CHENNAI: Promoters now have a bigger cushion time to deal with issues that delay realty projects, with the state government extending the validity of planning permissions to five years from the earlier three.
The government’s amendment to Section 50 of the Tamil Nadu Town & Country Planning Act, 1971 comes at a time when demand for office space in the city is on the rise. Experts say the move will help developers of large construction projects such as IT parks, special economic zones (SEZs) and multi-tower apartment complexes.
Chennai Metropolitan Development Authority (CMDA) member secretary C Vijayaraj Kumar said the government’s amendment of the act, by a recent order, came into immediate effect.
CMDA sources said the deve lopment will help builders avoid the trouble of renewing planning permits if they cannot complete a project within three years. The earlier rule allowed builders to apply for extensions of up to three years, a CMDA official said.
“But officials would consider an extension only if the developer had started construction work without any deviation from the sanctioned plan but could not complete the project within the stipulated three-year period,” the official said.
Developers welcomed the move as a shot in arm for a number of large projects in the city and on the outskirts. Confederation of Real Estate Developers Association of India (CREDAI) Chennai chapter president Suresh Krishn said several multiple-block projects earlier required approvals from 64 different authorities and included assessment of their environmental impact.
Source : http://timesofindia.indiatimes.com/city/chennai/plan-permissions-for-buildings-are-now-valid-for-five-years/articleshow/58409033.cms