Residential boom in IT corridor?
By C Shivakumar | ENS | Published: 12th August 2013 07:41 AM |
The IT corridor between Old Mahabalipuram Road and Rajiv Gandhi Salai may soon witness a residential boom, as the Chennai Metropolitan Development Authority is likely to accord special sanctions in permitting non-industrial activity on the sites zoned for industrial use.
CMDA sources said that during a recent authority meeting, it was discussed to permit non-industrial activity on sites zoned for industrial zone in the IT corridor between Old Mahabalipuram Road and Rajiv Gandhi Salai and in the corridor of Poonamallee Road and other areas as well.
Sources said the authority, in its meeting, resolved to continue the present practice of examining the permissibility of according special sanctions prescribed in the development regulations on permitting non-industrial activity on sites zoned for industrial use, on a case-by -case basis in these corridors.
However, this would look into factors of compatibility of the proposed use with reference to the existing developments and other factors contained in the guidelines for special sanction.
CMDA sources said that this would not be applicable to sites earmarked for IT buildings as they had availed of additional FSI (Floor Space Index). The IT buildings were constructed due to incentives given by State Government, which included increased FSI at 3.75 sq metres. It is believed that more than five million square feet of commercial space in IT buildings remain unoccupied following a slump in the IT sector.
The sources added that this special sanction would not be applicable to industrial layouts as well.
The move to permit non industrial activity in industrial zones by CMDA could boost the real estate sector and generate commercial activity in the area.
The move has generated huge interest among the builders who feel this will ease the pressure on housing in that area. M Raghunathan, state secretary, Builders Association of India, TN, welcomed the move and said with the CMDA relaxing the rules, the area was set for a residential boom.