Monthly Archives: August 2019

Tamil Nadu eases permission procedures for construction of small houses

​The Tamil Nadu government issued an order to this effect, which was made public on Wednesday.

 

 

Chennai: Planning to construct a house within 1200 square feet built up area? You may need to just apply online seeking planning permission and commence constructions.

 

The Tamil Nadu government issued an order to this effect, which was made public on Wednesday.

 

The order of the municipal administration and water supply department dated August 21, 2019 said that the new exemption to ease the planning permission procedures for smaller constructions can be utilized for constructions that are carried out in an area within 2500 square feet with built up area under 1200 square feet.

 

While applications for planning permissions can be filed online, the existing process of physical inspection by officials from the respective local bodies at the construction site has been kept aside for such constructions.

 

Constructions will be allowed only on approved plots.

 

Source: https://realty.economictimes.indiatimes.com/

 

 

Uninterrupted water supply is the new selling point for Chennai realtors

The initiatives are being taken up to make these complexes water-sustainable with Chennai being prone to acute water crisis.

 

 

Chennai: More borewells, greywater recycling plants and rejuvenation of existing wells to guarantee uninterrupted supply of water have become selling points of upcoming small housing projects in the city.

The initiatives are being taken up to make these complexes water-sustainable with Chennai being prone to acute water crisis.

 

Greywater recycling plants are being introduced in projects with less than eight units in the southern suburbs. Former president of Flat Promoters Association, Chennai South, R T hamil Selvan, said developers handling such projects were attempting to set up the plants to ensure better water management.

 

“A few are installing greywater plants although it is expensive for small projects. It is meant to recycle wastewater from kitchens that can be used in toilet flushes,” he said.

 

Some developers are re-digging existing wells, making them deeper. T Josh, a developer who is building four luxurious apartments at Porur, said the summer shortage has brought to the fore the importance of wells.

 

We have deepened the well by an additional 10 feet while a sump with a capacity to hold 1,000 litres has been created for storing water from the borewell,”he said.

 

With acute water scarcity hitting the city twice in three years, homebuyers have put uninterrupted availability of water on a par with location, price and transportation facilities.

 

Several developers are giving prominence to water in their publicity material. On the ground, they are building bigger sumps that can store more water. Builders Association of India said developers have begun installing rainwater harvesting structures.

 

Besides these, small apartment complexes under construction will have more than one borewell to provide uninterrupted water to its occupants, said S Ramaprabhu, southern centre chairman of the builders association.

 

Source: https://realty.economictimes.indiatimes.com/

Chennai: Registration of land, apartments stuck along East Coast Road

In the case of ECR, the NHAI has already earmarked the area for road expansion and has issued notifications and newspaper advertisements too.

 

 

CHENNAI: Registration of land and apartment complexes abutting national highways in some parts of the state, especially along the East Coast Road (ECR) between Mamallapuram and Puducherry, is stuck owing to a new condition that sellers have to obtain a no-objection certificate (NOC) from the National Highways Authority of Inida (NHAI).

 

Though there is no written order from the inspector-general of registration in this regard so far, sub-registrars have been refusing to register properties unless the seller concerned produces a certificate from the NHAI.

 

The issue is linked to widening of the national highways in Tamil Nadu.

 

In the case of ECR, the NHAI has already earmarked the area for road expansion and has issued notifications and newspaper advertisements too.

 

But the land acquisition wing of the state government has not yet completed the process of revenue sub-division and provision of separate survey numbers for the land being acquired for the road expansion.

 

As a result, acting on the NHAI’s acquisition notification, the sub-registrar offices are not registering survey numbers whose land area starts from the road.

 

Unable to sell an apartment at Poonjeri, the flat-owner said: “The buyer called and informed me a few days ago that I have to obtain a NOC from the national highways department to register the sale deed. When I inquired with the NHAI, I was asked to contact the office of DRO, land acquisition. I fail to understand why the government should create such hurdles when these government agencies can easily identify whether my apartment is coming under acquisition for road expansion. In fact, our building has about 200 apartments and not even an inch of our building gets affected by the NHAI expansion. Only a portion of land in front of our building is being acquired, as per markings done by NHAI. Still, I am being forced to get a NOC from the national highways,” said the seller.

 

A revenue department official, when contacted by TOI, said: “We have almost completed the subdivision process. It is yet to be approved by the special DRO in charge of land acquisition. We are holding it just to be prepared if there is any last-minute change of alignment from NHAI”.

 

Source: https://realty.economictimes.indiatimes.com/

Top 10 Real Estate Hotspots in India

3. Ambattur, Chennai

 

 

Ambattur is a western suburb of Chennai surrounded by micro-markets like Oragadam in the north, Avadi on the west, Ayappakkam in the south, and Anna Nagar on the east. Ambattur is blessed with exceptional road linkages as NH-32, NH-48, NH-726, and SH-205 connect it to peripheral towns as well as to other parts of Chennai. Ambattur hosts renowned IT Parks including Prince Info Park, Ambit Park, Chennai Tech Park, and One Indiabulls Park along with largest small-scale industrial estates of Asia. With IT being a primary driver, support infrastructure like townships, residential development and retail have emerged in the adjoining areas.

