TN seeks to rope in Singapore firms for housing projects

Tamil Nadu is exploring the possibility of developing housing projects in collaboration with Singapore firms, the state’s Minister of Finance and Human Resource Management Palanivel Thiaga Rajan said. Participating in a panel discussion ‘Partnering with Tamil Nadu for Technology, Innovation and Entrepreneurship’, organized as part of the NTU Singapore-CII Singapore-India Dialogue this week, he said there is a cultural and natural connect between Singapore and Tamil Nadu. Several firms from the city-state, including GIC and CapitaLand (formerly Ascendas), have invested in real estate assets and REITS in Tamil Nadu in the past. “There is ample scope for such asset managers and developers as well as the Tamil Nadu government to explore more such possibilities with the technical know-how of Singapore firms. “Our housing minister has informed me there are plans to promote couple of flagship housing projects in Chennai in collaboration with Singapore firms. We could explore more such opportunities to collaborate in the commercial real estate space,” Thiaga Rajan said. “Fintech is one area we could collaborate more, especially in credit risk management in handling unsecured debts, besides working on a quicker and predictable dispute solution mechanism,” he said. See also: Kotak eyes $1 bn fund to invest in residential market in five citiesLulu Group to invest Rs 30 bn for India’s biggest mall