Tamil Nadu drafts rules to regularise unauthorised buildings
June 17, 2017

Tamil Nadu government has prepared draft rules for regularising unauthorised buildings in the state that were built before July 1, 2007. Buildings with height up to 17.25 m, irrespective of the number of floors, will also be eligible for regularisation. After the Madras High Court’s four week deadline to the state to notify rules for unauthorised structures, this is the second time such buildings in the state are being regularised, which has been challenged by… Read More

Tamil Nadu lowers land guideline value by 33%, hikes registration charge
June 11, 2017

Tamil Nadu government has announced a 33 percent reduction in guideline value of land, which will come into effect from June 9. However, this reduction is being accompanied by an additional fee of four percent on conveyance, gift, settlement, and exchange deeds. Guideline value refers to the pre decided value of a property set by the government, below which its sale cannot happen. The market value of a property is generally higher than the guideline… Read More

GIS mapping project in Chennai likely to include drones
June 9, 2017

The Greater Chennai Corporation (GCC) is planning to expand the scope of its Geographical Information System (GIS) mapping project by introducing camera-mounted drones. This proposal is subject to clearances from civil aviation ministry, defence ministry, city police, and other government departments. If approved, this enhancement will assist the civic body in identifying possible construction violations. After being in the pipeline for a decade, the GIS mapping project has finally been launched. It will include 15 two-member teams which will… Read More

Chennai witnesses growing demand and supply of affordable housing
June 9, 2017

Acknowledging the rising demand for smaller homes in Chennai, developers in the region are turning their sights on budget homes. This translated into greater new launches in the affordable housing segment, which grew from 102 in the first four months of 2016 to 124 in the corresponding period in 2017. A report by Cushman & Wakefield noted that supply of affordable housing units increased consistently throughout 2016, except during the last quarter which was beset… Read More

Tamil Nadu introduces GST Bill in assembly
June 4, 2017

Tamil Nadu Cabinet has approved the introduction of the Tamil Nadu Goods and Services Tax (GST) Bill in its assembly. With this, the state is soon expected to join the ranks of other states that are striving to roll out the new tax regime from July 1. Once the Bill is passed and GST gets implemented in the state, it will subsume all indirect taxes. Experts share that GST will enable the state government to… Read More

Tamil Nadu to implement Model Tenancy Act
May 28, 2017

Tamil Nadu is ready to implement the Centre’s Model Tenancy Act, the impact of which will be prominently visible in rental agreements. The new Act will replace the over fifty years old Tamil Nadu Building (Lease and Rent) Control Act, 1960. The Act will make registration mandatory for any rental agreement for a period over 11 months or with a value over Rs 50,000. Further, the advance amount collected by landlords will be limited to… Read More

Tamil Nadu initiates survey of unapproved plots
May 27, 2017

The Tamil Nadu government has launched a mammoth survey of unapproved plots in the state. This exercise is aimed at building a database of unapproved plots that are pending for regularisation. The state’s Housing and Urban Development department has directed all urban and rural local bodies to complete the survey by May 27, 2017. The drive is expected to help the state government in identifying the number of unapproved plots as well as locating encroachments… Read More

Low vacancy propels office rentals in Chennai, Pune
May 24, 2017

A report by JLL India has observed that low vacancy levels in Pune and Chennai during the first quarter of 2017 has given a fillip to the office space sector, pushing up the rentals in the segment. Both the markets appear to be reviving after the global financial crisis in 2008, which witnessed office rentals tumbling rapidly. Rental indices for Chennai and Pune now stand at 100 and 100.7, respectively. Ramesh Nair, Chief Executive Officer… Read More

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

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