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Today Date : Sunday, April 21, 2024

Government should renovate and redevelop old buildings to create affordable housing

Government should renovate and redevelop old buildings to create affordable housing

CREDAI Chennai's Real Estate Vision 2030 report in association with Savills focuses on housing, including affordable, rental, warehousing, and shared assets such as student housing and senior living. 
With a shortfall of 1.25 million urban housing dwellings in Tamil Nadu alone, the demand-supply gap of urban housing needs to drastically improve. 
 

Locations such as Poonamallee, GST, OMR, and Tamil Nadu Housing Board land parcels in Foreshore Estate can be developed as housing clusters. 
 

Redeveloping Government assets such as dilapidated buildings and developing vacant land parcels have the potential to be built and rented out for 25 years. 
Decongestion of the central areas of Chennai is another high priority that the Government needs to consider.
The Central Chennai decongestion plan holds a lot of opportunities. The report highlights seven key points such as Housing: Affordable Rental & Specialized Segments, Labour focused housing, redeveloping government assets, warehousing parks, plug & play industrial facilities, start-up ecosystem, and decongestion. 
 

Industrial projects are encouraged to develop housing and hostel facilities for employees within a The CREDAI Chennai - Savills report has explored and focused on Seven inherently strong yet high-potential sectors filled with opportunities such as Cold Storage, Media, Gaming, Tourism, Pharmaceuticals, BFSI, and the Toy Industry. Apart from these, potential sectors such as Home Automation, Furniture, and Sports & Recreation industry are also mentioned. 
 

The announcement of mega food parks at Theni, Villupuram, and Trichy and investments to the tune of Rs. 380 crores on 450 acres of land parcels is bound to increase the state share of the cold storage facility from the  1% to a much enviable percentage in the coming years.
CREDAI Chennai recommends a subsidy in electrical tariffs and offers tax benefits on infrastructure creation of cold storage logistics hubs. 
 

Kollywood, the moniker for the Tamil cinema industry, contributed revenues to the tune of Rs. 1750 crore (approximately).