CHENNAI: Cities across Tamil Nadu are likely to witness vertical growth and Chief Minister MK Stalin on Saturday assured the Confederation of Real Estate Developers’ Associations of India (CREDAI) that his government will decide favourably over the demand to increase the floor space index.
Speaking after unveiling TN real estate vision document 2030 at Fairpro 2023, which is organised by the Confederation of Real Estate Developers’ Associations of India (CREDAI), Chennai, Stalin said by increasing the FSI, affordable housing can be provided to benefit the poor. He said the government is working with a sense of commitment to provide housing for every family living in Tamil Nadu.
This comes as Chennai Metropolitan Development Authority is mulling to have a maximum floor space index of 6.5 in the Transit Oriented Development (ToD) area along the Chennai Metro Rail and MRTS corridor. The maximum permissible FSI limit across the state is 4.87.
The demand for an increase in Floor space Index was also made by CREDAI Tamil Nadu president Suresh Krishn at the dias on Saturday. The main reason behind revising FSI is to intensify commercial development along the transit lines or roads and achieve desirable transit densities for jobs and affordable housing in the transit-oriented development zone.
The idea is also to improve transit accessibility and mobility. Apart from that, the Chief Minister while reacting to the plea from CREDAI for speedy approvals within 60 days, said the government is taking all steps to meet the changing needs and is committed to providing speedy approval to the projects.
Stalin also highlighted that nearly 49% of Tamil Nadu’s population is living in urban areas, and there is an ever-increasing need for housing for families and commercial space. “I believe there will be huge opportunities in the real estate sector due to the increasing population in Chennai, and the coming up of new industries and increasing demand for housing and offices for companies,” he said.
The Chief Minister also highlighted the plan to build new satellite cities. A total of six satellite towns have been proposed. They include Thirumazhisai, Chengalpet, Minjur, Kancheepuram, Thiruvallur and one near Mamallapuram.
A Government Order is yet to be issued notifying Minjur, Thiruvallur and the proposed satellite town near Mamallapuram, which was announced during the latest assembly session. Thirumazhisai and Chengalpet were notified last year.
The TN real estate vision document 2030 report, prepared by CREDAI along with Savills, has provided recommendations to the state government on different sectors like setting up of Mega Food Park, agro-processing cluster, the establishment of a media city, promotion of the gaming industry, the establishment of Marine park, more amusement parks and other tourism initiatives, pharmaceutical parks, BFSI hub, affordable housing - rental and specialised segment, labour focussed housing, redevelopment of government assets etc.