Global Investor Meet: CREDAI commits Rs 20,000 crore investment in Chennai

CHENNAI: Confederation of Real Estate Developers' Associations of India (CREDAI) and Chennai Metropolitan Development Authority (CMDA) has entered into Memorandum of Understanding (MoU) at Global Investor Meet to invest Rs. 20,000 Crore.

In a statement, CREDAI said that 33 members of the Confederation invested nearly Rs 20,000 crore and generated over 75,000 jobs.

"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, " S Sivagurunathan, President, CREDAI Chennai.

He added that the increase, now 2.3 times higher, will pose tremendous challenges to the industry's growth. CREDAI Chennai has proposed composite rates of 4 per cent for properties below Rs. 50 lakhs, with a special provision for affordable housing, and 5 per cent for all other housing from April 1, 2024.

"Also, the Power of Attorney charges are 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.

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 1,500 crore to Rs 2,100 crore and jobs from 1,000 to 20,000, the statement said.