Chennai
The redevelopment exercise that gained momentum ever since the city land prices soared is now entering a new phase. The Tamil Nadu Housing Board itself will develop the 15 projects across the city in areas like Mandaveli, CIT Nagar in Nandanam, Anna Nagar and a few other areas. Bids have been invited to build the housing projects on PPP model which is riveting the attention of the state government to tie up with private sector for housing development.
In a related development, those who own lands bought earlier through TNHB allotment, are also keen to tie-up with the board for joint venture development. An announcement in this regard drew encouraging response from the plot owners, according to official sources.
This is apart from the private sector development across the city where developers have tied up with TNHB apartment owners’ association at strategic locations. As the board has spent for infrastructure earlier, they are now charging for enhanced area development by way of premium FSI to issue no-objection certificate.
A similar exercise would be carried out in Coimbatore in areas like Kaundampalayam, Uppilipalayam and Singanallur where housing board colonies including rental housing schemes are in place. An estimated 200 unit would be developed on PPP model.
Though no development is proposed in Madurai as of now, a study is being initiated to ascertain the condition of the building, age, present construction scenario and current development control norms to explore utilising the additional FSI.
On the flip side, it is not a cake walk for the TNHB despite a major initiative to boost the redevelopment exercise across the state. An estimated 40 per cent of the apartment owners in city areas are reluctant to move out of their existing premises having lived for 30-40 years. The efforts to convince them on the long-term gain of living a larger area and new construction did not yield the desired results so far, say officials.
The TNHB still holds land areas and some of them are embroiled in litigation and there are even pockets of land for which there is no direct access and negotiation has to be done with the private land owners for development.
During the years 1996-2006, the TNHB was lying low due to accumulation of unsold stocks and since then the board has cleared 75 per cent of the stocks in the categories of apartments, houses and plots.
The government had announced earlier of a satellite township in Thirumazhisai at a cost of Rs 2,160 crore on 311.05 acres on land owned by the TNHB. Over 12,000 units will be built and made available to the EWS and LIG and MIG. The project has reached a crucial phase now in land acquisition, say official sources. An estimated 12 acre land involving the access road from the NH4 to the site is in the process of acquisition.
V Nagarajan, Property Consultant
Source: http://content.magicbricks.com/tnhb-gearing-up-for-redevelopment
