Amid rising shortage
of ready-available land for real estate & construction projects, Kerala
could look at places such as Singapore for a model in housing development, said
Mr. S.N Raghuchandran Nair, Chairman,
Kerala chapter of Confederation of Real Estate Developers' Association
of India (CREDAI).
Real estate has
become the largest industry in the state while it is holding the second
position in India. However, the state is left with only 30 % of its overall
land for realty development, Mr. S.N Raghuchandran Nair noted.
"Construction
sector now contributes 6.3 % of of GDP and it generates Rs. 50,000 crore
turnover annually in Kerala," he said.
Mr. Nair complained
that the delay in getting all the necessary clearances in Kerala is one year.
"As the project
is delayed, the consumers have to bear the interest cost & the increase in
building costs," Mr. Nair said.
According to a data
research conducted among roughly 300 projects by the Cochin Chamber of Commerce
and Industry (Cfor CREDAI - Kochi, 65 % of the applicants had to wait for more
than 3 months to get KSEB connection and 101 completed projects still require
tanker water.
Real estate
developers / promoters were of the opinion that as long as the real estate
prices continue to be high in the state, affordable housing would not be
possible in Kerala.
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