CHENNAI : Chennai Metropolitan Development Authority (CMDA) has wooed more than Rs 25,000 crore worth investments from the real estate sector nearly two months prior to the second edition of Global Investors Meet, according to official sources.
A CMDA official said the Rs 25,000 crore worth of projects pertain only to construction projects. “We do have industry component but we are not including it in the investment,” said the official source.
Confederation of Real Estate Developers Association of India (CREDAI) executive member and vice president of Newry Properties S Sridharan said builders are waiting for implementation of the Tamil Nadu Combined Development Regulation (TNCDR) and Building Rules, 2018 before firming up investments. Interestingly, Newry is planning to invest Rs 100 crore in the affordable housing market, but awaiting TNCDR to be implemented. Interestingly, many foreign real estate firms are also looking at the possibility of investing in Chennai.
Risland, a global large-scale real estate group, is vying for land parcels to firm up their investment plans. This comes as the Housing and Urban Development department is assessing and encouraging investments to the tune of Rs one lakh crore in large-size housing and township projects, according to official sources.
A Shankar, Chief Operating Officer, Strategic Consulting, India & Sri Lanka, Jones Lang LaSalle told Express that the investment in realty sector will boost the sentiments and generate jobs. He forecast that with the growth of industrial development there is a possibility of satellite townships to emerge. However, he ruled out that the investments in real estate sector will trigger a boom.
He said real estate sector will play a key role, be it plotted development or residential. The investment will be in diversified sector be it industrial, residential, information technology. “The investments are bound to have an impact on real estate and improve the sentiments of realty sector,” he said.