is today booming with vibrant Chennaites. Ponmar, not too far from the bustling city and surrounded by lush green landscapes, has its own quaint calmness and is brimming with tasty groundwater and good watershed.

It has seen a steady land rate appreciation over the past few years, especially between 2019 and 2021. In the past year, the land rates at Ponmar have sprung up by nearly 20%! This spike can be attributed to many factors that are interlinked with each other.

Its Strategic Location plays an important role!

One of the major reasons for the tremendous growth of this locality in the past few years is that it is right at the crossroads between OMR and Grand Southern Trunk Road, and in proximity to the major IT Parks located in southern Chennai. Situated just 10 minutes away from SIPCOT, this has become one of the most preferred residential localities for the IT crowd.

This, in turn, leads us to the next big reason - Ponmar being a major attraction for high-end residential and commercial developers.

This area is one of the fastest-growing neighborhoods in South Chennai, Real Estate has been booming with all the big players in the industry contributing towards the increase in high-end residential and commercial developments, especially in the year 2019, with commercial and retail establishments further fuelling its growth in 2020. This locality offers a wide range of housing options from budget-friendly apartments to luxury villas.

Fast-paced and quality real estate development in recent years could be attributed to considerable improvement in its Infrastructure. With easy access to key educational institutions, shopping malls, entertainment centers, healthcare centers, and high-end residential complexes amongst other amenities, this area has become much more vibrant and attractive to potential residents.

Connectivity is yet another major player in blooming Ponmar land rates, especially with its improvement in the year 2021. Well-connected within Ponmar and to other parts of the city with good roads, buses, trains, and autorickshaws, the public transportation here is almost at par with the rest of Chennai, thereby leading to an increase in demand for space.

Overall, the land rate appreciation in Ponmar has been driven by a combination of factors such as Quality Housing Options, Improved Infrastructure, Increased Residential and Commercial establishments, and Excellent Connectivity. Each of these has been a driving force in its own way to make Ponmar what it is today.

Crossway Springs at Ponmar by Stone and Acres is spread across more than 100 acres and is home to multiple integrated communities. Visit the All Projects page to know more about this.

Chennai, located in south-eastern India and known for its rich cultural heritage, has witnessed dizzying scales of development and urbanization over the past few decades. Such rapid growth often involves certain areas within the city contributing to its rapid growth. One such key contributor to Chennai is the location of PONMAR.

Then and Now
Ponmar, once a quaint place, is transforming steadily into a semi-urban locality. Given its proximity to the Old Mahabalipuram Road (the OMR), popularly referred to as the IT Corridor, this is one of the famous routes that one would take to enter Ponmar.

Its co-existence with Nature
As you tread through the streets of Ponmar, you will realize how Nature has played her role too. Ponmar possesses natural beauty and rural charm. The area is surrounded by lush green forests and rolling hills, offering its residents a scenic environment to live in.

The key contributor to Ponmar’s growth lies in its bountiful levels of groundwater. Apart from abundance, the quality of the water and its minimal TDS (total dissolved salts) values that sweeten its taste is a bonus. The groundwater level is so substantial that it makes the accessibility to water, a scarce resource in Chennai otherwise, a seamless luxury. Needless to say, the soil is fertile, making homegrown vegetable gardens and greenery a possible existence on every property.

Blending with Urban Life
One of the key advantages of Ponmar is its proximity to the City of Chennai, opening doors to the city’s many amenities and job opportunities.

• Access to healthcare facilities and educational institutions is seamless
• With a plethora of Tech Parks, ranging from SIPCOT to Chennai One IT SEZ, all falling within a 10 km radius makes connectivity and access to the workplace a breeze
• With the growing number of Tech Parks in Chennai surrounding this area, the property value may surge in the coming years
• The area is well connected by road and public transportation, and traveling to the other parts of the city is delightfully convenient

In conclusion, Ponmar is a vibrant and diverse city that offers a rich cultural heritage, modern amenities, and a thriving economy, which makes this one of the most sought-after residential areas for people looking for a quiet and rurally urban lifestyle in proximity to the city.

When Stone and Acres was started, the intention was to focus on bringing about a cultural change in two major aspects that make a difference in the real estate industry. One is, to be a transparent player, and the other is to deliver more than just build-ready plots.

Our Moral Values

Transparency is an important factor in the real estate industry that is largely grey. We believe that buyers should be fully informed about the details of their purchase and be able to trust that they are getting the best value for their property. To this end, we provide full disclosure of all information related to the land, its location, and any other pertinent details. We also strive to keep buyers up to date with the latest trends in the industry, so they can make the most informed decisions.

Our Passion

As for delivering more than just build-ready plots, we understand that for an investment as huge as this one, the buyers look for more than just a piece of land that is ready to be built on. They look forward to the experience that creates lasting memories. As land promoters, we strongly believe that developing a piece of land has a positive impact on the environment and the people who live nearby. We strive to make the most of the land we develop by creating beautiful, liveable, and safe spaces that paves way for vibrant communities to thrive. And this is why, we are very passionate about building community spaces that focus on various factors such as landscaping aesthetics, usefulness, and a provision for the resident to lead not just a healthy, but also an air-wealthy lifestyle to ensure that our buyers get a complete package.

As for Landscaping Aesthetics, a well-maintained and visually pleasing landscape adds value and character to a property, and in the course of time, to the economy. It helps provide a sense of the kind of lifestyle that one would be leading such as living amidst themed amenities or a vibrant garden landscape. Great landscaping is a reflection of the time and effort that has gone toward building the property.

Residing in a community with access to Useful Amenities such as a co-working space, fitness parks/centres, proximity to prominent destinations that have a huge impact on our day-to-day lives, etc., paves way for one to lead a life of comfort, convenience, a good work-life balance, and a Healthy Lifestyle.

Large open spaces and lush greenery enrich one’s quality of living by enabling one to lead an Air-wealthy lifestyle. In current times with overcrowded cities, it is nothing short of bliss to be able to breathe in non-polluted air and live amidst calmness and tranquillity whilst staying in proximity to the main city.

We believe that each of these factors and much more play a vital role in creating a more vibrant and successful real estate market that has a huge Impact on the Economy, Infrastructure of the locality and Land Rate Appreciation. We believe that this is the best way to create a better future for our communities and the planet.

And, Why we do what we do!

To conclude, land crafting isn't just about preparing and developing a piece of land to be made useful. It is about crafting it with aesthetic beauty and design, with a purpose and a sense of fulfillment, with a passion for making spaces liveable and beyond! It is about crafting it with a purpose that fulfills the end customer's heart to the fullest. And this is what each of our projects exudes!

We're Passionate | We're Purposeful | We're Stone and Acres!