Personal Finance

Briefly - Chola's Home Insurance

OUR CHENNAI BUREAU | Updated on October 22, 2011 Published on August 06, 2011

Cholamandalam MS General Insurance Company Ltd, a joint venture between Murugappa Group and Mitsui Sumitomo Insurance Group, has launched Chola Total Home Protect, an insurance scheme for houses.

According to a press release from the company, Chola Total Home Protect is a simple, convenient and cost-effective insurance for the home structure, contents – including jewellery and valuables – and the inhabitants. This is a flexible plan suited for both home owners as well as tenants. Customers can choose from various kinds of cover and sum insured amounts to create the best option. CholaTotal Home Protect provides additional cover for baggage loss, personal accident, public liability, plate glass cover and workmen's compensation.

There are no additional documents required at the time of purchasing the policy. The premium for the policy can be as low as Rs 10-15 a day.

Salient features of Chola Total Home Protect insurance policy is that it covers the building structure, covers for contents against fire and allied perils, burglary, earthquake and terrorism; and includes cover for appliances, jewellery, baggage loss for travel within India, and also covers people including additional rent for alternative accommodation, family floater hospitalisation for accidents and third party liability.

Vaswani's Reserve

Vaswani group's new residential project ‘Vaswani Reserve' offers terraced landscaped meeting places and Sky-Lounges, which will be its unique features, says a press release from the company.

Vaswani Reserve is located 300 meters off the Sarjapur Outer Road, Bangalore, and is a short drive both from the International Technology Park (ITPL), as well as from the Export Promotion Park (EPIP), besides being in the heart of the IT Corridor.

It offers 236 units in a combination of 3, 4 and 5 bedroom apartments in both single-level and duplex styles with basement parking and plentiful open space.

Individual apartments vary from 1,745 to 4,540 sq ft, in several styles and configurations, some of which offer unique 180 degree views. All units come with reserved car park(s).

The group has developed close to 8 million sq. ft. of built area including homes, offices, technology parks, malls and hospitality projects in western and southern India, and has clients such as Wipro, Sasken, Pantaloons, SAP Labs and Toyota, to name a few. Currently, the Vaswani group's operations can be seen in Bangalore, Mumbai, Pune and Goa.

Retail space expanding

Retail mall space supply is growing rapidly with majority of the supply concentrated in Pune where over 1.2 million sq.ft hit the market between April and June. Bangalore and Chennai together added about 700,000 sq.ft in this period and Mumbai about 850,000 sq.ft of mall space in the second quarter of 2011.

A report from the international property consultant Cushman & Wakefield quoting Mr JaideepWahi, Director, Retail Agency, says despite the recovery being seen in retail space, developers are likely to be cautious and supply-demand gap will be minimum.

Another factor being keenly watched is the Government plans on FDI in retail, which if cleared will present more opportunities for developers in retail space.

The retail market has seen some excitement in the last quarter with national and international brands looking at expanding their presence, especially to cities such as Pune, Chennai and Bangalore.

The growth of mall space supply in these locations is also a result of an increase in domestic and international migrant population which has created demand for retail products.

Major leasing activities took place in main streets. With brands expanding in the city, main streets have started to see renewed demand and have seen strengthening of rental values in key areas.

Main streets have a tendency to recover faster than mall spaces due to the premium brands attach to setting up a flagship store in a main street as compared with space in a mall.

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