R ARIVANANTHAM
CHENNAI, JULY 14
Property prices may increase by 10 to 15 per cent in the next quarter, said Confederation of Real Estate Developers’ Associations of India (CREDAI) Chennai Chapter President S Sivagurunathan here on Wednesday.
Addressing the media along with the newly-elected office-bearers of CREDAI Chennai Chapter, he said the price hike was mainly due to increase in the cost of construction material.
- CREDAI had been continuously appealing to the government at the national level to take steps to bring down the escalating costs by giving input credit to the builders, as it would considerably bring down the cost of flats/villas: S Sivagurunathan
- CREDAI consumer redressal forum resolves investors’ grievances in 30 days
- The Tamil Nadu government is industry-friendly and extending its full support for further development of the real estate sector
“In the next quarter itself, we may see increase of prices around 10 to 15%,” Sivagurunathan said. Replying to a query, he said, “CREDAI had been continuously appealing to the government at the national level to take steps to bring down the escalating costs by giving input credit to the builders, as it would considerably bring down the cost of flats/villas.”
Chennai among the top 4 cities in respect of industrial development saw a steep rise in demand post pandemic in both residential and commercial properties. Chennai city saw over 6,000 properties sold during 2022 and around 5,000 new residential units were launched during the same period. However, the unsold residential properties in and around Chennai was around 5,000, the CREDAI members said.
The new government’s industry-friendly policy resulted in huge investment in industrial projects in the state, which in turn creates demand for more data centre, warehosing and industrial logistics sectors, they added.
To a question on GST, P Kruthivas, Secretary, Credai Chennai, said the body had been making representations to the Union government to at least allow the builders to claim ‘input tax credit’ on the GST they paid for construction material. He said this would allow them reduce the cost of residential units.
Sivagurunathan said the State government is industry-friendly and extending its full support for further development of the real estate sector.
He thanked the government for introducing single window system for building approval, which he said had been the demand of Credai for nearly two decades. Acknowledging that there were some short comings in the new system, he said those were sorted out by the government in a phased manner.
CREDAI consumer redressal forum
Reply to another query, Sivagurunathan said CREDAI has its own consumer redressal forum to sort out the grievances of real estate investors. Aggrieved investors can lodge their compalaints/petitions through mail to CREDAI. The consumer need not come in person, their grievances would be heard online and sorted out with in 30 days, he added.
A Mohammed Ali, President – Elect, Mehul Doshi as Vice President, Abhishek Mehta, Vice President, Kruthivas P, Secretary, Mohamed Aslam Packeer, Treasurer, Arun M N, Ranjeeth Rathod, Viswajith Kumar, Ram Kumar, and Suman Vooraas Executive members of CREDAI Chennai Chapter were present.
