The latest news that has emerged is CMDA or Chennai Metropolitan Development Authority had directed the local bodies so that building plan approvals could be issued for the plots that were purchased.
Current Real Estate Scenario in Chennai
...........................................................................................................................
The Historical bird-eye view of Chennai and the landscape settlements all over the city clearly expresses the Coastal oriented life was the oldest origin.
With the last date for regularization of all construction-related records set to conclude on 21st March, the concerned officials are exploring the extension of the period by another 3 months.
The facility to get approval for construction proposal online is to be introduced shortly in Tamil Nadu. CMDA and DTCP monitor and implement the regulations for the city and rural domain land development act
All the problems faced during the implementation of online registration have been solved and now the trend of online property registration has picked up quite swiftly.
The registration department has sought the assistance of Internet browsing centres to solve the difficulty in registering property documents in new online process.
The Vice-Chairman of the Department of property registration in Madurai Region, Sivakumar, informed that from 13th February, all property registrations throughout the state of Tamil Nadu would be done only online.
The Union Minister for Finance and Corporate Affairs, Shri Arun Jaitley proposed that no adjustment shall be made in a case where the circle rate value does not exceed 5% of the consideration.
Lesser new home launches, says report
...........................................................................................................................
A report released by a leading research and analytics firm has said that new home launches dipped 12 pct across top 9 cities in the fourth quarter of 2017 from 15,593 units.
Steep fall in prices of flats in Chennai
...........................................................................................................................
As the job opportunities and the salary levels have been dwindling in the IT (Information Technology Industry), the employees in this industry have refrained from buying houses. This aspect has led to a steep fall.
In order to meet the demands of sand starved state of Tamil Nadu, the officials belonging to the PWD or Public Works Department left for the state of Assam. The main objective was to import sand from this north-eastern state.
A recent report says that the sudden downfall of the economy resulting from the currency ban, GST and RERA lead to lower the housing prices all around the country.
Hyderabad was always one step behind Chennai in Office Space absorption concerning IT/ITES sectors capitalizing on the good infrastructure of the country.
The Confederation of Real Estate Developers Associations of India (CREDAI), a body of private real estate developers, expressed apprehension over the increasing cost of houses and flats.
The Samadhan Scheme will soon be introduced in the registration department to ensure clearing of the huge backlog of pending documents and to enable the public to get back their registered documents quickly.
The person who buys a property needs not only to register the bought property under his/her name - he/she needs to change the Patta (the deed confirming the name of the owner).
The state government of Tamil Nadu has introduced a new facility of a toll-free telephone number for making complaints regarding the services offered by the Department of Registration.
