CM promises to fast-track real estate approvals

Chief Minister Edappadi K Palaniswami on Friday announced that estate developers across the State will soon get their permits online within 45 days. This would be done through a single window platform.

Inaugurating the Confederation of Real Estate Developers’ Association of India (Credai), Chennai Chapter’s FAIRPRO 2018. he said that all permissions pertaining to planning can also be obtained through an online portal which has been developed in association with the Indian Institute of Technology-Madras. Deputy Chief Minister O. Paneerselvam pointed out that the application would be scrutinised through a tailor-made software.

Credai is expecting business to the tune of over ₹400 crore from the expo this year. “Last year, we saw business worth ₹200 crore and we expect it to double,” Ananth Vummidi, convener, FAIRPRO 2018, said.

This year, FAIRPRO has a wide range of residential projects. Over 300 projects with prices ranging from ₹20 lakh to ₹20 crore are up for grabs. CREDAI-Chennai has been requesting the State to come out with a single window clearance facility for a long time.

More transparency

Suresh Krishn, president, CREDAI-Chennai, said that this is the first FAIRPRO after the implementation of RERA and the Goods and Servcies Tax and it would ensure better transparency and accountability, on-time delivery of projects from the real estate developers and enhanced consumer confidence.

CREDAI-Chennai has also announced that all projects are approved and registered under the Tamil Nadu Real Estate Regulatory Authority (TNRERA), which will ensure hassle-free transactions for homebuyers. FAIRPRO is open till February 25 at the Chennai Trade Centre, Nandambakkam.