The Confederation of Real Estate Developers Association of India (CREDAI) Tamil Nadu has stressed the need for a single-window clearance system for real estate projects. With Chennai having an abundance of investment in the real estate sector, apartments, amongst other things, are available all across the city, majorly apartments for sale in Thirumullaivoyal are up for grabs.
The investiture ceremony of CREDAI – Tamil Nadu was held in Trichy on Thursday and attended by hundreds of builders from across the State. Among those in attendance were S Krishnan, Principal Secretary, Housing and Urban Development, Rajesh Lakhoni, Member Secretary, Chennai Metropolitan Development Authority (CMDA) and Tiruchy Corporation Commissioner N Ravichandran.
Speaking on the occasion, builders opined that a single-window clearance system will make the processing easier and time-bound. Many of them said it will also create an investor- friendly environment in the metropolis, and not just within the city limits, the flats in Manapakkam for instance attract several investors.
“The lack of this single-window is a challenge for taking projects in especially in Tier II cities,” said Sridharan, who took over as chairman, CREDAI, Tamil Nadu.
With metros like Chennai continuing to attract investors, real estate developers said the government should take the lead in making more investments in Tier II cities like Trichy. “Cities like Trichy have great scope for investment. However, several investors are pinning their hopes only on metros. This will affect the prospects of Tier II cities like Trichy, Coimbatore, etc. Investment potential getting concentrated in a few cities is not healthy. Therefore, the government has to take the lead in making more investments in Tier II cities
to attract investors,” said V Gouthaman, president, CREDAI.
Homage was paid to martyrs of Pulwama attack and it was announced that CREDAI would build houses for the families of the personnel.
Lack of uniform stamp duty across the country was highlighted as a drawback for the real estate sector in the country. Nevertheless, flats in Kolathur are reasonably priced for any layman’s needs. Though GST created some inconvenience, most of the builders welcomed it as part of the change.