Construction cost of PMAY houses in Tamil Nadu up by Rs 2 lakh
November 28, 2018

A recent study conducted by Ministry of Housing and Urban Affairs (MoHUA) has revealed that due to a shortage of sand availability, the cost of beneficiary-led individual house construction (BLC) in Tamil Nadu under Pradhan Mantri Awas Yojana (PMAY) has increased by Rs 2 lakh. The cost of construction has been up from Rs 5 lakh to Rs 7 lakh, reveals the study. The study was conducted to analyse the implementation of the housing scheme in the State. In Chennai and Coimbatore, it was found that merely 10 percent of the total houses have been completed so far. A total…

Tamil Nadu RERA: List of approved projects and agents
November 17, 2018

As of now, 29 States and Union Territories (UTs) have notified the Real Estate (Regulation and Development) Act (RERA). The Tamil Nadu government had notified rules along with its RERA website for online registration of ongoing projects in the State. The State government has not appointed a permanent regulator yet. The Secretary, Housing and Urban Development Department has been appointed as an interim regulator. As per the latest information available on the Tamil Nadu RERA website, 767 real estate projects have successfully registered under the Act. About 356 realty agents have received the registration certificate, valid for five years. Tamil Nadu…

RBI invalidates registration certificates of 31 NBFC’s
November 12, 2018

The Reserve Bank of India (RBI) has recently invalidated the registrations of 31 Non-Banking Finance Companies (NBFCs) for undisclosed reasons. In addition to this, the apex bank also cancelled the certificate of registrations of 17 NBFCs after a request made by them amid difficulties faced by the sector. According to an official statement by the bank, of the 31 companies which lost their registration, 27 are from West Bengal. Making it clear that no business activities should be carried out by these companies, the RBI also cancelled licence of four Uttar Pradesh based NBFC’s. Hyderabad-based Ramky Finance & Investment and…

Chennai Outer Ring Road renamed as ‘State Highway 234’
November 12, 2018

Chennai government has recently designated the status of ‘State Highway’ to the Chennai Outer Ring Road (CORR), which will now be called SH 234. While construction work on a small stretch of the 60-km-long highway is yet to be completed, commuters are already using the remaining 59 km of the road that links Vandalur to Minjur. According to an official of the Tamil Nadu Road Development Company (the company that manages the road), signages denoting the SH number will soon be installed on the highway. Numbering of the highways is done to simplify the management of roads and assets. It…

Chennai residents fume over relaying of well-maintained roads
November 10, 2018

The Chennai Corporation has taken up 36 packages to augment road infrastructure in the city. However, according to city residents, the civic body will relay almost 1,000 roads at an estimated cost of Rs 300 crore, most of which do not even require relaying work. Further, it has neglected the Vadapalani and Madhavaram roads that require immediate attention. One of the packages under the Tamil Nadu Urban Road Infrastructure Fund will involve relaying of 195 roads at an estimated cost of Rs 18.5 crore. Under this package, roads such as SIDCO Nagar Second Main Road, Chennai Battai Road in Villivakam…

Chennai residents face difficulty in plot regularisation
November 7, 2018

The applicants of the amnesty scheme for unapproved plots in the extended areas of Chennai are facing issues in getting their plots regularised. There is an elongated delay in the issuance of No Objection Certificates (NOC) from the public works department. Residents of the newly merged areas need to visit the district headquarters for the regularisation purpose as the water bodies in the areas are still under the control of Kancheepuram and Tiruvallur districts. According to the rules of the regularisation scheme, the unapproved plots abutting water bodies need to obtain a NOC from PWD for the processing of the…

Property tax hike in Chennai irks residents
November 6, 2018

The recent hike in property taxes by the Chennai civic body left home owners irked as their taxes went up by five to nine times. A resident of North Chennai received the tax receipt with an amount nine times more, reporting an increase from Rs 154 to Rs 1,340. Another resident of Karikalan Street in Adambakkam, South Chennai, also received a notice seeking him to pay Rs 4,570, that was five times the usual amount. The revenue department of Greater Chennai Corporation has received around 1,000 such complaints in a span of one month. The residents have appealed to the…

Tamil Nadu RERA registers 34 projects in October
November 4, 2018

According to data available on the Tamil Nadu Real Estate Regulatory Authority (TNRERA) website, as many as 34 housing projects were registered with the State regulator in October 2018. Majority of these projects were located in the peripheral areas of Chennai falling under the purview of Kancheepuram and Tiruvallur districts. As per the norms laid under the Tamil Nadu Real Estate (Regulation and Development) Rules, 2017, developers and promoters must register all ongoing real estate projects having a minimum of eight units with the regulatory authority. Residential layouts in Tamil Nadu are also covered under the Real Estate Act which…

Tamil Nadu to announce M-sand policy by April 2019
November 1, 2018

To address the issue of sub-standard manufactured sand  (M-sand) reaching the market, the Tamil Nadu government is working on to bring a policy to regulate the manufacture of the building material. The Public Works Department (PWD) had already begun drafting the policy in July 2018, but the State government may not release the policy this year. Officials have shared that the formulation of the policy will require more time. It is more likely to be notified by April 2019. One of the critical provision of the policy is to regulate the crusher units producing raw material for M-sand without gaining…

