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Real Estate Chennai

India office property market overview 5/7/2014 5:39:20 PM
Mumbai: During 1Q 2014, the Mumbai office markets witnessed a further decline in office space absorption indicating cautious occupier sentiment. This lack of demand can be attributed to a low level of IT/ITeS sector participation in the overall absorption, which is currently the primary demand generating sector across the cities. This quarter only about 0.42 million sq ft of Grade A office space was leased with a few mid-sized deals concluded in Central and Western Suburbs, and Navi Mumbai. Construction activities remained slow. No projects / phases of projects were completed this quarter. Developers also refrained from launching new projects due to low demand. More than 7.5 million sq ft […]
 
Chennai in list of top 12 realty investment destinations 5/3/2014 4:17:52 PM
CHENNAI: Strong English speaking skills and a wide mix of industries that promotes cross pollination of work culture has made Chennai one of the top 12 cities in the world for real estate investments. This is the first global recognition the city has received; it is also the lone Indian city on the list. The Candy GPS Report, published on Friday, identifies 12 cities around the globe with the potential to show strong residential property price growth in the next few years. The report — produced by Candy & Candy, Savills World Research and Deutsche Asset & Wealth Management — said, “Prices in these rising cities are generally much lower […]
 
Five-star hotel comes down to make room for apartments 3/13/2014 12:44:46 AM
CHENNAI: City builder Ceebros has started pulling down the unfinished JW Marriott Hotel in the city, which it had bought from Hyderabad-based Viceroy Hotels for 480 crore last year. Viceroy group sold the property in MRC Nagar after completing the shell of the hotel because the hospitality sector in Chennai is going through a serious crisis with low occupancy in most five-star hotels. With more than half a dozen new star hotels being opened in the city in recent years, there is very high room inventory and hotels are struggling for business, say industry sources. Ceebros is pulling down the unfinished J W Marriott structure to redevelop it into a […]
 
Indian Bank puts Gautham Menon’s property on the block 3/11/2014 9:21:04 PM
CHENNAI: The Kotturpuram branch of Indian Bank has invited tenders for auction of a property belonging to film producer and director Gautham Vasudev Menon in Adyar. As per details on Tenders India (a government tender information system), the auction process for the property located on First Main Road in Indira Nagar, has begun with the tender value being quoted at 12.26 crore. The winning bidder, expected to put up 50 lakh as a deposit. The property is 7,091 sqft, and the market price of each ground (2,400 sqft) in the area is 4.5 crore to 5 crore. “This particular account has been a non-performing asset (NPA) for some time and […]
 
‘Difficult to give flawless property papers’ 3/5/2014 4:14:08 AM
CHENNAI: As if land grab bids and ‘double documents’ are not menace enough for property owners/buyers, the state registration department shocked the Madras high court on Monday, saying it is difficult to issue encumbrance certificates without any fault. An encumbrance certificate (EC) is the basic document which reveals the current status of an immovable property. It is supposed to contain correct ownership details of a piece of property and inform the applicant whether it is encumbered or mortgaged in favour of a bank or any individual. However, responding to an anticipatory bail petition of a landowner who ended up purchasing another person’s property as the EC did not reflect latest […]
 
Illegal buildings in Tamil Nadu face the axe 2/14/2014 11:56:55 PM
CHENNAI: Thousands of unauthorised buildings in the state are facing demolition after the Madras high court on Monday quashed two government orders that proposed to legalise illegal structures built till July 1, 2007. The first bench comprising Chief Justice R K Agrawal and Justice M Sathyanaryanan said: “But for the lackadaisical attitude on the part of the authorities, such an alarming and mushrooming growth of unauthorized and illegal constructions would not have come into place.” The bench was delivering verdict on two PILs against October 30, 2012 government orders extending amnesty schemes for illegal buildings constructed between 1999 and July 1, 2007. “The state government and statutory authorities concerned are […]
 
Tata Housing’s subsidiary to invest Rs 300 crore near Chennai 2/11/2014 1:06:21 AM
Tata Value Homes Limited (TVHL), a 100% subsidiary of Tata Housing Development Company Limited, today strengthened its presence in South India by developing Spanish themed residential township at Sriperumbudur, near Chennai. The company plans to Invest around Rs 300 crore in setting up this township. Inspired by Spanish living, Santorini is designed by architects F+A. The township is spread across lush greenery at Sriperumbudur, one of the fastest growing corridors in Chennai. Speaking on the project Brotin Banerjee, MD & CEO, Tata Housing Development Co. Ltd., said, with rapid urbanisation and influx of global lifestyle trends more and more affluent home buyers are looking for homes to reflect the financial […]
 

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