CHENNAI: Real estate stakeholders are seeking to explore opportunities in Colombo with Credai Chennai taking up the initiative of hosting an interaction towards this purpose.

The interaction was arranged on Thursday to introduce the port city to Credai Chennai members and give them exposure to a world class development.

Chennai’s strategic location in close proximity to Colombo, together with the longstanding commercial and cultural links between Tamil Nadu and Sri Lanka, makes this interaction particularly relevant to Credai Chennai members.

AR Rahul Nadh, member secretary, Chennai Metropolitan Development Authority (CMDA), in his special address, said “CMDA is undergoing a major transformation, including the introduction of SPEED – Single Platform for Efficient Expedited Development, an AI-enabled online planning approval system that will create an integrated digital ecosystem bringing together CMDA, DTCP, urban and rural local bodies and NOC-issuing departments.

Alongside this, the formulation of the Master Plan for the expanded Chennai Metropolitan Area and the ongoing evolution of the Tamil Nadu Combined Development and Building Rules will help create a planning framework that is clear, contemporary and predictable”.

Mehul H Doshi, president, Credai Chennai, said: “Our objective was to showcase Port City Colombo to our members and government officials. It has a great master plan and since the TN government is considering establishing an AI city, this can serve as a good model for the same.”

Thulci Aluwihare, deputy managing director, CHEC Port City Colombo (Pvt) Ltd., said: “Chennai is a natural starting point for this conversation, given its proximity to Colombo and strong real estate ecosystem. India, and south India in particular, is an important market for port city Colombo.

This interaction with Credai Chennai provided an opportunity for the Indian real estate community to understand the port city development and further strengthen cross border investment ties.”