CHENNAI: Following the laying of foundation for the second phase of Chennai Metro, real estate developers are vying for developing housing and commercial projects along the stretch with a hope that the state will unlock it for Premium Floor Space Index at 50 per cent discounted rate.
S Sridharan, chairman of CREDAI, Tamil Nadu chapter told Express that CREDAI has given representation to Chennai Metropolitan Development Authority to allow premium floor space index at 50 per cent discounted rate and said the government will decide on it soon.
Sridharan, said that under the present metro rail corridors, existing and proposed properties located within a distance of 500m measured from the centre line of the corridor, Premium FSI is being charged at 50 per cent of the normal Premium FSI rate. Once, the clearance is given, then Chennai’s landscape is likely to undergo change in the proposed 118km stretch under the second phase which links the North Chennai to IT corridor.
A Shankar, Chief Operating Officer, Strategic Consulting, Jones Lang LaSalle (JLL), told Express that it is the right time for government to consider providing premium FSI at discounted rate. “Usually a metro corridor takes five to 10 years to develop and all development will move towards the corridor if the government provides premium FSI at discounted rate, he said adding that this will reduce congestion in the city.
Siva Krishnan, Managing Director-Chennai and Coimbatore, India Head-Residential Services, JLL, told Express that the any reduction in premium FSI will benefit the customers. Although he said that vertical growth may not be there across the entire stretch but some of the areas are bound to grow. “There will also be a equilibrium in prices where in well developed markets like Shollinganallur will stabilise and areas like Navalur, Padur and Thoraipakkam will grow.”
It is learnt from official sources that Chennai Metropolitan Development Authority that they have asked the government to amend the Tamil Nadu Combined Development and Building Rules 2019 so that the benefit is passed to the proposed corridor. As per the Comprehensive Mobility Plan prepared for chennai Metropolitan Area, 11 transport and metro corridors to realign growth, and redevelop through integration of land use and transport following Transit Oriented Development (TOD) Model.
These include Old Mahabalipuram Road (OMR); GST Road -NH32 (Kathipara Junction to Urapakkam); Arcot Road -SH113( Arcot road to Dharkast Road); CTH Road-NH716 (Padi to Thiruniravur); GNT Road-NH16 (Vyasarpadi to Padiyanallur); Outer Ring Road (Vandalur to Minjur Road); Chennai Central to St. Thomas Road (Metro Corridor-1); Chennai Airport (Meenambakkam)-Wimco Nagar Road (Metro Corridor-2); Madhavaram to SIPCOT Road (Metro Corridor-3); CMBT-Light House Road (Metro Corridor-4) and Madhavaram to Sholinganallur Road (Metro Corridor-5). The Comprehensive Mobility Plan has proposed a Floor Space Index (FSI) of 2.5 along all the identified roads and proposed metro corridors and an floor space index of 4 along the Outer Ring Road. Promoting higher FSI along these major mobility centres shall enhance the existing and proposed public transport systems, said CMP study.