Tamil Nadu Real Estate Projects Has Risen by 17%

New real estate projects have seen an increase of 17 per cent in Tamil Nadu and administrative reforms are being pursued, Chief Minister M K Stalin said, asserting that the government is prepared for an overhaul of housing sector related old laws to simplify them in accordance with the present day needs. Efforts are on to see that Tamil Nadu became a 'hut-free' state by 2031, he said. Till November this year, new construction projects registered with the TN Real Estate Regulatory Authority has seen a rise of 17 per cent as compared to the same period last year, Stalin said in his address, inaugurating a two-day meet of the Confederation of Real Estate Developers' Associations of India (CREDAI) here. Construction sector contributed 18.3 per cent to the Gross State Domestic Product and the government earned Rs 5,973 crore as revenue from registration of houses and land (by September), he said. Pointing to growth in construction activities in respect of industries and warehouses, he said it reflected in a two-fold increase in the third quarter when compared to the same period, previous year. Such aspects are a pointer to the state travelling on the growth path, he said and referred to administrative reforms being pursued and initiatives towards preparation of the Third Master Plan for Chennai (2026-46). A single window system would be introduced for according approvals for developing layouts within 60 days to facilitate quick construction and the proposal includes features like deemed approval based on self-certification by applicants. The government is ready to scrutinise again, old laws related to the real estate industry "with an open heart" so as to simplify them in line with the changing technological and administrative needs, he said. Citing the Tamil Nadu Town and Country Planning Act (TNTCPA), 1971, TN Apartment Ownership Act, 1994 and TN Slum Areas (Improvement and Clearance) Act, 1971, Stalin said the government is ready to take a relook at them and other related statutes. Steps have been taken to amend the TNTCPA according to the present day requirements, and an order would be issued to increase the validity of building plan permission from 5 to 8 years, which would be very useful to the industry, he said. Though the state is implementing several schemes, the government alone cannot fulfill all such requirements considering the population and the private sector should be service minded to meet the housing needs of the middle class people, he said underscoring the need for affordable housing. Efforts are on to see that Tamil Nadu became a 'hut-free' state by 2031, and in sync with the vision, it has been planned to provide housing to 9.53 lakh poor people in the next 10 years. So far, approvals have been obtained from the Centre to build 6.2 lakh tenements at an estimated cost of Rs 31,179 crore. "Till such time there are huts, we cannot take pride in the country's skyscrapers. In a nation, which also has poverty, we cannot talk only about growth." Stressing on inclusive growth, he said the size of the house may be small, but "everyone should have a house. For Tamil Nadu to achieve that goal, companies like you should cooperate with the TN government." The state-run TN Housing Board has proposals to demolish its old residential, apartment complexes and build afresh under the Public Private Partnership Mode and the industry should participate in such initiatives, he said. Work to build a world class industrial-commercial centre at Foreshore Estate would begin here soon with private partnership. Under the Affordable Rental Housing Complex Scheme, arrangements are in place to enable private firms to build houses and dormitories for workers in their land parcels and provide it on rent (including long term, 25 years) for those who need it. This would be very useful to guest workers, he said. CREDAI is the apex body of private real estate developers.