HC to Tamil Nadu Housing Board: No favouritism in allotments
October 25, 2018

The Madras High Court (HC) has directed the Tamil Nadu Housing Board (TNHB) to allot housing units to eligible beneficiaries. The decision was made considering several allotments made to ineligible individuals under ‘public quota’. With this, all concerned authorities have been ordered to verify the eligibility criteria of various occupants of the residential units under the State’s housing board. Hundreds of TNHB flats are located in localities such as Peters Colony, Royapettah, CIT Nagar, Cox Square, Foreshore Estate, and Mandaveli. It has been observed that many allotments have been made in the name of ineligible candidates due to favouritism. However,…

Chennai development body to publicise survey number disputes
October 14, 2018

To make things clear and transparent for homebuyers, the Chennai Metropolitan Development Authority (CMDA) will soon make disputes over survey numbers public. The move will prevent property owners from hiding dispute-related information from the prospective buyer while selling land in and around the city. The development body will soon replace their outdated predecessors with the GIS-enabled land-use maps on the CMDA portal, which will have details of ownerships disputes. As per CMDA sources, the Authority has upgraded the new maps in the Chennai Metropolitan Area (CMA) on GIS. According to a CMDA official, a survey number will allow the person…

Greater Chennai civic body to announce revised property tax rates
September 18, 2018

After the directive passed by Madras High Court (HC) in June 2018, the Greater Chennai Municipal Corporation (GCMC) has decided to revise the property tax rates. In a bid to introduce the new tax rate system, the civic body has asked the residents to submit a self-declaration of the built-up area of their properties. Out of 12 lakh registered properties, only eight lakh property owners have submitted the self-declaration document. R Lalitha, Deputy Commissioner, Revenue, GCMC, has shared that a notice about tax revision will be issued to all property owners. Homeowners who have already paid taxes will have to…

Construction on Chennai Metro Phase-2 to commence soon
September 16, 2018

Chennai Metro Rail Limited (CMRL) is likely to commence the construction work for Phase II without procuring the centre’s nod for the same.  CMRL officials state that the work for the Phase II shall begin soon after the disbursement of loan from the Japan International Cooperation Agency (JICA). The Tamil Nadu government shall provide further aid in case of paucity of funds. The officials are expectant to receive the required sanction from JICA within a month or two. Chennai Metro Phase II will run on a stretch of 108 km and will have 116 metro stations in total. There will…

Nearly 10,000 housing units are delayed in Chennai: Report
September 5, 2018

According to an industry report, about 10,000 housing units worth Rs 6,500 crore are delayed in Chennai. It was observed that these delayed housing units are a part of several residential projects launched before 2013. The report further reads that a total of 5,75,900 flats worth Rs 4,64,300 crore are running behind their schedule in top seven cities across the country – Bangalore, Chennai, Hyderabad, Mumbai Metropolitan Region (MMR), Delhi NCR, Kolkata and Pune. Most of them are at different stages of construction. Maximum stalled projects are located in MMR and Delhi NCR with 2,10,000 and 2,00,000 units, respectively. Prolonged…

Press Release

1.9 mn sq ft retail space added during H1 2018: CBRE
September 4, 2018

Approximately 1.9 mn sq ft retail space added during H1 2018: CBRE4th Sept, 2018 CBRE South Asia Pvt Ltd, announced the findings of its latest report ‘India Retail Market View H1 2018.’ As per findings, the H1 2018 saw fresh retail supply of 1.9 mn sq. ft. across seven cities led by Chennai, Hyderabad and National Capital Region (NCR). The period witnessed launch of VR Mall (1 mn sq ft), Chennai, L&T Next and L&T Next Galleria (totaling 0.65 mn sq. ft.), Hyderabad, and 32nd Avenue (0.25 mn sq. ft.), Gurgaon-NCR.

Tamil Nadu revises guidelines for property tax collection officials
August 28, 2018

In a bid to introduce a revised tax system, Chennai Corporation has sent an SMS to homeowners asking them for a self-declaration of their property details for tax purposes. The State has also issued detailed guidelines in this regard to all local bodies asking them to prepare a list of all the properties under housing society, slum clearance board, housing board, registers maintained by municipalities and corporations and ration cards maintained by civil supplies department to check omissions in the evaluation process. The State has also set a deadline to track the same. The concerned authorities will employ field staff…

Chennai Metro Phase 2 to be extended till Poonamallee
August 14, 2018

The Chennai Metro Rail Limited (CMRL) has decided to extend the city's metro phase II project from Valasarawakkam to Poonamallee. The proposed corridor will run for nearly 13 km having 10 stations, including Karambakkam, Porur Junction, Sri Ramachandra Hospital, Iyyapanthangal Bus Depot, Kaatupakkam, Kumananchavadi, Karayanchavadi, Mullai Thottam, Poonamallee Bus Terminus and Poonamalle Bypass. The decision to extend the route would benefit thousands of commuters residing in the western part of the city. The plan of the extension was originally not part of the phase II project. The new route would be completed at a cost of Rs 3,850 crore. Chennai…

Tamil Nadu enables QR code in online encumbrance certificates
August 7, 2018

Tamil Nadu is set to launch the facility of applying an encumbrance certificate online and enable it with a QR code. The system is anticipated to provide relief to people seeking an encumbrance certificate since the QR code will contain the name of the sub registrar office, registration officer, date and time of issuance of the certificate. People will be no longer need to visit the sub-registrar offices, as the property certificate enabled with QR code will be available online.   The QR code will replace the manual seal and signature of the sub-registrar authorising the encumbrance certificate and will be readable by electronic devices. Once the facility is launched, Encumbrance Certificate will be issued within minutes. The manual process took about a week's time. Sources from the registration department shared that as per the rules of Registration Act, 1908, the online facility needs an amendment. As per the current rule…

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