City Beat: October Home Sales Drop 26% In Chennai [Video]
According to a recently released monthly report by PropTiger Datalabs, in October, Chennai witnessed a decline of 68 per cent in new project launches, a sharp contrast when compared with the 350 per cent increase in new launches in September. This decline is attributed to the rising unsold inventory in the Tamil Nadu capital. Data show that sales have also declined by 26 per cent month-on-month despite the many efforts made by authorities and developers to lure buyers back to the property market.
The report suggests that the top-performing localities in Chennai in October were Navallur, Singaperumal Koli, Perumbakkam, Chromepet, Sholinganallur, contributing the highest to the monthly home sales. The average property prices in these localities ranges between Rs 3,500 and Rs 4,500 per sq ft.
Meanwhile, developers in the city will no longer have to procure a no-objection certificate for sewage treatment plants for the upcoming projects in areas that are still out of the sewerage network. This relief came after the Chennai Metropolitan Development Authority waived this certificate under a regulation in order to reduce red tape delays faced by the city developers. Earlier, developers had to approach the Chennai Metropolitan Water Supply and Sewerage Board (CMWSSB) for an NOC on the design of a sewage water treatment plant.
In another development, in an order the Madras high court has dismissed a public interest litigation filed against the housing scheme for IAS, IPS and other all India service officers at Nerkundram to special benefits given to members of special task force that hunted down forest brigand Veerappan and Kargil war heroes. The double bench of Chief Justice Sanjay Kishan Kaul and Justice R Mahadevan said: "It cannot be said the scheme extended for government servants is bad in law. The role of the government as an employer to provide benefit to its employees would thus come into being.