Give faster approvals for projects: CREDAI
The Confederation of Real Estate Developers' Associations of India (CREDAI) Tamil Nadu, the apex body of private real estate developers in the State, has requested the Tamil Nadu government to give faster approvals for real estate projects.
Noting that real estate plays a very important role for the State to achieve its $1 trillion economy goal, W. S. Habib, president, CREDAI Tamil Nadu and Chairman and Managing Director of RWD, said that there needs to be a single window clearance for real estate projects. 'Losses keep mounting if approvals get delayed,' he said.
'Streamlining approvals and simplifying compliance will unlock tremendous value for developers and homebuyers. This will also help the State government in terms of stamp duty collections and GST collections,' Mr. Habib said. It is learnt that approvals are getting late by 8-9 months.
The CREDAI head also said that the association would like to be a part of planning of masterplans for all 135 major cities and towns across the State. 'We need clarity on the masterplan – this will help our developers to understand where they can buy land and whether they would get approvals or not,' he added.
Srikumar Swaminathan, Secretary of CREDAI Tamil Nadu, highlighted about the rising raw material costs in the real estate sector. He also indicated that there are issues with sourcing certain raw materials. According to him, the price increase is between 30%-40%.
In a move to deepen its Statewide presence, CREDAI Tamil Nadu announced the expansion of its chapter network. With 10 existing chapters, the association plans to add 5 to 6 more in key growth corridors, including Sivagangai, Vellore, Karur, the Nilgiris, and Thanjavur, enabling better regional representation and local advocacy.
CREDAI Tamil Nadu will also be conducting annual international expos under the 'FAIRPRO' brand in Dubai, Muscat, Abudhabi, Riyadh, Doha and Singapore, aimed at attracting NRI investments and showcasing Tamil Nadu's real estate strengths on the world stage. Both Mr. Habib and Mr.Swaminathan said that a lot of NRIs are keen on picking properties in Tamil Nadu.
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