CHENNAI: The skyline along railway tracks within the Chennai Metropolitan Area is expected to rise as state govt has brought MRTS and suburban corridors under transit oriented development (TOD), entailing a 50% waiver in premium FSI (floor space index) charges for property constructed 500 metres on either side of the corridors. Builders expect affordability for purchasing homes, especially for the middle class, to improve.
“As of now premium FSI charges for high rise buildings (HRB) is 40% of the guideline value and 50% for Non-HRB. This will drop to 20% and 25% on these corridors,” said a Chennai Metropolitan Developmejnt Authority (CMDA) official. Tamil Nadu Housing and Urban development department has made the amendment in the Tamil Nadu Combined Development and Building Rules, 2019, to bring these two corridors under the TOD. This is expected to benefit development along the existing MRTS corridor that runs across the city along a 19.7 km corridor between Chennai Beach and Velachery with 17 stations. The additional 5km stretch from Velachery to St Thomas Mount, which is under construction, will have three stations.
The suburban rail corridor from Chennai Beach to Vandalur and from Chennai Central to Tirunindravur, which covers a distance of 90.2 km with 52 railway stations, also stands to benefit.
Builders say the two stretches have good development potential. “We welcome this move. But govt should improve infrastructure on all stretches. What we are asking for is basic infrastructure such as sewer and water pipelines,” said S Sivagurunathan, president, Confederation of Real Estate Developers Associations of India.
G Mohan, president of Chennai Southern Builders Association, said there will be good growth on the suburban corridor. “More people will move along these corridors and use of public transport will be enhanced,” he said.
T Sadagopan, a consumer activist, said the face of western suburbs will change. “Development in southern suburbs has been tapped, but in western suburbs it is catching up. This will boost development because of easy access to Outer Ring Road. Work is on to construct Tidel Park in Pattabiram, so many people will move here and demand for housing will increase.”
