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Incentives and policy support in the housing sector needs to focus on increasing supply of built up space, according to Mr T. Chitty Babu, President, Confederation of Real Estate Developers Association of India – Tamil Nadu.
Supply of housing in the affordable segment and economically weaker sections can happen on a large scale only with appropriate support. Addressing the end-user segment alone will push up demand without proportionate increase in supply and further aggravate the shortage. Prices will also go up, he said.
Mr Chitty Babu was addressing media persons at a curtain raiser on Fairpro 2011, a three-day property fair being inaugurated in Chennai on Friday. Over 50 builders from Chennai and Coimbatore will showcase residential projects spanning a wide spectrum of the market. Residential unit from around Rs 15 lakh to over Rs 5 crore will be available at attractive rates.
Credai is working towards ‘fair practices in property deals' and has set a code of conduct for its member developers. In Tamil Nadu, over 253 developers have signed on with 103 from developers in Chennai alone becoming members. The organisation is spreading to smaller towns including Coimbatore, Salem, Madurai, Tiruchi and Puducherry.
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