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adProperty News For January 2009

     
 
Unauthorized construction: loopholes in law cause for concern
Source : The Hindu Property Plus Published On : 2009-01-17 City : Chennai

Effective enforcement along with strict rules will alone help, writes

A.Srinivasan

The issue of unauthorized construction continues to be a case for concern for Chennai. The planning authorities often complain that the town planning Acts are slack and with loop holes. In spite of issuing stop work or demolition notices, unauthorized construction could continue. Recently, taking a leaf out of the Delhi experience, significant amendments were made to the Tamil Nadu Town and Country Planning Act (T&CP Act) to achieve just this. The local authorities are now empowered to lock and seal unauthorized buildings. The amendments have also removed the time limit to take action on such buildings. Will this curb unauthorized construction in Chennai?

The story of an unauthorized construction ironically begins with an application for building permission. The builder after getting the permission adds another floor and extends the size without the mandated open space, parking and fire safety measures. When the building does not comply with the norms, the officers responsible are expected to issue a notice to either remove the unauthorized portions or stop the unauthorized construction. About 30 days time is usually given for this. But when notices are issued, the owner or builder rushes to file an appeal or legally challenge it. Till “a final determination” of such appeals is made, the demolition notice will not take effect. As a result, construction at site could continue. Some have even ensured that they do not receive any notices for their unauthorized construction. There are also cases where no application for building approval was made, but construction was completed. Apart from this, in the past, the government had used its powers and exempted many buildings from norms....

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Choose the right property
Source : The Hindu Property Plus Published On : 2009-01-17 City : Chennai

The correction in property market might be encouraging many to think of investing, but a careful consideration may be necessary, warns SRIKALA BHASHYAM

Till 2008, volatility was something associated largely with equity markets. However, property has joined this club and as you would have noticed, prices have begun their downward journey after galloping during early 2008. While the fall was associated with general downtrend and excess supply in the property segment, there has been a reversal in the latter. There has been a fall of 15-20 per cent in property prices across the country and in some cities and locations, it has been higher. Expectedly, this has prompted many to think of property as an investment. While any time is good time for own living, investors need to be extra cautious when it comes to looking at property as an investment option. Even those looking for property for own use, need to be cautious as wrong choice of property can cause a higher damage.

Here are some tips which could help them in choosing the right property...

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Demand for trained labour in real estate growing
Source : The Hindu Property Plus Published On : 2009-01-17 City : Chennai

Construction companies suffered from lack of trained manpower which led to slow progress of work

With public organizations and urban infrastructure and housing projects insisting on at least five per cent of workers being certified to bid for their projects, the construction industry in India feels the need to expand training and skill certification.

G. Srinivasan, chairman of the local chapter of Builders Association of India, said more than three lakh large and medium construction enterprises were involved in the industry in India and that Rs 17 lakh crore was expected to be spent on infrastructure work in the 11th five year plan. "Considering the boom in other segments of the industry ...

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A ray of hope for buyers in 2009
Source : The Hindu Property Plus Published On : 2009-01-24 City : Chennai

Despite economic slowdown, demand for an optimum sized and affordable housing exists, writes Ramesh Nair

The housing prices in Chennai which peaked in the summer of 2007 began declining in the second half of 2007 and continued the decline throughout 2008. The current trend can be attributed to fundamental reasons such as slowdown of the economy including the IT sector, declining investor sentiment due to global meltdown and increase in interest rates. The turmoil in the global financial markets placed further downward pressure on a housing market already weakened by high interest rates and affordability.

A slowdown was inevitable given the affordability factor. Although a few cities in India have witnessed hard landings, the Chennai market has witnessed only a soft landing . Although the slowdown has been gentle it has impacted overall investor sentiment due to price correction. The price correction is the steepest since 2002. ...

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Regulating hoardings on private properties
Source : The Hindu Property Plus Published On : 2009-01-24 City : Chennai

In Chennai, the District Collector is empowered to remove existing hoardings which are dangerous and causing disturbance to safe traffic movement, says C.H.Gopinatha Rao

Can the hoardings on private buildings and lands also be regulated? Going by the Supreme Court judgment ((2008) 3 MLJ 1058 (SC)) all hoardings both on private and public land will come under regulatory control. In Chennai, the District Collector is empowered to remove existing hoardings which are dangerous and causing disturbance to safe traffic movement.

The Collector is also empowered to refuse the license for hazardous and dangerous hoardings....

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