Hirco Developments, which launched a large residential Chennai property township project, Palace Gardens, couple of years ago has finally handed over the first set of residential apartments last week.

Palace Gardens is among Chennai’s largest township projects and now property in Chennai which will have 10,000 apartment units, when fully completed over multiple phases. However, in the first phase, it took up the development of only 928 apartments for construction across two towers of 15 floors, six towers of 27 floors, and 11 low-rise buildings (ground plus three floors).

The project, planned as a self-contained township will have accompanying physical and social infrastructure aim to be the must have property in Chennai.

The Chennai Real estate developers reeling under the pressure of the global recession, confirm that the Metro Rail project has become a determining factor in the escalation of real estate prices in the city.

Land prices around the Chennai Metro Rail project skyrocketed as developers flocked in to invest in these prime locations. Buyers are finding it a lucrative option owing to easy accessibility and development that is expected to take place once the project materialises. “The Metro rail project has given a new lease of life to the real estate sector, which has been experiencing a lull due to the recession. It has generated lot of interest among the developers and buyers. Despite the project being in the initial stages of construction, the land prices have considerably gone up since the works began,” said S Vasudevan, Chairman, Ozonegroup.

There is a increased demand for flats and refurbished flats in the Chennai. The developers would focus on where the Metro stations would come up. The project has just begun. The Chennai real estate sector is waiting to get a better picture of the route and the stations of the Metro trains and also the accessibility to these places and a rush of investment is then expected.

Hot on the heels of hastening the planning permission mechanism for small buildings, the Chennai Metropolitan Development Authority has initiated steps to put the approval process for multistoreyed buildings (MSB) also on fast track in the Chennai metropolitan area.

Only recently, the regulatory agency had done away with the necessity to obtain seven out of 13 no-objection certificates (NOCs) from various government agencies, hitherto mandatory for issuing the plan approval for MSBs. It was CMDA that used to communicate with agencies like the Fire and Rescue Services and the Chennai Metrowater Supply and Sewerage Board for obtaining NOCs after the builder had submitted the application and detailed plan for clearance. Going one step forward, CMDA has now permitted builders themselves to apply for NOCs and submit them along with the detailed plan for the agency’s approval.