The Best Investment on Earth is Earth

CMDA’s Recent Move Shall Favor the Individual Buyer and Small Scale Real Estate Developers

  • A
  • By Admin
  • Oct 14, 2019
  • 0 Comments
  • 0 Likes
  • 62 Views

In a recent move by the Chennai Metropolitan Development Authority (CMDA), the local bodies including the Great Chennai Corporation can hope to reap the benefits of floor space index (FSI) under the Tamil Nadu Combined Development and Building Rules, 2019.

Floor Space Index refers to the ratio of the plot size to the size of the total permissible coverage area upon which the construction happens. Thus, if a city has an FSI of 2 in a particular area, then the individual can build a coverage area of 2000 sq feet on a 1000 sq feet plot.

The earlier rule mandated that in order for approval, the building shall be of nine meters height along with a ground floor or a first floor. In the case of a stilt floor (ground level portion without enclosures, constructed for parking), the rule was extended up to three additional floors including the stilt.

But after a delegation of powers, the Greater Chennai Corporation can now grant plan approvals for all residential buildings up to the height of 12 meters in 10,000 sq feet with ground plus two floors or stilt plus three floors and not more than 16 dwelling units.  

This move has been greatly appreciated and received by KS Prabhu, State Government, Chairman of Builders Association of India, Southern region, who went on to say that this modification holds good promise and shall bring in a fresh breathe of air to projects that have been stalled due to the delay in the delegation of powers to the local bodies.

The local bodies, comprising of the panchayat unions and municipalities, were mandated by the law to follow the old rules where approval was denied to buildings above the height of nine meters. With this new amendment in the scene, individual owners and small builders can hope to realize the full effect of the FSI of 2. Under this new amendment, local bodies will be allowed to give the nod of approval for a building of stilt plus three floors with a height of 12 meters.

According to S Sridharan, Chairman of Confederation of Real Estate Developers Association of India, Tamil Nadu, this rule modification would greatly benefit city developers and enable them to capitalize on the housing board plots to add a few other dwelling units. He says that areas like Anna Nagar, Ashok Nagar, and Besant Nagar in Chennai, will see a surge in constructions in a short while.

This move can bring in a boost in real estate development enabling ambitious individual buyers to finally realize their dreams of owning their own built house.

Leave a Reply

Your email address will not be published. Required fields are marked*