Tag: Chennai

Latest StoriesResidential

Strata Invests ₹96 Crore in Chennai, Bengaluru Housing Projects

Representative AI image NEW DELHI: Tech-enabled investment platform Strata has committed ₹96 crore to three RERA-approved residential projects in Chennai and Bengaluru, highlighting the increasing interest in private credit backed by Southern India’s real estate market. The investment comes as demand for capital in southern India grows, particularly for plotted developments. In Chennai, Strata has allocated ₹66 crore across two residential developments located in the Old Mahabalipuram Road (OMR) corridor. These investments are structured to yield targeted annual returns of approximately 16%, payable monthly or quarterly. The funding will contribute to a 1.75-acre apartment project in Semmancherry and a 3.21-acre…

IndustryLatest Stories

Chennai Developers Request FSI Rule Clarification from CMDA

Representative AI image CHENNAI: Developers are seeking clarification from the Chennai Metropolitan Development Authority (CMDA) regarding the eligibility of projects partially within 500 meters of a metro corridor for concessional Premium Floor Space Index (FSI) charges under the Transit-Oriented Development (TOD) policy. They argue that the current ambiguity is causing delays in project approvals. Credai Chennai has formally requested CMDA for clarity. “If any part of the project site is within the 500-meter boundary, it should qualify for the concession. There’s no necessity for the entire site to be included,” stated S Sridharan, a member of Credai National’s executive committee.…

Latest StoriesRegulatory

Chennai collects ₹103 crore in property tax in 14 days

CHENNAI: The Greater Chennai Corporation has successfully collected ₹103.03 crore in property tax dues over the span of 14 days, thanks to a focused collection initiative across the city. This amount was gathered between July 3 and 16, during which many property owners proactively settled their tax dues. The efficiency of collections has surged by 145% compared to the same time last year, as reported by officials. “The special property tax collection camp has been ongoing since July 3 and will continue until July 31. We will also organize additional intensive collection activities aimed at recovering long-standing dues. Out of…

Latest StoriesRegulatory

Chennai Extends Property Tax Collection Camps to July 31

CHENNAI: In a move to boost property tax collections, the Greater Chennai Corporation (GCC) has extended its special tax collection camps until July 31, with nearly half of the city’s property owners yet to settle their dues. Out of 14.23 lakh assessed property owners in Chennai, only 6.98 lakh have paid their property tax to date, leaving around 7.25 lakh still outstanding. The corporation typically collects around ₹1,800 crore annually in property taxes. During the special camps from July 3 to July 15, ₹96 crore was recovered. Though originally set to conclude on July 17, the drive has now been…

IndustryLatest Stories

Chennai Developers Spend ₹2,500 Crore on Land in Two Years

Representative image CHENNAI: Over the past two years, real estate developers have poured more than ₹2,500 crore into acquiring prime land across 79.9 acres, stretching from Haddows Road in the central city to Chembarambakkam on the outskirts. Notable transactions include Baashyaam Group’s acquisition of 5.8 acres on Haddows Road for ₹1,212 crore, and a joint venture between Prestige Estate Projects and Arihant Foundations, which secured 16.4 acres in Padi for ₹561 crore. Brigade Group also purchased 5.4 acres in Velachery for ₹441.7 crore. Additionally, Freshworks founder Girish Mathrubootham bought 7.6 grounds in Boat Club for ₹211 crore, while Arihant acquired…

Latest StoriesRera

TN appoints interim panel to oversee RERA activities

CHENNAI: On Tuesday, the state government appointed an interim panel to lead the Tamil Nadu Real Estate Regulatory Authority (TNRERA), naming retired IAS officer K Phanindra Reddy as chairperson. The panel also includes retired district judge A Nazir Ahamed and retired IAS officer Reeta Harish Thakkar. This decision comes after the recent resignations of the authority’s previous chairperson and members. As of Tuesday, the state government has superseded TNRERA for a six-month period, effective immediately or until its reconstitution, whichever comes first. According to an order from the housing and urban development department, the authority could not fulfill its statutory…

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Builders’ Association of India requests clarity on Tamil Nadu JDA rules

Representative AI image Recently, a developer seeking to process a sale deed at the Mylapore sub-registrar office was instructed to register a joint development agreement (JDA) first—an initiative that has not yet been implemented in the state. Developers have expressed concerns that such discrepancies are resulting in property registration delays. The registration department is currently drafting guidelines for the JDA, which will outline the responsibilities of landowners and developers, including construction timelines. Presently, collaborations in Tamil Nadu between landowners and developers are primarily conducted via power of attorney (PoA). However, officials from numerous sub-registrar offices have been insisting on the…

InfrastructureLatest Stories

Chennai Body Engages Stakeholders for Third Master Plan

CHENNAI: The Greater Chennai Corporation (GCC) has proposed several strategies for climate-resilient planning, including waterbody protection, GIS monitoring, enhanced social infrastructure, and urban planning aligned with future water and sewerage networks. This comes as the Chennai Metropolitan Development Authority (CMDA) begins stakeholder discussions for its upcoming master plan for the Chennai Metropolitan Area (CMA). Stakeholders include GCC, Metrowater, police, and other agencies. “Draft proposals have been shared with various departments for validating data accuracy, evaluating future infrastructure needs, and providing feedback before finalizing the plan. These consultations aim to create a comprehensive blueprint for Chennai’s development until 2046,” stated a…

Latest StoriesResidential

PG Rent Hikes in Chennai Amid Soaring Food and LPG Costs

CHENNAI: The cost of living in paying guest (PG) accommodations in Chennai and Tambaram has surged. Operators have raised rents by at least 35%, introducing separate food charges due to significant increases in commercial LPG prices, food costs, and operating expenses. There are around 200 registered PGs serving men and women in the city, providing essential housing for numerous college students and young professionals. Monthly expenses have spiked, with the average rent for a three-sharing room now hitting approximately ₹11,000, up from ₹9,000. Double-sharing accommodations have also seen a price jump from ₹12,000 to nearly ₹14,000, and electricity remains an…

IndustryLatest Stories

One Lakh Patta Holders Affected; Ramsar Freeze Halts South Chennai Growth

CHENNAI: Over 100,000 patta holders in South Chennai are facing a housing and ownership crisis due to construction valued at approximately ₹1 lakh crore being stalled. This is largely a result of the CMDA freezing planning approvals surrounding the Pallikaranai Ramsar site last October, according to the Confederation of Real Estate Developers’ Associations of India (CREDAI). During a press conference on Tuesday, CREDAI urged the CMDA to reconsider the 1-km Ramsar influence zone that covers 3,358 hectares (8,397 acres), which has made large areas of Velachery, Pallikaranai, Perungudi, Sholinganallur, and Perumbakkam unviable for future construction. Viswajith Kumar, vice-president of CREDAI’s…