CREDAI Signs MoU for Investing Rs. 20,000 Cr in TN

At the Tamil Nadu Global Investors Meet – 2024, thirty three members of the Confederation of Real Estate Developers’ Associations of India’s (CREDAI) Chennai Chapter signed MoU (Memorandum of Understanding) with CMDA (Chennai Metropolitan Development Authority) to invest almost Rs. 20,000 crore and generate more than 75,000 jobs.

This MoU marks a major high point in developing the crucial aspects of the country including economic growth, job creation and sustainable development within the state.

Speaking on this, S Sivagurunathan, President, CREDAI Chennai stated, “CREDAI Chennai remains committed to working hand in hand with CMDA and the State Government to realize the shared vision of a vibrant, inclusive, and prosperous Tamil Nadu. At this juncture, we once again appeal to the Government to reconsider the composite valuation and registration rates”.

Also he added, “The increase, now 2.3 times higher, will pose tremendous challenges to the industry's growth. At a recently held media interaction, CREDAI Chennai has proposed composite rates of 4% for properties below Rs. 50 lakhs, with a special provision for affordable housing, and 5% for all other housing from April 1, 2024.  Also, the Power of Attorney charges is deemed to be quite high at 1 percent of the total value. We request the Government to keep a cap of up to Rs. 50,000 instead”.

Further he pointed out, “This plea for rationalization is not only a request for the real estate sector's well-being but also a call for collaborative efforts between stakeholders & state government to ensure a thriving business environment.”