FSI revision fails to attract Chennai developers
City-based developers are not cashing in on the revised floor space index (FSI) provided by the state government to promote vertical development. On October 26, 2018, an uniform FSI of 2.0 came into effect for residential construction across Tamil Nadu with FSI up to 4.87 in some cases for a premium
Published -
Jul 31, 2019 6:29 AM
City-based developers are not cashing in on the revised floor space index (FSI) provided by the state government to promote vertical development. On October 26, 2018, an uniform FSI of 2.0 came into effect for residential construction across Tamil Nadu with FSI up to 4.87 in some cases for a premium. But a comparison of the January to June period in 2018 and 2019 did not bear out reports by private real estate consultancy firms of a boom in new launches in Chennai’s real estate market. Data with the Chennai Metropolitan Development Authority (CMDA) revealed that while the planning authority issued approvals for 135 housing projects under special buildings category from January to June 2018, the number was 131 for the corresponding period this year. An additional floor was added to the special buildings category (which would now be stilt + five or ground + four floors), when it was reclassified this February as ‘non high rise buildings’ after the introduction of the Tamil Nadu Combined Development Regulation and Building Rules 2019.
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