The number of
building approval applications received by CMDA (Chennai Metropolitan
Development Authority) has declined in the past 2 years.
On an average, the
planning authority used to receive on average 75 to 80 applications every month
for special buildings.
This has dipped to 55
applications now. Whereas the applications received for multi-storied buildings
(MSBs) has been consistent over the past 2
years, according to official sources.
In a related
development, redevelopment applications have also considerably slowed down. The
steep hike in guideline value of the land in city areas is cited as the major
reason for the sudden slowdown in the redevelopment activity.
With the revised
guideline values, it is becoming unaffordable to develop in certain locations
which is one reason for the sudden dip in the number of applications for
redevelopment in the city, say major property developers.
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