The Chief Minister, Tamil Nadu, Edappadi K Palaniswami, has promised to do his bit for ensuring swifter approvals for real estate projects. He has confirmed that real estate developers in the State will soon be able to get their permits online itself. This will be possible in a period of 45 days under a single-window mechanism. This statement was made by the Chief Minister while inaugurating the CREDAI (Confederation of Real Estate Developers’ Association of India) backed FAIRPRO 2018. He also stated that all planning linked permissions can be garnered through the online portal which has already been created in collaboration with IIT (Indian Institute of Technology) Madras.
O. Paneerselvam, the Deputy Chief Minister, also stated that the application will be monitored and tracked through specially created software. CREDAI was hopeful for higher real estate sales volumes in Chennai with FAIRPRO 2018. This year, the expectations are close to Rs. 400 crore from this realty expo since Rs. 200 crore was approximately generated last year. FAIRPRO offered several types of residential real estate projects for buyers. There were more than 300 projects on offer which are priced between Rs. 20 lakhs and Rs. 20 crore on an average. CREDAI in Chennai has been asking the State Government to offer a single-window clearance mechanism and this request seems to have been granted now.
This FAIRPRO event came after the execution of GST and RERA which promise to usher in more accountability and transparency overall along with timely delivery of real estate projects by property developers. This should lead to more confidence on part of customers and improve overall buying sentiments as per experts. CREDAI Chennai has also stated that all the projects being showcased at the event have obtained approval from the TNRERA (Tamil Nadu Real Estate Regulatory Authority) have been registered under the same. This will make sure of smooth buying transactions for customers.
