CREDAI Chennai MoU With Chennai Metropolitan Development Authority

Thirty-three (33) members of The Chennai Metropolitan Development Authority (CMDA) at the Tamil Nadu Global Investor Meet 2024 committing to invest nearly Rs 20,000 crore and generating over 75000 jobs. This MoU marks a significant milestone in fostering economic growth, job creation, and sustainable development within the state.

“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, said S Sivagurunathan, President, CREDAI Chennai.

“The increase, now 2.3 times higher, will pose tremendous challenges to the industry's growth. At a recently held media interaction, CREDAI Chennai has proposed composite rates of 4% for properties below Rs. 50 lakhs, with a special provision for affordable housing, and 5% for all other housing from April 1, 2024.  Also, the Power of Attorney charges is 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.

“This plea for rationalization is not only a request for the real estate sector's well-being but also a call for collaborative efforts between industry stakeholders and the government to ensure a thriving business environment,” he pointed out.