City Beat: Doing Business In Chennai Not So Easy Yet [Video]
In the recently released Ease of Doing Business report of the World Bank, Chennai was ranked 15th among 17 cities of India. This comes as a jolt to a city that has witnessed record investments in the past couple of years. Punjab's Ludhiana has topped the list. According to the report, the Tamil Nadu capital's performance has been good only on two parameters which includes trading across borders and dealing with construction permits. It takes 34 days and nearly 13 procedures to start a business in Chennai while the all-India average is 26 days and 12.9 procedures.
On the other hand, the World Bank will further expand its footprint in Chennai when it buys an additional office space of nearly 70,000 square foot. Outside of Washington, Chennai is the only city from where the World Bank runs its operations.
Meanwhile, the real estate sector in Chennai is all set to make a strong come back, data show. According to Reserve Bank of India's quarterly House Price Index for first quarter of the financial year 2016-17, housing prices went up by an average 7.3 per cent during the April-June quarter in all major cities. This comes after a moderation in prices for the past four quarters. Of all the cities, Tamil Nadu capital Chennai saw the highest annual increase of 23.9 per cent in the first quarter of 2016-17.
Meanwhile, the Madras High Court has summoned the state revenue secretary on November 10 over the modernisation of land records. Expressing disapproval at what it termed the “reluctance of the authorities to engage technology to achieve quicker solutions on issues concerning modernisation of land records”, the Bench observed state authorities are seeking too much time to implement changes. Modernisation of land records would not only bring transparency in property transactions but also speed up the process.