The government has lifted the ban on construction of multi-storeyed buildings (MSB) on approved plots in the Chennai metropolitan area (CMA). The move is expected to trigger a spurt of new multi-storeyed projects in redevelopment ventures, mostly initiated by the Tamil Nadu Housing Board (TNHB).

In a government order, housing and urban development secretary S Krishnan said the approval of the government was based on an announcement made in the assembly. However, there would be restrictions on construction of MSBs in select areas. As per the order, MSBs will not be allowed in aquifer recharge areas including the Buckingham Canal, areas near the Cooum river between Park railway station and Napier Bridge and Redhills catchment areas.

Realty sector sources said the move would ensure more space within the city for MSB projects. Confederation of Real Estate Developers’ Associations of India (CREDAI), Chennai chapter vice-president S Sridharan, said the move would result in developers revising their existing plans from special category buildings to MSBs. “The development regulations of the CMDA allows MSBs only on roads with a width of 60 feet. Against the backdrop of the government order, it is likely that revised applications could be filed for proposed projects that would qualify for constructing MSBs,” he said.

However, the question of developers renegotiating with land owners in joint ventures passing on the benefits following the move remains unanswered.

Source: Economic Times, Chennai