A third master plan for Chennai is being prepared, in which combating floods, urbanisation, traffic disruptions and other problems pertaining to the city will be given importance, Chief Minister M.K. Stalin said after inaugurating Statecon 2021 – “Vision Tamil Nadu Growth for The Next 10 Years”, organised by the Confederation of Real Estate Developers’ Association of India (Credai) Tamil Nadu Chapter. The plan is for 2026 to 2046.
He said that a business centre 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 Chief Minister said the government is taking steps to make the State slum-free by 2031 and plans were afoot to provide 9.5 lakh houses to the poor in the next 10 years.
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Mr. Stalin said that under the “Affordable Rental Housing Complex” scheme, private companies should build houses and dormitories on their own land and give it them on rent to those in need for 25 years. “This will be useful for those who work here coming from other States,” he said.
Talking about the real estate and construction sector, Mr. Stalin said the construction industry was a major contributor to the State’s economic growth and was a revenue generator through registration of property. In September alone, the State government earned around ₹5,973 crore through registration of land documents and in November there was an increase of 17% in the registrations compared to last year.
“A single window portal will be introduced to quickly start construction work by approving plots of land within 60 days,” the Chief Minister said.
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New chapters
Suresh Krishn, president, Credai Tamil Nadu, said that after the farming sector, it is the construction industry which generated the maximum number of jobs. Credai planned to open five new chapters in Tirunelveli, Dharmapuri, Hosur, Salem, and Karur.
The Chief Minister released the Credai Tamil Nadu CBRE report which highlighted the latest developments in the real estate sector. According to the report, south Chennai was the most active residential destination and housed about 60% of the residential stock in the city.
Key corridors of the south Chennai includes OMR (Rajiv Gandhi Salai), GST (Grand Southern Trunk) Road, and ECR (East Coast Road) along with Velachery, Thiruvanmiyur, Adyar, Pallikaranai, and so on.
A majority of the residential activity was witnessed along OMR and GST. The demand was due to the presence of IT parks and SEZs.
The report pointed out that the increasing manufacturing activity had led to a rise in demand for warehouses over the past few years. The warehousing space in Chennai crossed 28 million sq. ft. by the third quarter of 2021, with close to 10 million sq. ft. added in the past three years.
Western corridors 1 and 2 included locations such as Sriperumbudur, Oragadam, Vallam, Mappedu, Mannur, Tiruvallur and account for about 60% of the stock in the city. Northern corridor, covering locations such as Puzhal, Manali and Red Hills accounts for about 35% of the total stock. The warehousing space take-up in Chennai had been primarily driven by the entry and expansion of FMCG, auto and ancillary and e-commerce.