Chennai
Chennai- Even after prolonged six years, the residents of Anna Nagar still continue to wait for a sports complex to be built at Elango Nagar as promised by civic authorities. In 2006, the erstwhile municipality decided to develop a full-fledged sports complex there with the assistance of Sports Development Authority of Tamil Nadu (SDAT). The [...] Continue Reading »
The residents of Vellalore recently staged a protest from 8 a.m. to 6 p.m. demanding the civic body should shift the dump yard out of the city. According to R. Selvaraj, president of the residents’ organisation, the civic body has not done anything and it did not send segregated waste as mandated by the Tamil Nadu [...] Continue Reading »
Chennai’s office market is stable and there is no increase to the last year’s activity levels. This commercial market is especially driven by the demand from ITES or IT comapanies. According to property consultant, vacancy level is decreasing and there is an inch rise in the rental values in selected areas. According to the range from 8-11 [...] Continue Reading »
In a move to improve the street lighting in the city, the Chennai Corporation is planning to privatise maintenance operations. The civic body is to call short-term tenders for repairing and maintenance of streetlights. After complains from residents, the civic body will immediately replace defunct tube lights or mercury vapor lamps or other electrical equipment. [...] Continue Reading »
Diwali celebrations added to the Chennai garbage woes. Around 5360 tonnes of solid waste was collected by the Chennai corporation. The corporation collected around 830 tonnes which is higher than the quantity of waste collected on a normal day. Few areas like Anna Nagar zone with 720 tonnes and this was largest collection of garbage [...] Continue Reading »
Chennai’s CBD areas observed a downfall in demand for smaller and medium format office spaces with the absorption recorded at around 44,000 sq ft, during third quarter predominantly. The Suburban Business District (SBD) including areas such as Velachery, Perungudi and Mount Poonamallee Road have witnessed restrained demand levels for office space, with absorption recorded at [...] Continue Reading »
Kotak Realty Funds,the real estate private equity fund of Kotak Mahindra Group, has entered into a joint venture with Chennai-based Akshaya Homes. The joint venture has been formed for construction of residential units on a 20-acre plot off Chennais Old Mahabalipuram road. It is a revenue-share venture, where Kotak will hold 20% stake while Akshaya [...] Continue Reading »
With the advancement of the hospitality sector in Chennai, the city has become a center for hospitality apart from just a booming IT sector. The hospitality market has witnessed a sharp growth with renowned brands coming up including international brands. Also the city recently witnessed the birth of about five luxury upscale hotels with many more to [...] Continue Reading »
The long pending request of Chennai’s commercial property developers to let them use the IT buildings for non-IT purposes like finance, education, hospital, hospitality and retail will very soon be granted. The developers proposal will soon be accepted if the recommendations of the CMDA are approved by the state government.This might be followed by a rule that [...] Continue Reading »
The Confederation of Real Estate Developers’ Associations of India (CREDAI) Chennai, has welcomed the government’s approval for multi-level parking in apartments in the city. The developers body say that this decision would relieve parking space pressure in Chennai. The permission has been granted for the same building (stilt+2) and not a separate block, which means [...] Continue Reading »
