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Royal Splendour gets ISO Certification

Royal Splendour is very happy to get acknowledged ISO 9001:2008 quality management systems from Perry Johnson Registrars a first milestone in a long journey that's never ending.

Chennai City needs 60,000 more Houses

Times of India, Apr 01 2011.
As per a United Nations study, the global urban population is growing at two persons per second. Almost 95% of the population growth is happening in urban centres and India has 12 such cities, including Chennai that are bursting at the seams. Another 80 tier two and tier three cities in the country are heading towards the same mark, says Confederation of Real Estate Developers' Association of India (CREDAI) president Lalit Kumar Jain. more..

But there is no corresponding increase in the housing stock. India's housing shortfall is estimated to be around 27 million and Chennai city alone faces a deficit of 60,000 housing units. About 6,000 of them are in the high income group segment, 12,000 in the middle income group and 18,000 in the low income group. The economically weaker sections in Chennai need 24,000 housing units. "To meet this growing demand, satellite cities need to be developed with adequate support infrastructure. Growth should be vertical and not horizontal as land is precious," says Jain.Chennai city has been growing in the suburbs, but there is hardly any infrastructure like water supply and sewerage connections in those regions, says CREDAI (Tamil Nadu) secretary Nanda Kumar. The government needs to immediately address these issues, he says. The city's development control rules, despite the introduction of the second master plan, are far from facilitating vertical development. It is still conservative on the issue of floor space index (the ratio of land area to the built-up area). Hyderabad city does not have any restriction on height, floor space index and footprint (land covered by the building in a plot)," says CREDAI vice-president Shekhar Reddy. Chennai needs to learn from the best practices adopted by other states, he adds.

Chennai Real Estate 2011 Outlook

The outlook for Chennai's residential property market remains positive in 2011. This is a stable market, and the prices have risen rationally in tandem with normal market trends. With the IT sector on the upswing and job security once again strong, Chennai's residential real estate market will see accelerated demand in 2011.So far this year, property pricing has improved by 20-25%% within city, by 10-15 % in OMR and by 1-5% in select pockets of GST and Sriperumbudur. Overall, 2011 is going to be year of optimism for residential real estate in Chennai. more..

We have witnessed preferred flat sizes reducing from 1700-2000 square feet to 800-1300 square feet over the last two years. While pricing stabilized in sync with the market, pricing gradation in projects themselves was more gradual, with 3-4% at the launch to 90% at the completion stage. This unlike the trends seen earlier, where price movement was more rapid and illogical Year 2009 was the year of affordable housing in Chennai, with a number of projects being launched in Rs. 20-30 lakh band.One major issue for residential real estate activity in Chennai has been the lack of social infrastructure in peripheral business districts (PBDs) even as housing in the central business districts remained unaffordable. The lack of social infrastructure in the PBDs is hurting both absorption and positive price movements.

Housing prices may rise by 5-10 per cent

Housing prices may rise by 5-10 per cent in the next 3-6 months as the cost of funds for developers is expected to increase following the Reserve Bank of India's decision to raise key policy rates by 25 basis points."Property prices are bound to go up in next 3-6 months by 5-10 per cent across the country," Confederation of Real Estate Developers' Associations of India chairman Pradeep Jain told PTI.Jain, who is also the chairman of Parsvnath Developers, said the hike in repo and reverse repo rates would result in... more..

CMDA's Powers to levy Amenities Charges Upheld.

The Madras High Court has upheld constitutional validity of Sections 63B and 63C of TN Town & Country Planning Act, 1971 (TCP Act), as well as statutory rules (TN Town and Country Planning (Levy of Infrastructure and Amenities Charges) Rules, 2008, aimed at collection of infrastructure and amenities charges from builders, realtors and property developers. Dismissing a batch of writ petitions from builders, etc challenging the vires of the Act on the ground that the amended sections were totally... more..

Chennai Property Market Turns Red Hot

If you had the patience and the means to buy residential property during the downturn of late 2008, especially in Chennai - congratulations! Your property value may well have doubled by now, if the National Housing Bank's property price index -NHB Residex' is a fair indicator. Among the 15 cities tracked by the NHB Residex, the Chennai index has seen the maximum gains, from 95 to 218, yielding a whopping 130 per cent over this two-year-plus period. Property prices in the Chennai residential market... more..

Steady demand buoys prices in Chennai

Ask a selection of developers, representatives in housing finance institutions and real estate agents on the factors contributing to the residential prices remaining relatively buoyant in Chennai while larger cities seem to be headed for a slump - among the reasons commonly cited are a short supply of quality stock within the city. When Mr Adi Godrej, President Designate, Confederation of Indian Industry and Chairman, Godrej Group, requested the Chief Minister of Tamil Nadu, Ms J. Jayalalithaa, to take steps to expedite building plan approvals at the national council meeting of the Confederation of Indian Industry held recently in Chennai, he touched up... more..

Realty prices set to rise on soaring wages, material costs

With material costs going up by 35 per cent and wages doubling in the past three years, besides the growing challenge of finding labour to execute projects, real estate prices are in for an increase, according to Mr Lalit Kumar Jain, President, Confederation of Real Estate Developers' Association of India. However, the price hike could vary from city to city and will depend on other factors such as supply of land. This means, metros such as New Delhi and Mumbai, where there is shortage of land, may show different patterns and have higher prices compared with a city like Hyderabad, where there is good supply,' he said. more..