All You Need To Know About Chennai's Property Market
Chennai, one of the nine leading real estate markets in India, has witnessed some developments that will help the property numbers here to swell. As the market preps up for a better performance, PropGuide lists developments that will impact the market positively:
Benami under scrutiny
The Central government, under the Benami Transactions (Prohibition) Amended Act, 2016 identified over 400 cases across the country of which 65 were from Chennai. These include deposits in bank, jewellery and immovable properties. According to reports, Chennai along with Mumbai region saw the highest number of cases where benami properties were attached provisionally and together they accounted for nearly half of such cases (107 out of 233) . The provisional attachments of the cases in Chennai were made with the value of attachments amounting to Rs 93.39 crore.
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Shops pulled up for property tax default
The Corporation of Chennai was directed to seal 729 shops in Koyembedu market for defaulting on tax payments. However, post the order, Rs 1.36 crore poured in as taxes from these shop owners within a single day.
Ensuring healthy living
The city's health officials have ensured a better way to tackle mosquito-borne premises. Wherever property owners did not do their due diligence to ensure cleanliness, a penalty was applied. Health inspectors from the department inspected over 3,000 construction sites in mid-July and spot fines of Rs 2 lakh was collected from 40 developers who had left their premises as the breeding ground for mosquitoes.
The Tamil Nadu Public Health Act, 1939 empowers civic bodies to pull up errant owners such as these.
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Verdict on unapproved plots
Unapproved plots cannot be registered, ruled the Madras High Court. However, the Chennai Metropolitan Development Authority (CMDA) and the Directorate of Town and Country Planning (DTCP) starting August this year will begin accepting applications online for regularisation of unapproved buildings. The new scheme under Section 113-C of the DTCP is expected to benefit almost 65,000 applicants.
Buildings near metros
Soon, expect multistorey buildings to crop up near Arumbakkam and Ekkatuthangal Metro stations. This venture has been undertaken in order to hike the revenue of the Chennai Metro Rail department through their property development schemes.
In Alandur, reportedly four-storey apartments would flank either side of the metro station and would serve as commercial spaces for shops and offices. Other benefits would be increased ridership in the metros and lesser congestion on the roads.
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CMDA permits height increase
If you are investing in a new apartment where it is a stilt plus three floors or ground floor plus two floors, stilt plus two floors or ground floor plus first floor with more than six dwelling units up to 13.5 mt and 10 mt respectively, the Chennai Metropolitan Development Authority (CMDA) will permit a height increasing. The existing cap is 12 mt and 9 mt but now it is up to 17 mt. A couple of years back, the maximum height for such special buildings used to be 17 mt in areas under Chennai metropolitan area and parts of Kancheepuram and Tiruvallur. Now, smaller buildings too can ask for height increase. 190 applications have already poured in.
Smart City in T Nagar
T Nagar may be heading towards a transformation starting August this year. Over Rs 1,400 crore would be rolled out in phases Smart City project, for which T Nagar was selected in 2015. What's in store? Twenty-three roads would get a makeover, Wi-Fi connectivity and upgrades and enhancements with respect to rainwater harvesting systems, lamp posts, parking areas with multi-level parking system, and walkways with anti-skid tiles etc. Revamping parks is also on cards.
Is T Nagar Smart City Plan Flawed?