CHENNAI: State housing and urban department minister S Muthusamy assured the realtors that the government will relax the completion certificate (CC) norms for small residential buildings.
Speaking at STATECON, a real estate conclave organized by CREDAI (Confederation of Real Estate Developers' Associations of India), Muthusamy said that as per present norms exemption from getting completion certificates are given to buildings up to 750sqm with three kitchens.
"However, action will be taken if violations are found during the inspections. Now, we are trying to increase the number of kitchens to 8 for getting CC exemption. This requires 12 amendments. But the relaxation will be done, " he said.
He added that out of the 43 requests from the industry consolidated, the government is in the process of implementing 25 requests.
"We also assure the industry your needs are looked into and we will offer the maximum support. We are also looking into the Building Height approvals and FSI etc. and an announcement should be made at the earliest opportunity, " he said.
CMDA minister PK Sekarbabu, said that the request for Single window clearance is on the cards.
Between 2021-2023, 605 approvals were granted for NHRB (non-high rise building) when compared to 426 earlier. Also, layout approvals have grown from 197 to 305 and reclassification has increased by 300 per cent based on plan approvals.
A report released at the event said that foreign direct investments in Tamil Nadu and private equity inflows reached USD 81 billion post the global investors' meet. Tamil Nadu's stock market engaged 4.7 million investors with USD 28 billion assets under management, predominantly in equity (59 per cent), the report added.
The report was prepared by Frank Knight and CREDAI Tamil Nadu, and released at the event.