ECR Chennai to become wider

Chennai

More than 300 structures, mostly commercial buildings, between Thiruvanmiyur and Sholinganallur are likely to be demolished for the widening of East Coast Road (ECR).

The Chennai Metropolitan Development Projects (CMDP) wing of the state highways department has identified the buildings so that the work to widen the 11.8km stretch can begin.

Sources said detailed revised estimates were submitted to the government recently.The estimates include cost of land acquisition of Rs 350 crore and construction costs of Rs 50 crore.

A survey by the state highways department has identified 8.752 hectares on both sides of the stretch for the project. “The project will be discussed at the upcoming departmental budgetary meeting on April 20, and is expected to get clearance,” government sources said.

ECR is to be widened to six lanes between Thiruvanmiyur and Sholinganallur, a stretch maintained by the state highways.

ECR was built in 1998 by linking a series of village roads connecting 154 fishing villages along the coast. Every day, about 10,000 vehicles use the road as against 3,000 vehicles in 2001 when ECR was inaugurated. “The original estimate of the project when it was mooted in 2005 was Rs 10 crore. Any delay would result in the cost rising further,” a source said.

The government took a year to identify 30.5 metres of land required on either side of the road between Thiruvanmiyur and Sholinganallur. Land has been identified in Thiruvanmiyur, Kottivakkam, Neelankarai, Palavakkam, Injambakkam and Sholinganallur. The most land will be acquired in Injambakkam. “We have informed residents and shop owners about the project. So far no one has filed litigation,” sources said.

Source: The Times of India, Chennai

Redevelopment in Chennai poised for next major leap

Chennai

Strategic location advantages, vast open area, eligibility for higher FSI and an ever ready developer community to convert the existing site into a modern day multi-story apartment complex have all made erstwhile Tamil Nadu Housing Board occupants to wonder how best they can make better use of their crumbling units in prime city areas in Chennai. There are at least 10 medium to large-scale developers who have undertaken the task of redevelopment assignment in main areas in the city. An estimated 1,000 such projects may undergo transformation spinning a huge opportunity for both developers and occupants.

The momentum has already started and the coming years will see Chennai’s vibrant city areas like K K Nagar, Anna Nagar, Thiruvanmiyur, Besant Nagar, Korattur and Mogappair replacing housing board units with private multistoried buildings with better amenities, higher FSI, and a chance for the owners to earn monetary incentives as well in some cases. There are areas where the frontage is substantial ranging from 500 to 700 ft.

Among the city’s developers who have undertaken the development include Ramaniyam, KGS, Pushkar Properties, India Builders, Landmark, Green Peace Foundations and a few others.

Enhanced FSI from 1.5 to 2.1, opportunity to use premium FSI, possibilities of mixed development, leverage to get additional amenities like covered car park, lift, gym, club house and children’s play area are the cascading affects of redevelopment for housing board flat owners. Industry experts say that it is a win-win situation for both the developers and those owning the housing board units to realise their lifetime of living in large sized units with better amenities and that too within the city areas. Moreover, increased rental prospects will be a big boon to those in the retirement ages for whom the main income would be from the housing units.

All said and done, it will be a time consuming process as housing board projects vary in sizes and the association members will have to marshall the efforts of those who may not agree to the terms and conditions prescribed by the developers. Yet, many developers have already made in-roads in this area for whom a big redevelopment opportunity is awaiting to be encashed in the coming years.

Source: http://content.magicbricks.com/redevelopment-in-chennai-poised-for-next-major-leap

MagicBricks Apartment Index up 4% in July-Sep 2011 quarter

NEW DELHI: Home sales across the country have been falling for the last few quarters but property prices are still on the upswing. The MagicBricks India Apartment Index, which is the weighted average of supply and prices across cities, went up by 4% in the July-September 2011 quarter, showing a rise in capital and rental values across metros.

Of the eleven cities covered in the India Apartment Index, nine have seen a rise in property rentals and capital values. The apartment index in Delhi, Chennai and Ghaziabad rose 9% in the quarter, followed by Noida (8%), Bangalore and Hyderabad (5-6%) and Mumbai, Gurgaon and Pune (1-2%). The Apartment Index in Ahmedabad dropped 5% on the back of falling values in some key locations while Kolkata remained stable during the quarter, said the MagicBricks report.

In Delhi, the index rose by 9% because of rise in average prices in majority of localities across the city. "Maximum activity was witnessed in areas where middle and upper middle income groups of buyers are active," said the report. There was a significant increase in capital values in Dwarka, Chittaranjan Park, Kalkaji, East of Kailash, Mayur Vihar Phase-1 and Paschim Vihar, followed by Rohini Sector -13 and Alaknanda.

In Ghaziabad, increase in average capital values of properties across the city pushed the index up 9%, while in Noida, the index rose 8% because of increase in average capital values of properties across the region. "This was primarily due to the legal battles in Noida Extension between farmers and Noida development authority. Properties have benefitted in both possession and under-construction stage," said the report.

The rise in values as well as the number of listings in areas like Thiruvanmiyur and Ambattur were major contributors to the rising index value in Chennai. The index rose 5% in Hyderabad indicating end-user activity.

Source:  http://economictimes.indiatimes.com