Chennai real estate sector is poised to get a massive boost from CMDA’s new initiative to garner investments worth more than Rs. 25, 000 crore for the sector going forward. The investment will cover only the real estate sector with the industrial component kept outside the same for future consideration. CMDA has already garnered these investments within 2 months before the Global Investors’ Meet second edition according to reports.
CREDAI has already confirmed that 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 space as per reports. Several foreign realty players are also considering real estate investments in Chennai as per reports.
There are already reports of a global big-scale realty group Risland expressing its interest in suitable land parcels for future investment. 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.
These investments in Chennai real estate will certainly give the market a boost, improve overall buyer sentiments and also enable large-scale job creation. The growth of industrial townships and other infrastructure may also facilitate the emergence of key satellite townships according to reports. From residential real estate units to plotted developments, there will be investments in all categories which will go a long way towards enhancing overall customer sentiments in the sector. Some of the top projects in Chennai at the moment include Radiance Icon, Godrej Azure and Mahindra Lifespaces Aqualily to name a few.