Development in real estate may be skewed in TN

The Real Estate Transparency Survey 2011-12 ranks Tamil Nadu second only behind Andhra Pradesh on various parameters while determining transparency. The state is followed by Maharashtra, Gujarat, NCR-Delhi and Karnataka on the transparency index of 20 leading Indian states.

The study was conducted by the Confederation of Real Estate Developers Association of India (CREDAI) in association with property consultants Jones Lang LaSalle.

Of the five factors that have been taken into consideration while arriving at the ratings, Tamil Nadu also ranks second as far as availability of market information and reforms in urban local bodies are concerned. The report explains that there is easy flow of information in the sector through real estate portals, financial statements of listed developers and real estate indices, while several urban reforms have been carried out under the JNNURM.

Colonel P Isaac, General Manager, Project Coordination of Appaswamy Real Estates told TOI, "The interaction with customers helps us achieve this. At every stage of the deal, we update them with the materials used and their cost. We also ensure that the necessary governmental approvals are in place to proceed with buying and constructing a house or an apartment."

"The study is the outcome of a survey, where the respondents were asked about parameters such as experience with government machinery, legal aspects, and time required for permissions and the levels of corruption. We have also studied government policies and their track record for deciding on factors such as inclusive and sustainable development ," says S Senthilkumaran, President, CREDAI, Trichy chapter.

However, the state lags way behind most states in terms of protection of property rights and in arriving at a model of development, which is both inclusive and sustainable.

The report states, "Land records and registration services in the state are perceived as being corrupt. Enforcement of contracts is difficult. Repeal of Rent Control Act is still pending. Poor air quality and air pollution continue to be a concern."

In what would sound like music to the ears of buyers plagued by the prohibitive costs of the estimated super built-up area, more than 90 per cent of the developers have expressed their willingness to provide actual measurements for calculating saleable and carpet area to buyers and also agreed on the need to define a uniform carpet area and saleable area across the country.