WS Habib, President, CREDAI Tamil Nadu and S Srikumar, Secretary, at a press conference in Chennai on Wednesday
| Photo Credit:
BIJOY GHOSH
The timely implementation of master plans for all 135 major cities and towns across Tamil Nadu can offer a boost to the State’s ambitions to get to a $1-trillion economy by 2030, the top official of the real estate industry body said on Wednesday.
The absence of a comprehensive master plan impacts investors’ clarity about where cities are expected to grow and thus, also slows down the pace of the capital flow and investor interest, WS Habib, President, CREDAI (Confederation of Real Estate Developers’ Associations of India) Tamil Nadu, Chairman and Managing Director of RWD CREDAI, told media persons.
A Master Plan helps in an organised growth of the State, helps unlock land value and drives planned urbanisation, thereby boosting real estate potential, he added. “We are engaging with the government in preparation of the plan, but there is a need to speed it up,” he added.
He also stressed on a need to have digitised and time-bound single-window approval systems for the real estate sector and pointed out that commercial projects are able to get approvals and proceed with projects much faster. Similar support should be extended to residential developers, he said. While both sectors face common hurdles like delays in approvals, RERA clearances, and rising input costs, the nature and impact of these issues vary between residential and commercial projects, he added.
Steep property cost
Srikumar Swaminathan, Secretary, CREDAI Tamil Nadu, emphasised that residential developers, who cater to first-time home-buyers, are under considerable pressure due to sharp increases in material costs, up to 30-40 per cent. “Approximately 20 per cent of the cost is also taxes to the government, and this has made home buying unaffordable for first-time buyers,” Swaminathan added.
CREDAI officials stressed on the key contribution of the sector to the State’s GDP and called for more consistent industry representation and collaboration with authorities. The association said it is also pushing for Tamil Nadu’s real estate sector to become globally competitive, aligning with international standards and urban strategies, as seen in models like South Korea.
In a move to deepen its presence, CREDAI Tamil Nadu is also expanding its chapter network. With 10 existing chapters, the association plans to add more, including in Sivagangai, Vellore, Karur, Nilgiris, and Thanjavur.
Published on May 21, 2025