By Accommodation Times Bureau
Chennai: The Tamil Nadu Housing Board (TNHB) first time taking initiative to redevelop housing board tenement in Singanallur on a 12 acre land comprising 960 units ranging in size from 260 sq ft to 450 sq ft. approached to people in Coimbatore. The TNHB is likely to undertake the redevelopment projects of approx 10 redevelopment projects across the city.
The TNHB had developed more than 1000 acres of land in the last thirty years and several other are waiting for an appropriate time for redevelopment. It is not an easy task to bring owners to the negotiation table as it takes huge time to for private builders to settle the deals. However, according to the several market players who have been keeping watch on redevelopment projects for many years.
In the current scenario redevelopment has succored the wounded realty market due to the increase in FSI eligibility in the aftermath of liberalized DC (Development Control) rules in the second master plan.
The senior official of TNHB said, the authority is very firm to pay rentals to the flat owners during the period of redevelopment. In addition the TNHB is exploring the possibilities to develop the units through PPP model. The redevelopment drive carried out by TNHB is directly mean to confront with the private developers who have already stuck deals with associations in select projects across the city.