Chennai Metro receives loan worth Rs 9,000 crore
May 16, 2017

The Phase I of Chennai Metro project has received the concessional loans of about Rs 9,000 crore by Japan International Cooperation Agency (JICA). The state government will utilise the loan for the development of around 45 km metro rail system in the city. The Phase I of Chennai Metro is expected to serve seven lakh people by 2021, using over 800 trains running in either direction every day. It must be noted that JICA has… Read More

State seeks to tweak Chennai Smart City proposal
May 15, 2017

Tamil Nadu government has written to the Centre for the permission to implement proposals made under the Area Based Development (ABD) category of Chennai Smart City plan throughout the city. The state’s Chief Minister, Palaniswami has requested Venkaiah Naidu, Union Housing and Urban Development Minister, to grant the Chennai Smart City Ltd (CSCL), the Special Purpose Vehicle (SPV) for Chennai’s Smart City project, the flexibility to implement projects on a pan city basis. Officials have also… Read More

Tamil Nadu allows regularisation of unapproved plots
May 8, 2017

Tamil Nadu government has announced a regularisation scheme for unapproved plots across the state. The recently notified Tamil Nadu Regularisation and Unapproved Layout and Plot Rules, 2017, requires land owners and layout promoters to apply for regularisation of unapproved plots. Failing to do so will put their properties at the risk of being denied water supply, power connection, sewerage, and drainage facilities. This decision is likely to benefit 13 lakh unapproved plots in 26,000 layouts across the… Read More

More housing projects in Tamil Nadu to be brought under RERA
May 4, 2017

The Tamil Nadu government intends to expand the ambit of the State Real Estate (Regulation and Development) Act (RERA) by including a higher number of residential projects into its ambit. To achieve the same, the state government will tweak the eligibility criteria, bringing projects with a minimum of five units constructed over an area of 500 sq m under state RERA’s purview. It should be noted that the central legislation includes housing projects with nine… Read More

Tamil Nadu to regularise unapproved plots
May 3, 2017

In a significant move post the recent cabinet change, Tamil Nadu government approved a regularisation scheme for unapproved plots. The move, which has been welcomed by many realtors, is expected to revive the real estate industry in the state that has gone through a sluggish growth post the previous Chief Minister’s sudden demise. The cabinet’s nod to regularise unapproved plots is notified days before the first bench of Chief Justice Indira Banerjee and Justice M… Read More

Builders in grey zone as Tamil Nadu fails to ratify RERA rules
May 2, 2017

Promising stricter regulatory framework for real estate industry, the Real Estate (Regulation and Development) Act (RERA) has come into effect on May 1, 2017, while several states have missed their deadline and are yet to notify final RERA rules on the state level. Tamil Nadu is one of the states that released draft rules for the RERA but did not ratify them. As confirmed by Union Housing Ministry, all states have been apprised, however, the… Read More

Chennai may abandon Monorail project
April 30, 2017

Chennai Monorail project may soon become a dream for the city residents as the recent 2017 budget speech by D Jayakumar, Finance Minister, Tamil Nadu had no financial sanction for the project in this fiscal. While the project was introduced eight years back, no paperwork or the tender process has been initiated for the hyped projects till date. As per the state government’s financial standing, the existing government is not in a position to go… Read More

Affordable housing projects to get extra FSI in Tamil Nadu
April 30, 2017

The Tamil Nadu government has accorded higher Floor Space Index (FSI), ranging from 15-50 percent for residential projects catering to the Economically Weaker Sections (EWS), middle income group (MIG) and low income group (LIG). A recent order issued by the state’s Housing and Urban Development Department notified that housing projects with each unit size of less than 40 sq ft can construct 50 percent extra FSI. The extra FSI for LIG apartments ranging from 40… Read More

Sand prices double in Chennai; construction work takes a hit
April 24, 2017

Sand prices have doubled in Tamil Nadu within a month’s time, hitting construction activity in the state. As per the revised rates, a cubic foot of river sand is now sold between Rs 70 and Rs 80 while Manufactured Sand (M Sand), an alternative to river sand, costs Rs 60 per cubic foot in Chennai. Under such circumstances, major infrastructure projects such as metro rail and work on important roads in the city could be… Read More

