Missed important developments in Chennai’s real estate market? Don’t worry! We’ve got it all covered in this weekly bulletin.
TNRERA: No process to check for building violations in Non-CMDA areas
The absence of a mechanism to conduct checks and issue completion certificates for residential projects in areas under the Directorate of Town and Country Planning (DTCP) has put the Tamil Nadu Real Estate Regulatory Authority (TNRERA) in a fix. Of the total 295 housing projects registered with TNRERA, only 180 are in DTCP areas.
As a result, the authorities are not able to initiate any action against developers who have violated the norms. Moreover, as per TNRERA sources, the real estate act does not permit it to inspect buildings. However, violations can be eliminated if completion certificates are made mandatory in areas under the DTCP.
TN Housing Board eyes 3 land parcels on Chennai outskirts
Following Andhra Pradesh’s footsteps, the Tamil Nadu Housing Board (TNHB) is exploring the possibility of developing housing plots in Thirumudivakkam, Vandalur, Kelambakkam Road, and Sriperumbudur through a land pooling system.
As per the official sources, the landowners would largely benefit under the land pooling policy as a portion of the land acquired would be returned to them as developed plots. The Gujarat and Delhi Development Authority (DDA) had also successfully implemented a similar policy for various housing projects in the past.
TNRERA to facilitate loans for homebuyers
To help homebuyers obtain home loans, TNRERA has decided to seek the assistance of public sector banks. The officials believe that if banks insist on the RERA registration number before sanctioning home loans, builders will have to mandatorily get their projects registered with the authority.
As of now, just 290 housing projects have been registered with the TNRERA after it came into effect on June 22 last year.
In the past, the Maharashtra Real Estate Regulatory Authority (MahaRERA) also carried out a similar initiative to approach banks for compliance.
About 80% of Chennai’s Phase-II Metro to be on government land
A major portion of the land to be acquired for the Phase II Metro will be land belonging to state government departments like Aavin and MTC. Since the majority of the lines in Phase-II of the Metro Rail will be underground, the Chennai Metro Rail Ltd (CMRL) will require only about 86 acres to build the 107.55 km long Phase-II.
The decision has come as a huge relief for residents in the areas identified for the project.
