Chennai to See a Spurt in MSB Project
Chennai to See a Spurt in MSB Project. The Chennai metropolitan area (CMA) to see a spurt of new multi-storeyed projects in redevelopment ventures, mostly initiated by the Tamil Nadu Housing Board (TNHB) as the government order lifts the ban on construction of multi-storyed buildings (MSB). S. Krishnan, Housing, and urban development secretary said that the approval of the government was based on an announcement made in the assembly.
Chennai to See a Spurt in MSB Project. However, as per the order, there would be restrictions on construction of MSBs in certain selected areas, MSB will not be allowed in aquifer recharge areas including the Buckingham Canal, areas near the Cooum river between Park railway station and Napier Bridge and Redhills catchment areas.
Confederation of Real Estate Developers’ Association of India (CREDAI) Chennai chapter vice-president S Sridharan, said that the move would result in developers revising their existing plans from special category buildings to MSBs. However, the development regulations of the CMDA allows, MSBs only on roads with a width of 60 feet. Against the backdrop of the government order, it is likely that revised applications could be filed for proposed projects that would qualify for constructing MSBs.
According to Realty sector sources, the move would ensure more space within the city for MSB projects. However, the question of developers renegotiating with landowners in joint ventures passing on the benefits following the move remains unanswered. Read more