Chennai Metro gets loan worth Rs 2,000 crore
April 4, 2017

The fifth phase of Chennai Metro project has received the Official Development Assistance (ODA) loan of about Rs 2,000 crore by Japan International Cooperation Agency (JICA). The loan agreement was signed in the national capital, between a JICA representative and the Joint Secretary, Department of Economic Affairs. The fifth phase of the project will be a nine km long stretch, extending from Washermanpet to Wimco Nagar. This will be an addition to the 45 km… Read More

Tamil Nadu extends the validity of building plan permits to 5 years
April 1, 2017

After the Tamil Nadu government’s latest decision to extend the validity period of building plan permits to five years, construction approvals in the state will not expire in next three years as was the earlier norm. The move will relieve the realtors across the state from the hassle of renewing the permits every three years if they fail to start the construction of the planned projects in time. This move is supported by an amendment… Read More

Madras HC allows resale of registered plots in unauthorised layouts in Tamil Nadu
March 29, 2017

The recent ruling by Madras High Court (HC) has modified the ban on unapproved layouts in Tamil Nadu to offer relief to landowners in such layouts. The HC has now allowed buyers of registered residential plots located in unapproved layouts to sell their plots, directing registration authorities to register such resale transactions. Since September 2016, all sale and registration of unapproved plots and layouts in Tamil Nadu had been banned by the Madras HC. This decision had… Read More

South Chennai faces severe shortage of drinking water
March 27, 2017

Several localities in southern Chennai are facing an acute shortage of drinking water. Pallavaram, Nangallur, Chromepet, Alandur, and Zamin Pallavaram are amongst the worst hit neighbourhoods. Residents have pointed out that water is being sold at Rs 10-12  per pot in a few areas while Alandur is being supplied water only once in three days. The latter has been blamed on faulty pipelines. Even Pallavaram residents are able to get water from Palar just once… Read More

Chennai civic body eyes tax collection of Rs 700 crore by March 31, 2017
March 25, 2017

Chennai Corporation will soon set a record of collecting tax worth Rs 700 crore. Closing in on its tax collection deadline of March 31 2017, the Chennai Corporation is expecting revenue receipt of another Rs 50 crore. The Centre’s demonetisation drive, during which the civic body accepted old currency denominations, has helped the city register such a record quantum of collection. Experts explains that properties such as malls, multiplexes, hospitals and marriage halls, that attract… Read More

Projects worth Rs 16,000 crore pending approvals in Tamil Nadu
March 23, 2017

Despite the fact that Tamil Nadu had attracted a total of Rs 2 lakh crore worth investment during the Global Investors Meet (GIM), several projects across the state remain stuck, primarily due to failing to get the required approvals in time. Nearly two-thirds (Rs 16,000 crore) of the total planned investments worth Rs 24,000 crore are awaiting to be realised due to various reasons, including delay in identification of land and government approvals. As revealed… Read More

New launches in Chennai dip by 31% in 2016: Report
March 14, 2017

According to a report by Cushman & Wakefield, residential new launches in Chennai have been hit by the political uncertainty in the state. Total new launches fell by 31 percent and stood at 6,400 units during 2016. The report pointed out that, during 2016, Chennai witnessed the ticket size of new launches in the mid income segment growing by about 40 percent to Rs 81 lakh. This growth in ticket size was primarily caused by developers launching new… Read More

Tamil Nadu to adopt land pooling method for industrial land development
January 22, 2017

Tamil Nadu government is planning to adopt the land pooling model to develop land for industrial use. Vikram Kapur, Secretary, State Industries, shared that the state wants to aggregate large tracts of land which will allow individual land owners to come together and cooperate with the government for development. This plan will benefit the government as well as the land owners who will become stakeholders in the development projects. The aim is to create a… Read More

Cyclone Vardah causes infrastructure loss worth Rs 86.7 crore in Chennai
December 16, 2016

Chennai’s infrastructure has suffered a blow worth Rs 86.7 crore due to the recent cyclone that hit the southern coast of India. Greater Chennai Corporation (GCC) has reported damage to civic infrastructure such as roads, bridges, streetlights, parks, and bus shelters across the city. With the worst of cyclone Vardah being over, officials state that repair work has begun in several areas. However, 90 percent of the work still remains to be done. Over 10,000… Read More

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