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News & Views on Indian Real Estate

Tuesday, September 09, 2008

Chennai To Become The Most Sought After City


The capital city of Tamil Nadu, Chennai has a new master plan. The metropolitan development authority has permitted hundred floors, if the building is abutting a hundred feet road. Earlier, a ceiling and only 29 floors were permitted. The Chennai real estate industry is delighted. "This means better lighting, better ventilation, and fantastic designs due to the vertical growth," said Mr. T Chitty Babu, CMD, Akshaya Homes. Those living in smaller homes will also benefit from the city's master plan. The floor space index or FSI has been altered from 1.5 to 1.75, up to a maximum of 450 square feet. For example, those who have a plot of 200 square feet could build a house up to 350 square feet on two floors. There could be more residential areas along the city’s mass rapid transport system, as the FSI has gone up from 1.5 to 2. This means they will have thirty percent more space to build. And ten percent of homes ought to be allotted to economically weaker sections in all private projects developed in a hectare or above.

Divya Arora said...

I have stayed in Chennai for around 2 years, and have witnessed the phenomenal growth which this metro has embarked, almost every IT company is here and it is going to become next Detroit of India, almost every automobile manufacturer is setting up its plant here. This stupendous rise is because of the optimistic attitude of the Chennai state government which has eased up its policies for acquiring land, construction, regulatory clearances take lot lesser amount of time compared to the other states. Even in allocating space for SEZ the state has never been in news for any sort of troubles. Chennai really has a bright future despite its humid climate, as the state has good local talent available, has got lot of Punjabi restaurants, discs, good hotels for north Indians to enjoy and feel comfortable.
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