The number of housing units added to the city in 2014 was around 20,000. The actual absorption was much lower.

Priya Sharma, Chennai

2nd January 2015

Real estate News in Ambattur, Chennai

delay in delivery

long term investment

construction quality problems

tnhb

chennai corporation

chennai real estate

chennai metropolitan development authority

invest in high rise building

investment in chennai

infrastructural development in chennai

Follow Discussion

Also see discussions for

Chennai Ambattur Real estate News Real estate News in Chennai Real estate News in Ambattur

Replies (1)

Hi Priya,

An accident that resulted in the loss of many lives, hike in the cost of construction material, a conservative approach to buying property, and delay in handing over new homes were some of the major occurrences in the construction industry in Chennai, this year. The collapse of an 11-storey building in Moulivakkam on June 28 shook not just Chennai, but the housing sector in the entire country, leading to calls for urgent and sweeping reforms on monitoring of construction activity.

Venu Gopal, Chennai

2nd January 2015

Comment

Yes Venu, i was shocked when i heard the news. How come this is possible? The accident caused panic among those who had taken loans and invested their savings on flats in high-rise buildings. It was the biggest dampener in addition to economic problems and the political situation. The lull that followed hit the salaried sections hard as they were unable to move into their houses due to delays in construction, or in getting completion certificates from the Chennai Metropolitan Development Authority, which tightened monitoring.

Ananth KV, Chennai

2nd January 2015

@ Priya,

In my point of view, increased government spending on infrastructure followed by a strong budget will push growth. In addition to pockets around Tambaram and Ambattur, they expected areas along Outer Ring Road to witness maximum growth.

subramanya, Chennai

2nd January 2015

Hi ,
Stating that Chennai was home to several lakh workers, not just from other States but also from backward pockets within Tamil Nadu. Centre and State governments had done very little.Governments change, budgets are passed, but the lifestyle of the poor remains the same. Long-term policies to look into the welfare of this section and recover encroached property belonging to the government will have to be implemented to ensure housing for the poor.

Madhukar, Chennai

2nd January 2015