Promoters or builders who are found to have flouted building rules will not be given approval for their next project, Information and Urban Development Minister Parithi Ellamvazhuthi said here on Friday.
This would come into force shortly. Those found violating the rules repeatedly would be blacklisted. These measures were essential to regularise development, the Minister said. He was speaking after inaugurating ‘Fairpro 2010,' a three-day property fair being organised by the Confederation of Real Estate Developers' Association of India, Tamil Nadu (CREDAI), at Chennai Trade Centre, Nandambakkam.
Pointing out that housing was every individual's dream, he said the State Government had simplified norms for the benefit of the industry and the citizens.
Listing out various measures introduced by the Chennai Metropolitan Development Authority (CMDA), its Member Secretary Vikram Kapur highlighted the need to promote affordable housing. Though the Second Master Plan had brought in several acres of land that could be developed, land cost still remained high. In a bid to prevent unplanned layouts, local bodies must provide infrastructure before the area is developed for housing.
Another hitch in affordable housing was the huge cost of transaction. CMDA has taken various steps to expedite the process of providing planning permissions. The system of computerised plan scrutiny would be introduced soon, he said. Builders must focus on providing housing in the range of Rs.1.5 to Rs.3 lakh, he said. The rules for providing additional floor space index for projects targeted at economically weaker section have been finalised and sent to the government for approval, Mr.Kapur added.
A message from Deputy Chief Minister M.K.Stalin, read out at the function, lauded CREDAI for its initiatives to bring in latest technology and best practices. He also highlighted its role in promoting affordable housing for lower and middle income groups using cost effective methods.
CREDAI-Tamil Nadu President T.Chitty Babu said property developers from Madurai and Tiruchi are expected to join the association soon. On ‘Fairpro 2010,' he said this was the third in the series of annual exhibition. A total of 45 property developers and six bankers are participating in the exhibition this year. ‘Fairpro 2010' Convenor Sandeep Mehta and CREDAI Vice President Prakash Challa said with the real estate market booming this was the time for the consumers to acquire properties.
ICICI Housing Finance's Managing Director Sanjeev Sehrawat and HDFC's Regional Manager Mathew Joseph spoke. The CREDAI-Tamil Nadu website – www.credaitamilnadu.org - and Fairpro 2010's logo were launched on the occasion.
The highlight of this year's fair is the interest subvention scheme offered by Fairpro to customers who book properties during these three days at the exhibition. Under the scheme home loans would be offered at rates starting from 5.99 per cent. The interest rate offered by bankers at the property fair is eight per cent and above.
Mr.Chitty Babu said the offer is such that the property developers, who are CREDAI members, would bear the remaining two per cent for the first two years on the loan disbursed on or before March 31, 2010. Nearly 70 per cent of properties being marketed at ‘Fairpro 2010' come with this offer. The exhibition offers housing solutions such as integrated townships, service apartments, luxury apartments and villas.
The properties on display are priced between Rs.10 lakh and Rs.5 crore. The projects are in various parts of the city and suburbs, including GST Road, Rajiv Gandhi Salai, Mogappair, Thiruninravur, Velachery and Perambur, he said. The fair will be open between 10 a.m. and 8 p.m.