As the Chennai traffic authorities declined to give no-objection certificates, large and high-end real estate projects coming up in the heart of the city have been stalled. With this, several hundred crores, including bank debts are stuck and interest costs mounting due to the delay.
Seeking the intervention of peoples’ representatives in the matter, the Confederation of Real Estate Developers Association of India, the apex body of developers, has taken up the issue with the State government.
The projects — nearly half-a-dozen residential projects in the central part of Chennai — have been stuck at advanced stages of clearance by the Chennai Metropolitan Development Authority, say developers in the city.
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