 

Historically, price trends have appreciated post establishment of IT Parks, which led to the influx of IT population who chose to stay close to offices at affordable prices buoyed with exceptional infrastructure. Average properties prices in 2013 stood at Rs 3200/sq.ft. which have appreciated to Rs 4700/sq.ft. in 2018. Prospects such as affordable pricing, good social & physical infrastructure, employment opportunities, and dependable future growth make Ambattur one of the most ideal locality to invest in Chennai.

 

Source: https://www.quikr.com/homes

Tamil Nadu Tenancy Act: Clueless authorities put landlords, tenants to hardship

This has resulted in adjudicating officers, who are revenue department officials above the rank of deputy collectors, performing the role of the authorities facilitating tenancy registrations.

 

 

Chennai: Rent authorities, constituted to resolve disputes between landlords and tenants, are clueless about their functions. While a section of the authorities was unaware about their responsibilities, many underscored that they were ignorant about the procedures.

This has resulted in adjudicating officers, who are revenue department officials above the rank of deputy collectors, performing the role of the authorities facilitating tenancy registrations. The rules of the ambitious Tenancy Act that came into force in February brought the curtains down on rent control courts, making rent authorities the first layer in the legal mechanism to resolve disputes over rental issues.

 

A cross-section of rent authorities said lack of training has limited their role with regard to the Tamil Nadu Regulation of Rights and Responsibilities of Landlord and Tenants (Amendment) Act, 2018. “As of now, we are functioning as registration officers generating tenancy registration for the applications. In some parts of the city, the respective rent authorities have not started the process of issuing the tenancy registration number,” a rent authority in north Chennai said.

The Chennai collector had in May appointed eight rent authorities covering the 16 taluks in the city with each authority, headed by officers above the rank of deputy collector, being assigned two taluks. According to official sources, the authorities have not received any complaints from registered applicants.

 

“There is absolutely no awareness about the act that mandates registration of all rental and lease agreements among the public. We can only ask the complainants to approach the rent courts to redress their grievances, due to our lack of training,” an rent authority official said.

 

T Sadagopan, president of Tamil Nadu Progressive Consumer Centre, said the rent authority is the first legal body for redressal of rental and lease issues. Only appeals can be made in rent courts, he added. The housing and urban development department could not be reached for comments.

 

Source: https://realty.economictimes.indiatimes.com

Foreign PE funds pump in $200 million into logistics in Bengaluru, Chennai, Pune

The logistics sector had a massive jump-start in the first quarter of 2019 when private equity players like Morgan Stanley, Warburg Pincus and LOGOS India pumped in nearly $200 million into cities like Bengaluru, Chennai and Pune.

 

Logistics and warehousing is a bright new spot on the Indian real estate heatmap, with private equity funds investing nearly $1.1billion in logistics and warehousing sectors between Q1 2017 and Q1 2019 as against zero investments during 2015 and 2016 combined,” said Anarock Research.

 

The logistics sector had a massive jump-start in the first quarter of 2019 when private equity players like Morgan Stanley, Warburg Pincus and LOGOS India pumped in nearly $200 million into cities like Bengaluru, Chennai and Pune.

 

“Infrastructure status, the multi-modal logistics park policy and implementation of GST has caused private equity firms to take greater interest in logistics and warehousing sector,” said Shobhit Agarwal, MD & CEO, ANAROCK Capital.

 

The southern cities of Bengaluru, Chennai and Hyderabad saw maximum interest by investors, followed by Mumbai and Pune, driven by favourable government policies, strong economic fundamentals and growth in organised retail and e-commerce.

 

Large institutional and logistics developers are betting big on the growing demand for warehousing in India either by forming joint ventures with local partners or by investing in the sector.

 

“The Indian logistics and warehousing space is seen as a promising high-growth real estate sector. Given the strong interest and growth in this market, there is a risk that inexperienced investors and developers will focus on non-strategic locations with low demand,” said Mehul Shah, CEO of LOGOS India.

 

LOGOS is seeing strong institutional interest in this sector, and in 2017 it launched the first venture in India, the LOGOS India Logistics Venture with Assetz Property, which has up to $800 million in investment capacity to develop and own high-quality modern logistics facilities in targeted cities across India.

 

Some of the top deals in 2019 include LOGOS India’s investment of nearly $100 million into Casagrand Distripark in Chennai, Morgan Stanley Real Estate’s investment of about $50 million in KSH Infra Ltd in Pune and Embassy Industrial Parks’s investment of $50 million in DRA Projects in Bengaluru.

 

Source: https://realty.economictimes.indiatimes.com/