: Inaugurating a three-day exhibition displaying completed and under-construction real estate projects for sales in Trichy,
, principal secretary, housing and urban development, said that common building rules with relaxed construction parameters would be notified soon.
Real estate developers who have been awaiting the implementation of revised rules said that the housing projects could be made more affordable for the public through relaxations.
More than 30 stalls displaying 50 projects, mostly apartments and gated communities, are being displayed at the property exhibition being organized by the Trichy chapter of Confederation of Real Estate Developers’ Associations of India (Credai).
S Krishnan, who was the special guest for inaugurating the exhibition at Hotel Sangam on Collector Office Road, said that the real estate sector had been gaining ground in the state. “Real estate sector contributes to 30% of the state’s economy and a large number of jobs have been generated through the sector. Since the floor space index (FSI) was revised recently, we are confident that housing will become cheaper,” Krishnan told reporters. The increase in FSI would facilitate maximum use of land by developers to raise housing projects.
Real estate developers expected the revised rules to have parameters such as reduction in setback area (distance between buildings) and relaxation to increase the number of floors from four to five to make real estate projects affordable. “Mandatory width of the road was fixed at 30 feet to establish apartments which we expect to be relaxed to 23 feet in the common building rules. More the units in a project, lesser its capital,” Karthik Mohandoss, proprietor of Whiteline property developers, told TOI.
Seven leading banks including State Bank of India have established stalls to explain to the visitors about home loan options available. Similarly, construction material dealers have also established stalls to explain the quality of materials used in construction sites.
The property expo would go on till Sunday.