Chennai: CREDAI Chennai hosted an interaction between its members and representatives of Port City Colombo in Chennai yesterday. The interaction was arranged to introduce Port City Colombo to CREDAI Chennai members and give them exposure to a world class development. The initiative was relevant to members as it enabled them to understand the project, its development framework and the opportunities that may be of interest to real estate developers and allied industry professionals.
Chennai’s strategic location in close proximity to Colombo, together with the longstanding commercial and cultural links between Tamil Nadu and Sri Lanka, makes this interaction particularly relevant to CREDAI Chennai members. The geographical proximity provides Chennai-based developers and professionals with an opportunity to understand a nearby regional market and independently explore potential areas of engagement in real estate development, construction, design and allied services.
Members also had the opportunity to interact directly with the Port City Colombo representatives, seek relevant information and independently assess the opportunities based on their respective business interests and priorities. The programme was also attended by CREDAI Chennai office bearers, member developers, industry representatives and representatives of Port City Colombo.
Thiru A.R. Rahul Nadh, IAS, Member Secretary, Chennai Metropolitan Development Authority (CMDA), attended the programme as the distinguished guest and delivered a special address. “Chennai is evolving rapidly in terms of scale, infrastructure, investment and urban growth, and our planning and regulatory systems must evolve alongside it. CMDA is undergoing a major transformation, including the introduction of SPEED – Single Platform for Efficient Expedited Development, an AI-enabled online planning approval system that will create an integrated digital ecosystem bringing together CMDA, DTCP, urban and rural local bodies and NOC-issuing departments. Alongside this, the formulation of the Master Plan for the expanded Chennai Metropolitan Area and the ongoing evolution of the Tamil Nadu Combined Development and Building Rules will help create a planning framework that is clear, contemporary and predictable”.
Speaking on behalf of CREDAI Chennai, Mr. Mehul H. Doshi, President, CREDAI Chennai, said: “Our objective was to showcase Port City Colombo to our members and government officials. It has a great master plan and since the Tamilnadu government is considering establishing an AI city, this can serve as a good model for the same. The interaction enabled members to obtain relevant information directly and independently assess whether any of the opportunities align with their respective business interests. Chennai and Colombo share longstanding geographical and commercial ties, and such interactions can contribute to greater professional engagement between the two cities.”
Speaking on the significance of the interaction, Mr. Thulci Aluwihare, Deputy Managing Director, CHEC Port City Colombo (Pvt) Ltd., said: “Chennai is a natural starting point for this conversation, given its proximity to Colombo and strong real estate ecosystem. India, and South India in particular, is an important market for Port City Colombo. This interaction with CREDAI Chennai provided an opportunity for the Indian real estate community to understand the Port City development and further strengthen cross border investment ties. We look forward to continuing this dialogue and exploring areas of mutual interest.”