CREDAI Chennai and CMDA Forge Historic Partnership at TN Global Investor Meet 2024, Commits Rs 20,000 Crore Investments and over 75000 Job Opportunities in Tamil Nadu

Chennai : Thirty-three (33) members of The Confederation of Real Estate Developers’ Associations of India (CREDAI) Chennai Chapter have signed a Memorandum of Understanding (MoU) with Chennai Metropolitan Development Authority (CMDA) at the Tamil Nadu Global Investor Meet 2024 today committing to invest nearly Rs 20,000 crore and generating over 75000 jobs. This MoU marks a significant milestone in fostering economic growth, job creation, and sustainable development within the state.

“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, said Mr S Sivagurunathan, President, CREDAI Chennai.

“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,” he added.

“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 industry stakeholders and the government to ensure a thriving business environment,” he pointed out.

A few of the noteworthy investments by CREDAI Members are from Brigade, Prestige, Navins, Landmark, Ramaniyam, Kochar and Lancor Holdings with committed investments ranging from Rs 1500 crore to Rs 2100 crore and jobs from 1000 to 20000.