https://www.livehomes.in/news_letter

Chennai Illegal sand dune mining in Injambakkam beach threatens coastline

Sand dunes have been illegally excavated in Injambakkam, near VGP theme park, despite coastal regulation zone rules prohibiting such excavation. "Since last week, dunes have been removed for at least 100 metres along the beach.I filed a complaint with Neelankarai (J8) police," said I H Sekar, a local social worker, alleging that the mined sand is being sold for 200 per load, and he faced death threats from miscreants after confronting them. In May, the National Green Tribunal prohibited CMDA from disturbing dunes on Injambakkam beach, mandating permissions from Union govt or State Coastal Zone Management Authority. CMDA member secretary Anshul Mishra said the planning agency did not disturb the dunes. "To prevent illegal sand mining, we are planning beach rejuvenation," he said, adding that CMDA received Blue Flag council approval for five beaches including Injambakkam and Akkarai with a GO expected next week. Greater Chennai Corporation maintains city beaches. "I will verify and take further action," said GCC zonal officer (Sholinganallur) D Rajasekar. In Besant Nagar, GCC has removed encroachments from the Arupadai Veedu Murugan Temple beach since June.

https://www.livehomes.in/news_letter
 

Noida, Greater Noida , and YEIDA resume work on unfield land allocation policy 

Brigade Group has signed a joint development agreement to develop a residential project of around one million sq ft in Chennai. The project, located in West Chennai will be developed as part of a 1.5 million sq ft mixed-use development and will have a gross development value (GDV) of about Rs 800 crore. In June 2024, the company had said that it plans to invest over Rs 8,000 crore by 2030 to expand its portfolio in Chennai with a pipeline of over million sq ft. The gross development value (GDV) of the residential projects is estimated to be over Rs 13,000 crore
 

https://www.livehomes.in/news_letter

https://www.livehomes.in/news_letter

https://www.livehomes.in/news_letter

https://www.livehomes.in/news_letter

Tamil Nadu Government sets 15 to 30 days deadlines for buildings NOCs

Getting clearances for buildings just got simple with the state govt setting deadlines for 11 departments to issue no objections certificates (NOCs). If a department misses the deadlines  15 foe some, 30 for other), NOC wiil be given deemed as given. Home buyers and developed welcomed the system that enables clearances through a single-window portal that cuts red tape. Since launching online plan permission in May 2022, Chennai Metropolitan Development Authority (CMDA) has been approving an average of 70 plans a month, with more than 70 high-rise buildings approved annually. This is nearly double the annual number before 2022. Since launching online plan permission in May 2022, Chennai Metropolitan Development Authority (CMDA) has been approving an average of 70 plans a month, with more than 70 high-rise buildings approved annually. This is nearly double the annual number before 2022, Following a recommendation by CMDA member secretary Anshul Mishra, the govt identified 11 departments including geology & mining, NOCs. Nine departments must issue NOCs within 30 days, while the state highways department and fire and rescue services (non-highrise buildings) have a 15-day timeline. Buildings between 12 and 18 meters tall also require NOCs from fire services, CMRL and WRD. NOCs from these departments previously took months to come. 
 

https://www.livehomes.in/news_letter

Residentals in Tamil Nadu struggle to form apartments  associations 

Apartment politics and a lack of awareness about the Tamil Nadu Apartment Ownership Act are impeding the registration of residents associations with the state govt. In many apartment complexes, residents are yet to reach a consensus on who will be president and secretary, while some remain unaware of the rules altogether. The recently unveiled Tamil Nadu Apartment Ownership Rules stipulate that a minimum of four apartment owners must form an association, draft bylaws, and register it before pursuing redevelopment. The recently unveiled Tamil Nadu Apartment Ownership Rules stipulate that a minimum of four apartment owners must form an association, draft bylaws, and register it before pursuing redevelopment. The rules also outline penalties for those who fail to pay maintenance charges Despite these provisions, the state registration department has not seen a significant increase in registrations. This year, only 150 associations registered in the Chennai zone, with around 6,000 registered to date. The rules should also mention the maintenance of the building including whitewash at least once in eight years. At least one resident should have owned the apartment for 10 years and more. Residents of older apartments are still hesitant to form associations due to internal conflicts. "As long as there is no sense of unity among residents, many hurdles will remain before properties can be V S Jayaraman from T Nagar residents welfare association said more clarity about the rules is needed. "The govt has provided model bylaws, but many associations are confused whether they can include clauses specific to their needs.
 

