Chennai realty attracts ₹25,000-cr investment

    Chennai Metropolitan Development Authority (CMDA)
    The Chennai Metropolitan Development Authority (CMDA) has attracted over Rs 25,000 crore investments from the real estate builders only in the construction sector nearly two months prior to the second edition of Global Investors Meet. Confederation of Real Estate Developers Association of India (CREDAI) said that builders are waiting for implementation of the Tamil Nadu Combined Development Regulation (TNCDR) and Building Rules 2018 before firming up further investment plans. This comes as the Housing and Urban Development department is assessing and encouraging investments to the tune of Rs one lakh crore in large-size housing and township projects. According to the Chief Operating Officer, Strategic Consulting, India & Sri Lanka, Jones Lang LaSalle, A Shankar, the investment in realty sector will boost the sentiments and generate jobs as the anticipated growth of industrial development, there is also possibility of satellite townships to emerge. He said that real estate sector will play a key role, be it plotted development or residential and that the investment will be in diversified sectors be it industrial, residential or in the information technology and retail realty segments.
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