The Chennai Government has officially lifted the prevailing ban on the development and construction of multi-storeyed buildings or MSB in the CMA (Chennai Metropolitan Area) according to reports. This new decision could spur huge growth in the Chennai real estate sector and lead to multiple multi-storeyed housing projects being developed along with new redevelopment ventures that could be started by the TNHB (Tamil Nadu Housing Board) as per reports.
The Government’s approval is reportedly based on the announcement that was made in the State Assembly. However, multi-storeyed building construction will be restricted in particular areas including aquifer recharge zones like the Buckingham Canal and areas located near the Cooum River between the Napier Bridge and Park Railway Station and also the Redhills catchment zones. This decision will free up more space in Chennai city for multi-storeyed residential projects by developers.
Real estate developers have welcomed this move by the Government and will now be reworking their current plans to multi-storeyed buildings from special category buildings. The CMDA has its own development regulations which allow the construction of multi-storeyed buildings on roads which have width of at least 60 feet. The revised applications from real estate developers may be filed for projects that are proposed and would be eligible for MSB (multi-storeyed building) construction. There is no update on whether real estate developers will now undertake negotiations again with land owners who are part of joint ventures in a bid to pass on more benefits as a result of this decision.