Chennai, December 13, 2021: The construction industry is a major contributor to the state’s economic growth with 18.3 percent of its share in the form of various housing schemes and it is also a major revenue giver through registration of lands and buildings, said M K Stalin, Chief Minister of Tamil Nadu.
Inaugurating the two-day Statecon-Vision Tamilnadu Growth for The Next 10 Years, organized by the Confederation of Real Estate Developers’ Association of India (CREDAI) Tamil Nadu Chapter here today, he said in September alone the Tamil Nadu government has earned as much as Rs 5973 crore through registration of land documents and in November, there is an increase of 17 percent in the registration of new buildings compared to last year.
The Chief Minister wanted the construction industry to adopt new technologies
so that cost of construction will be reduced, and this could be possible only with the partnership of the government and the industries across all spectrums.
He said the government is taking all types of confidence-building measures to help the construction industry in the form of a single-window system for clearance of the projects in 60 days apart from the extension of the period of building plan permission from five years to eight years, besides self-certificate and deemed approval methods.
With the formulation of the Third Master Plan for Chennai, efforts are on to combat floods and attend to other civic problems that are occurring every time, he said and added there is a move to review all future housing-related schemes in the state.
Stalin said that a mega industrial estate is being planned in Pattinapakkam in Chennai and there are plans to raise the Koyambedu integrated market and bus stand, Madhavaram Bus Terminus and Sathangadu Iron Market to global standards.
The government is taking steps to achieve the objective of making the state a slum-free one by 2031 and a plan is afoot to provide 9.5 lakh houses to the poorer sections in another 10 years, he noted.
The Chief Minister also released the CREDAI TN CBRE report on the status of the real estate sector on the occasion. The exchange of the memorandum of understanding (MOU) also happened in the presence of the Chief Minister for the creation of five CREDAI chapters one each in Tirunelveli, Dharmapuri, Hosur, Salem, and Karur.
Thiru S Muthusamy, Minister for Commercial Taxes and Registration Department. attended the meet.
Suresh Krishn, President, CREDAI Tamil Nadu, said that the construction industry provided jobs in millions next only to the farm sector and the time has come for the industry to set high ethical standards. He also said the industry contributed Rs 4500 crore in the form of tax alone for the Rs 15,000 turnover every year.
Ram Reddy, National Vice-President, CREDAI, said the construction industry is the major contributor to the GDP growth and everyone is happy about the CSR activities undertaken by the CREDAI TN in times of the pandemic.