Ranked Second In Realty Sector For Its Transparency

Real Estate Transparency Survey 2011-12 ranks Chennai the second only behind Andhra Pradesh on various parameters while determining transparency. Chennai is followed by Maharashtra, NCR-Delhi, Karnataka and Gujarat on the transparency index of 20 leading Indian states. As the study was conducted by the Confederation of Real Estate Developers Association of India (CREDAI) in association with property consultants Jones Lang LaSalle. The 5 factors that are taken into thought whereas arriving at the ratings, conjointly ranked second as so much as availability of market data and reforms in urban native bodies are involved. Report says that there's simple flow of information within the sector through real estate portals, money statements of listed developers and portion indices whereas many urban reforms are dole out underneath the JNNURM. General Manager of Project Coordination of Appaswamy Real Estates. Colonel P Isaac, stated that  the interaction with customers helps us achieve this. At every stage of the deal, they update them with the materials used and their cost. They also ensure that the necessary government approvals are in place to proceed with buying and constructing a house or an apartment. The study of residential property in Chennai is the bottom line of a survey, where the respondents were asked about parameters such as experience with government machinery, legal aspects and time required for approval and the levels of corruption. As they have studied government policies and their track record for deciding on factors such as inclusive and sustainable development. What would sound like music to the ears of home buyers plagued by the prohibitive costs of the estimated super built-up area, more than 90% of the developers have expressed their willingness to provide actual measurements for calculating saleable and carpet area to home buyers and also agreed on the need to define a uniform carpet area and saleable area across the country. The real estate market in Chennai is driven by the tip user who needs to pay his savings to shop for the dream home, hence it became prudent for them to transact with developers with a decent name. Also witnessed new players in the real estate market who are originally from other industries. Having good experience and now that they have some international real estate brands entering the market of property in Chennai. These factors are responsible for enabling the market to evolve. Majority developers are also not inclined towards disclosing the source of funds or the shareholding pattern in their residential property in Chennai. Report goes like that the proposed Real Estate Regulatory Authority will make the stakeholders more responsible towards their commitments and infuse more confidence which is currently lacking in the realty industry. Chennai based developers has taken the lead to create awareness about the nitty gritties involved while investing in property in Chennai . The do’s and don’ts while investing in apartments contain simple facts which a home-buyer should invariably look at before plunging into investment. Coming from the developers community this will herald a new era in real estate sector towards transparency and integrity in the way the business is conducted at present.