New realty hotspots: Kovai, Madurai, Tiruchy and Salem

Deputy Chief Minister O Paneerselvam announced the soft launch of an online portal for building plan approvals, allowed a higher FSI in locations along Metro influenced zones.

In his address, he said the government has permitted the construction of multi-storied buildings in approved layouts including housing boards. “Changing dynamics in the market today have been forcing developers to re-size apartments requiring changes in the approvals submitted earlier. If applications for the revised approvals are within the development control norms, there will be no need for government approval as it was required earlier; the revised application can be directly approved by CMDA,” the deputy CM added.

Ajit Chordia, President, CREDAI, TN and MD, Olympia Group said, “Statecon is focused on creating the right environment for the real estate sector in Tamil Nadu that will act as a catalyst for the growth of the state. Real estate is a nationally significant contributor to GDP and it is no different Tamil Nadu. This is the right juncture for us to take the next few steps in creating globally commensurate real estate in order to attract and sustain growth. As CREDAI, we also endeavour to help our fraternity align to changes that affect the sector. We envision the establishment of RERA and GST would help us make greater contributions in the future to the growth of the state”. ‘Advantage Tamil Nadu: Conquering beyond boundaries,’ a report launched by JLL, professional services firm specializing in real estate in association with the Credai, TN at the conference analyses the economic future of the state and assesses the role played by Coimbatore, Madurai, Tiruchy and Salem (CMTS). These four are top cities in the state fuelling the next phase of growth, according to the study on growth of emerging cities in India.

TN, one of the largest economies has a well-balanced regional growth with contributions coming from the smaller cities especially CMTS. The drivers for the CMTS includes planned infrastructure, connectivity with major hubs like Chennai and Bengaluru and adequate human capital.

Backed by business-friendly policies, along with existing templates for accelerated growth, CMTS is poised to emerge as a powerhouse in India. Economic and employment growth will in turn create demand for housing and other allied support sectors.

Ramesh Nair, CEO and Country Head, JLL India said, “TN, unlike many other states of India has been fundamentally strong in manufacturing as well as in the services sector, a phenomenon which creates a unique economic balance for the state. While Chennai is definitely an economic powerhouse, other cities in the state like Coimbatore, Trichy, Madurai and Salem also have their own stories of progress. Apart from their conventional growth drivers (viz. Tourism, Education, Textiles respectively) these cities are being driven by infrastructure growth.

New defence corridors, Smart city projects, Aerospace parks are all propelling growth in these locations and these changes are set to provide a fillip to their real estate markets.”

Rs 45,000 crore from various industries as follows

Petroleum refinery projects

INR 28,800 Cr Tyre manufacturing plants

INR 4,000 Cr Other prospective investors include automobile and auto components, glass and glass fibre manufacturers, textiles