Relaxed FSI will give more room to Tamil Nadu housing board settlements...

    Relaxed FSI will give more room to Tamil Nadu housing board settlements

    The relaxed floor space index norms (FSI is the development potential of a property prescribed by the regulatory agency and is the ratio of land area to built-up area) could usher in the concept of cluster redevelopment in residential colonies and apartment complexes promoted by the Tamil Nadu Housing Board in Chennai in the last few decades.
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    Housing board apartment complexes

    Housing board apartment complexes on Jawaharlal Nehru Road, Thirumangalam-Ambattur Road and arterial roads in K K Nagar, Ashok Nagar, Besant Nagar and other colonies could benefit the most from the new FSI regime as they are located on roads with a minimum width of 60 feet. Properties on roads with less than 60 feet width are not eligible for maximum FSI. The relaxed FSI norms prescribe 2.8 FSI (including premium FSI) for properties on 40 feet road and 4.875 FSI for those on 60 feet roads. It means on a one lakh sq ft property on a 60 feet road, the redevelopment potential is 4.875 lakh sq ft. However, the minimum size of the property should be 1,500 metres to achieve maximum FSI of 4.875.

    Most housing board complexes, old and new, are bound to be redeveloped with private developers’ participation. Redevelopment of Housing Board projects is an attraction for developers as they lend scope for substantial increase in FSI. Many old apartment projects of the board have achieved only 0.8 FSI. Wherever there is scope for multiple plots to club together, cluster redevelopment could happen as is happening in Mumbai.

    In the run-up to the FSI relaxation, the government recently permitted construction of multi-storeyed buildings on housing board sites and approved layouts. Earlier, only stilt plus four floors could be constructed on such plots.

    The TNHB and its earlier avatar, City Improvement Trust, have developed several localities in and around Chennai. As per the board data, about 1.20 lakh flats, independent houses and plots have been developed by the two agencies in the last 60 years. Of them, roughly 20,000 units are housing plots.

    The TNHB, meanwhile, is working on redevelopment of its rental apartments in some parts of Chennai. “We have already submitted application to the Chennai Metropolitan Development Authority (CMDA) seeking building plan approval for redevelopment of a residential building at Anna Nagar. The old building was pulled down some time ago. The original redevelopment plan was to construct 10 floors, but with relaxation in FSI, the board will now go up to 12 floors and get 33% additional space,” said an official.

    Despite the government relaxing FSI norms and allowing higher development rights for city properties, developers many not be able to achieve it unless the CMDA relaxes setback norms and other development regulations.

    Sources in the government said relaxation in setback norms was already under consideration and could be announced soon.

    Info- https://realty.economictimes

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