Need Info Moving to Chennai

#1 May 13th, 2011, 11:11
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  • ScotsJimmy is offline
#1
Hi,
There have been some old similar postings on this subject I am looking for fresh information.
I am from the UK and i have a job offer to locate in Chennai with a monthly allowance of 88,000 IR.
This monthly amount is to cover private accommodation rental costs, local rates and utilities.
I know this is a question that is specific to the persons expectations but what kind of standard would i expect for this monthly allowance.
I am not sure if I want to furnish myself or take a furnished rental. Is western style furnishings available and what would be the avgerage cost for say furnishing a 3 bedroom apartment.
As for Maid services I would pay this myself what is todays going rate and does accommodation provide for a live in maid or what is the norm.
What would be the Pro's and Cons between Apartments, Serviced Apartments and Villa's.

Sorry a lot of questions i know but any information gained will help me with my decisions.
#2 May 13th, 2011, 11:31
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  • Iluvblr is offline
#2
Go for serviced apartment they are furnished, has maid, and hence it will be good if you are going for a shorter term 6 months to a year, if you are planning to move for much longer term, lie 2-5 years, it is better to rent 3 bedroom and furnish it on your own ( furnishing is not really expensive). Also you never mentioned the area that you will be living in and your job location, mostly I find expats want a beach front house, villa which would really expense around 50-60K rent alone. But again 80 k a month is a good amount to lead a comfortable ("lifestyle") which is subjective and can be answered only by you.
#3 May 13th, 2011, 11:47
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#3
I should have mentioned, It is a permanant position .
As for location, i dont have a clue what area to think of staying in,although i know the company is intending to locate the office in the south side of Chennai. Yes the beach is nict has it's cost i am sure, I suppose i dont really mind where i live.
#4 May 13th, 2011, 17:55
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  • Yuri_S is offline
#4
Quote:
Originally Posted by ScotsJimmy View Post the avgerage cost for say furnishing a 3 bedroom apartment
Furnishing apartments relatively rare. For good location, 3BR will come ~ 40K/month. Keep in mind, you will have to pay at least 6 month deposit in advance.
#5 May 13th, 2011, 22:52
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#5
Scott, checkout this link Moving to Chennai this April! (2009) on housing in chennai, i posted a link to prime locator, they have lots of properties listed and you can get an idea of what to expect. Rental prices are always inflated so get some help from your Indian office colleague. The chances of getting a furnished place is less compared to un-furnished apartment. If you are planning to stay for a long time you can furnish the place by yourself. Welcome to Chennai.
#6 May 14th, 2011, 00:07
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  • sethumurugan is offline
#6
Hi,

As people said, 88k is good money. Iam in chennai with 60k [ that to for past 4 months ]

Let me tell you my approximate budget, so that you can plan accordingly. But pls remember am an Indian so my requirements are not very high. But I am leading my life very decently. Thank god. Please check the attached file.

It is for 4 of us. Myself, my wife, my son [ 13 yrs old ] and my dotty [ 11 yrs old ]

It is approximate. sometimes it might be shortage or excess. Balance amount I will transfer it to my wife's account [ Very safe, if it is in my account I will spend it easily ]

Other two things are as mention by others, what ever rent and where ever you find a house for rent, you need to pay minimum of 6 months and maximum of 10 months rent as advance. other thing is you may not get furnished house. So you need to have everything on your own as per your WISH.
#7 May 14th, 2011, 08:41
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#7
scots with your allowance just come - your company will give you fifteen days stay somewhere and in that period a place should be easy to find. no matter what further finer points you get here , if you like the offer take it. rest will sort itself out. if you can live in saudi arabia from uk then you can live in chennai.
#8 May 15th, 2011, 10:32
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#8
Great replies guys and keep them coming,Just been looking at the Tax for India it looks very stiff. I think I am going to have problems with that not used to paying it from where i work at the moment.
sethumurugan, your table is very helpfull and as I will be mainly in India on my own I think the allowance will cover the costs of accommodation with ease. Why are they taking 6 to 10 months in advance for accommodation this is very steep for Indian a deposit.
#9 May 15th, 2011, 14:58
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#9
Yes. You are right. Tax portion I forgot. Sorry. For you who was earning tax free amount, it might be little bit different. We indians, plan accordingly our budget and also we can plan some investmetns [ mostly long term. short term may not be benificiary for tax purpose ].

regarding rent advance, it is custom built from olden days. earlier the number of months was less, say 2 or 3 months. Now it has got increased.

One more option i had forgot is leasing. You can pay some amount upfront for a year and when you come out of house the whole amount will be returned to you. I do not know will it work in long term [ since you said life time offer ].

In that case [life time offer], i suggest you can buy a apartment thru loan [ depending upon the bank policies for non-indians ]. surely this will has lot of advantages like tax benifit for the EMI you are paying, You can be owner of house and aviod all kind of owner-tenant issues etc. In long run, the EMI you are paying will be lessor than the rent amount in the area. It is happening for me. When i bought a house, i had to pay EMI of 12k every month and at that time in my area rent for 2 BHK apartment was 6k. Now it has reached 8k and am paying only 14k as EMI. Surely in next 2 years I will be paying the EMI at par with the rent in my area. After some time, EMI will be less than the rent. This is my thought. everything is depending on your wish and other things.

If you are going to work in out skirts of Chennai, there are so many townships [ after tambaram, OMR, Oragadam, Sriperumbadur etc] are comming up which is very cheap. If you wanted to do inside the chennai it will be very costly now a days say, minimum 40 to 50lakhs for a 2 BHK apartment.

After buying if you are planing to leave the country or chennai due to your work, you can always sell it [ am sure you will get good money in this too ] and move on.

Thanks for commenting on my budget table
#10 May 15th, 2011, 15:34
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  • Nick-H is offline
#10
The RBI rules will not allow him to buy a house, as he would not qualify as "resident" according to the FEMA for some time.
#11 May 16th, 2011, 04:55
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#11
Scot,

You can speak to your company to re-structure your compensation so that you take advantage of the tax breaks. You can even ask your company to pay part of your salary in your home country and pay a allowance in INDIA so you will not be taxed at the higher tax bracket.
#12 May 19th, 2011, 15:20
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#12
Looks like all is going ahead now, so any advice or help for a new commer is gladly accepted.
SJ
#13 May 19th, 2011, 15:33
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  • Nick-H is offline
#13
Great!

You'll find quite a lot of information here already. Do ask about anything you don't find. Good luck with the job and the move
#14 May 20th, 2011, 12:42
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  • sethumurugan is offline
#14
Good Luck. If you need and specific details as Mr. Nick said, please ask us. We all would like to help you out.
#15 May 20th, 2011, 13:29
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#15
Thanks Guys,
I am sure there will be a lot of questions I will have, like where to buy this and that.
SJ

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