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Chennai projects in midway, developers in catch-22

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Your dream house in Chennai is going to be in trouble, as the city’s realty developers are stressed to get permission for ventures accretion of nearly 50 Million Sq.ft. A mall in Chennai is been postponed for a year and its not just shopping centers nearly 90% of the total buildings in the city has been in dividing line, in spite, the ventures being proclaimed a year back. The cause behind is that the Chennai Metropolitan Development Authority, the authority for approvals is been adjourning the files for well about a year. Chitti Babu of Confederation of Real Estate Developers Association (CREDAI) said at the www.propertykhazana.com that the venture sanction was postponed by 12-18 months and without sanction the investments on the property are very soaring. With the rising interest rates all the builders are finding it hard to handle.
The condition is bad in IT space, as per to the IT Policy in Tamil Nadu builders, do not require a sanction to build the building but they require one to start the works and this has led to a big number of recently constructed buildings to rest empty.
Ramesh Nair of JLLM said to www.propertykhazana.com that, “Most ventures are partially funded by PE funds and PE funds are gazing at returns in 4-5 years. Therefore, if the venture gets postponed more than a sure span of time the return apparently gets the strike.” This is true for developers like DLF, their residential ventures were sold in Chennai, but the company has not yet enchased its cheques as their venture is trapped owing to scarcity of sanctions.
Source: NBTVLIVE

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