Chennai
Strategic location advantages, vast open area, eligibility for higher FSI and an ever ready developer community to convert the existing site into a modern day multi-story apartment complex have all made erstwhile Tamil Nadu Housing Board occupants to wonder how best they can make better use of their crumbling units in prime city areas in Chennai. There are at least 10 medium to large-scale developers who have undertaken the task of redevelopment assignment in main areas in the city. An estimated 1,000 such projects may undergo transformation spinning a huge opportunity for both developers and occupants.
The momentum has already started and the coming years will see Chennai’s vibrant city areas like K K Nagar, Anna Nagar, Thiruvanmiyur, Besant Nagar, Korattur and Mogappair replacing housing board units with private multistoried buildings with better amenities, higher FSI, and a chance for the owners to earn monetary incentives as well in some cases. There are areas where the frontage is substantial ranging from 500 to 700 ft.
Among the city’s developers who have undertaken the development include Ramaniyam, KGS, Pushkar Properties, India Builders, Landmark, Green Peace Foundations and a few others.
Enhanced FSI from 1.5 to 2.1, opportunity to use premium FSI, possibilities of mixed development, leverage to get additional amenities like covered car park, lift, gym, club house and children’s play area are the cascading affects of redevelopment for housing board flat owners. Industry experts say that it is a win-win situation for both the developers and those owning the housing board units to realise their lifetime of living in large sized units with better amenities and that too within the city areas. Moreover, increased rental prospects will be a big boon to those in the retirement ages for whom the main income would be from the housing units.
All said and done, it will be a time consuming process as housing board projects vary in sizes and the association members will have to marshall the efforts of those who may not agree to the terms and conditions prescribed by the developers. Yet, many developers have already made in-roads in this area for whom a big redevelopment opportunity is awaiting to be encashed in the coming years.
Source: http://content.magicbricks.com/redevelopment-in-chennai-poised-for-next-major-leap
