Chennai Real Estate To Get Boost From CMDA’s Initiative: Report

According to a recent report by a real estate firm, Chennai Metropolitan Development Authority (CMDA) is currently working to generate investments more than Rs 25, 000 crore so as to give a massive boost to the Chennai real estate sector.

The authority has already garnered these investments within 2 months before the second edition of the Global Investors’ Meet.

Speaking on the same, CREDAI sources said, “The developers are waiting to execute the TNCDR (Tamil Nadu Combined Development Regulation) and Building Rules, 2018 prior to finalizing the investments. An investment of Rs. 100 crore is also lined up for the affordable housing segment.”

They further stated that some of the renowned global relators are also planning to do investments in the Chennai’s real estate sector. Further, the Housing & Urban Development department is also attempting to encourage more investments up to a whopping Rs. 1 lakh crore for the big-ticket housing and township project category.

As per the report, these investments will not only give the city’s realty market a boost but also improve overall buyer sentiments and create large-scale jobs. The growth of industrial townships and other infrastructure may also facilitate the emergence of key satellite townships in the city.

In October, a report was published which revealed that due to many fast infrastructural developments and new announcements in the housing sector, the property market of the city has shown firm progress of 15% overall for the third quarter of 2018. Property sale went up with an increase of 8% in this period showing that more and more home buyers are ready to invest in the city’s residential real estate market.