A report launched by Confederation of Real Estate Developers Associations of India (CREDAI) finds out that Tamil Nadu, one of the largest economies in India has a well-balanced regional growth with contributions coming from the smaller cities especially CMTS. The drivers for the CMTS includes planned infrastructure, connectivity with major hubs like Chennai and Bengaluru and adequate human capital.
Backed by business-friendly policies, along with existing templates for accelerated growth, CMTS is poised to emerge as a powerhouse in India. Economic and employment growth will in turn create demand for housing and other allied support sectors.
The proposed developments will play a key role in the future of these cities.
Tamil Nadu, unlike many other states of India has been fundamentally strong in manufacturing as well as in the services sector, a phenomenon which creates a unique economic balance for the state. While Chennai is definitely an economic powerhouse, other cities in the state like Coimbatore, Trichy, Madurai and Salem also have their own stories of progress.
Apart from their conventional growth drivers (viz. Tourism, Education, Textiles respectively) these cities are being driven by infrastructure growth. New defence corridors, Smart city projects, Aerospace parks are all propelling growth in these locations and these changes are set to provide a fillip to their real estate markets.”
The state is focused on creating the right environment for the real estate sector in that will act as a catalyst for the growth of the state. Real estate is a nationally significant contributor to GDP and it is no different in Tamil Nadu. This is the right juncture for the state to take the next few steps in creating globally commensurate real estate in order to attract and sustain growth. CREDAI endeavours to help this sector align to changes that impact the sector. We envision that the establishment of RERA and GST would help us make greater contributions in the future to the growth of the state.
The state will receive investments worth INR 45,000 Cr from various industries as follows
· Petroleum refinery projects – INR 28,800 Cr
· Tyre manufacturing plants – INR 4,000 Cr
· Other prospective investors include automobile and auto components, glass and glass fibre manufacturers, textiles etc.>