https://www.livehomes.in/news_letter

https://www.livehomes.in/news_letter

Office space demand to reach 70 million sqft in 2024

The office space market in the country is expected to absorb over 70 million sq ft this year, according to a report from Savills India. The demand reached 55.1 million sq ft between January and September 2024, marking a 30% year-on-year (YoY) increase across six cities. The year-to-date (YTD) leasing activity has set a new benchmark for the January-September period, aligning with 2022’s full-year performance.With only seven million sq ft remaining to surpass 2023’s total, 2024 is expected to achieve absorption levels in the range of 70 to 74 million sq ft. The Q3 FY25 saw office absorption hit 20.2 mn sq ft, a 28% increase from Q3 FY24. Bengaluru, Delhi-NCR, and Mumbai collectively contributed 66% of the  overall leasing activity during this period. Bengaluru, Delhi-NCR, and Pune driving more than 50% of their respective leasing through such transactions. While demand soared, new office completions slowed down during the first nine months of 2024, with a total of 32.6 million sq ft added, reflecting a 12% year-on-year decline. As a result, vacancy rates decreased to 15.5% by the end of September. Gurugram, with 64% share contributed highest in the leasing activity in  Q3 2024. Within Gurugram, Gurugram SBD topped the chart with 49% of the city leasing coming from this micromarket. Noida stood second with 27% share in the overall leasing followed by Delhi with 9% share. Mumbai recorded 3.2 million sq ft of absorption in Q3 2024, registering a 35% increase year-on-year. Mid-sized deals (25,000 sq ft to 99,999 sq ft) continued to dominate the leasing activity, with a 36% share. Pune added 2.0 million sq ft of gross absorptionin Q3 2024, registering a 42% year-on-year increase. This was driven by financial services occupiers pre-leasing large spaces, totaling 1.1 million sq ft.
 

https://www.livehomes.in/news_letter

Tamil Nadu CM union minister review Chennai metro rail phase 2 project

Tamil Nadu Chief Minister M K Stalin and Union Urban Affairs Minister Manohar Lal on Saturday reviewed the progress of Rs 63,246 crore Chennai Metrorail phase 2 project, recently approved by the central government. CM Stalin, speaking to reporters after the meeting said that the state government has urged Manohar Lal to release Centre's funds for the phase 2 project. The CM said all efforts are being made by his government to complete work as per the deadline. According to Chennai Metro Rail, phase 2 project is proposed to be completed by the end of 2026.An official relese here said the union minister was urged to give priority to proposals related to Chennai airport - Kilambakkam line and implementing Metrorail projects in Coimbatore and Madurai. Kilambakkam is on the city outskirts and a bus terminus, with a capacity to operate over 2,000 buses, was inaugurated there last year by CM Stalin. On October 3, 2024, the Union Cabinet approved the Chennai Metro Rail Phase Project as the Central Sector Project. Two corridors under phase 1 covering 54.1 km caters to over 3.1 lakh passengers on an average everyday. When the phase 2 becomes functional, Metro rail in Chennai will cover about 172 km linking various areas. Chief Secretary N Muruganandam, Additional Secretary, Union Ministry of Housing and Urban Affairs, D Thara and senior officials took part in the review meeting here. 
 

https://www.livehomes.in/news_letter

CMDA working on third master paln of Chennai

Unlocking land potential through increased floor space index (FSI) and affordable processed land are essential to tackling Chennai’s housing and office space shortage, according to Anshul Mishra, member secretary of the Chennai Metropolitan Development Authority (CMDA). Speaking at Infra Next 2024 organized by CII Chennai Zone on Wednesday, Mishra emphasized that resolving key urban issues would be crucial as Chennai gears up to become a major contributor to Tamil Nadu's vision of a $1 trillion economy by 2030. During the summit, a CII-JLL white paper on the Transformation of Industrial Estates was also released. Srivats Ram, chairman of CII Tamil Nadu State Council, emphasized that Chennai's rapid industrial and urban growth is supported by significant infrastructure development. Sanjay Chugh, city head and director at Anarock Property Consultants Pvt Ltd, pointed out some reasons for the limited number of new residential project launches in Chennai. They are: 1 Acquiring suitable land for residential development can be a challenge due to high land costs, disputes, and limited availability of land in prime areas. 2 If required physical and social infrastructure (roads, schools, hospitals) is not in place or planned for certain areas, developers may choose to delay launches until conditions improve. 3 Developers in Chennai prioritise completing ongoing projects rather than launching new ones to restrain the inventory of unsold units.
 

https://www.livehomes.in/news_letter