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Property registrations in central Chennai falls 23% in the first half

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The Times of India 30.07.2009

Property registrations in central Chennai falls 23% in the first half

CHENNAI: While the real estate sector is showing some signs of bouncing back, thanks to the positive response evoked by a large number of budget housing projects (homes upwards of Rs 10 lakh) launched in the suburbs, the sale of residential space in places like Teynampet, Nungambakkam, Mount Road and Mylapore in the heart of the city is still muted.

Going by registration department figures, there is an average 23 per cent dip in property transactions in prime locations between January and June this year, when compared to the corresponding period last year. In Nungambakkam and surrounding areas like a part of the Mount Road, Thousand Lights, Sterling Road, Greams Road and Wallace Garden, the number of registrations between January and June this year (877) was 11 per cent less than that of the corresponding period (983) last year.

Teynampet region witnessed the maximum fall of 35 per cent - from 1,728 registrations to 1,131 transactions. In Mylapore sub-registrar office, transactions fell by 20 per cent, from 2,835 to 2,268.

Nevertheless, industry observers and realtors are of the view that in about six months, the market in the central business districts (CBD) could revive . "While the OMR and other outlying areas have seen signs of revival, many people are still not excited about investing in properties in the CBD, especially in the commercial sector, as land prices are still prohibitive in such areas," says VA Ramash, president, Sabari Foundations Pvt Ltd.

Potential home owners, especially the salaried class, are expecting further correction as they don't want to take a huge home loan and fall into a debt trap at a time when economic revival is not complete. Similarly, sellers who possess properties in such areas are sitting tight and don't want to sell prime properties in a hurry, unless there is absolute financial necessity, say industry observers.

Also, property registrations are expected to be muted this month as Chennaites normally refrain from big ticket purchases and investments during the month of `aadi.' Under normal circumstances, the market shows signs of revival with the onset of aavani' (starting on September 15th).

In any real estate slump, the suburbs first bear the brunt, followed by city areas and the CBDs. Similarly, during an upturn too, property revival first happens in mofussil areas and the CBDs are the last to improve.

"While the government's announcement of a 1% subsidy for mid-segment housing is a welcome step, it would be nice if it could extend similar benefits for higher ticket home loans as well. I am hoping interest rates to fall a bit further so that home loans become more attractive," says Kasturi Srinivasan, who has been scouting for an apartment for the past several months.
Last Updated on Thursday, 30 July 2009 06:18
 

Layout planning process, approval of building plans also streamlined

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The Hindu 29.07.2009

Layout planning process, approval of building plans also streamlined

K.V. Prasad

COIMBATORE: The State government has streamlined the process of layout planning and approval of building plans by removing the process of submitting applications through local bodies such as corporation, municipality, town panchayat and village panchayat. This comes on the heels of the government simplifying the process of land reclassification.

The Directorate of Town and Country Planning and the Local Planning Authority alone are vested with the power to approve layout formation. Till now, proposals were submitted to them through the local bodies.

A circular issued by the Commissioner of Town and Country Planning on July 20, 2009 states that for planning permission under the Town and Country Planning Act, applications should be received directly by the respective Member-Secretaries of the Composite Local Planning Authority. The remarks of the local bodies shall be sought before forwarding the proposal to the Commissioner of Town and Country Planning.

With a clear stress on the time factor, the circular says the local bodies shall give their remarks within a “reasonable period.” If they are not received within this period, it will be deemed that they have no objection and the proposal processed by the Member-Secretary. The Member-Secretary can give planning permission only if it is within the powers delegated to the LPA. Otherwise, the proposal should be forwarded to the DTCP for technical clearance.

Apart from the layouts, the streamlining exercise includes the process of submitting and obtaining approval for building plans.

Hereafter, people need to submit to local bodies only plans for residential buildings up to 2,000 sq.ft. and commercial structures up to 1,000 sq.ft. because these agencies have powers of approval only up to this level.

Only the LPA or DTCP can approve plans for bigger buildings. Yet, the plans for these also are being routed only through the local bodies. Now, these can be submitted directly to the LPA or the Regional Deputy Director of Town and Country Planning.

“This provides a big relief to the people as it reduces the time taken for approval,” Joint Director of LPA, Coimbatore, M. Sekaran told The Hindu on Tuesday.

Last Updated on Wednesday, 29 July 2009 10:21
 

More training in new system sought Realty check

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The Hindu 28.07.2009

More training in new system sought Realty check

Aloysius Xavier Lopez

CHENNAI: With the Chennai Corporation planning to reduce the frequency at which it conducts training classes on the new online building approval system, licensed surveyors and architects want an extension of the training programme with more trainers.

“There is only one trainer for the new online building approval system. Even though the trainer is well-versed, we were unable to get our doubts cleared as the number of trainees is large,” said K. Suresh Kumar, a licensed surveyor. Mr. Kumar learnt the new system after trying for three months and resubmitting the plan for many times because of the minor errors he had committed. This has not gone down well with his clients.

The training programme, conducted by the Corporation for licensed surveyors and architects on Wednesdays and Fridays at 3 p.m., would be stopped from this week. “The training will be conducted once in 15 days as a majority of the licensed surveyors have been imparted training free of cost,” said Rajesh Lakhoni, Chennai Corporation Commissioner.

Palanivel Raja, another licensed surveyor, said builders and individuals constructing houses who engage their services were not able to understand the metric system as they continue to use imperial measurement units such as feet and inches.

But the online building approval system only uses the metric system. This has been one of the reasons for the problems, said a licensed surveyor. The licensed surveyors have decided to take the problems faced by them in each case to the knowledge of the software engineers involved in the development of the new online building approval system.

The construction workers are also not aware of the metric system and it becomes a problem on the construction site. So architects and licensed surveyors are planning to request the Corporation for updates in the new system based on feet and inches.

As a number of licensed surveyors and builders were unable to correctly use the new online building approval system of the Corporation introduced in Zone 10, the civic body started to impart training on how to handle the new facility.

“The system will cover all areas of the city in three months,” said Mr. Lakhoni.

As the building approval for other zones could be obtained through the old system in two weeks, the licensed surveyors and architects without proper training are unable to meet the expectations of the clients in Zone 10 which covers areas such as Adyar and Thiruvanmiyur. “A licensed surveyor who is inexperienced in the new system takes around six weeks to get an approval despite the online system being capable of verifying the plan in a few minutes if they are well trained,” said K.G. Janakiraman, Managing Director of Jayasaraswathy Constructions.

The Corporation’s initiative will be of great help after the licensed surveyors and architects overcome the initial glitches in learning the online system, he added.

The Corporation has planned to train all its engineers in the system. “We will send 10 engineers to Poona for training shortly,” said Mr. Lakhoni.

Once everything is in place, the online system is expected to reduce the time taken for getting building plan approvals significantly for builders and individuals.

Last Updated on Tuesday, 28 July 2009 04:34
 


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