There are many builders in Chennai but it is a common difficulty for every builder that there is less land availability inside the city. In areas like Nungambakkam, T. Nagar, Poes Garden,etc there is lot of pressure on Chennai builders to promote flats with good space and all amenities.
It might be an issue to construct such spacious luxury flats in Chennai due to less availability of space. The solution that the builders seem to have derived is redevelopment of properties. Redevelopment is a major process which seems to be catching up as a trend in Chennai with the increase in demand for luxury flats in the centre of the city.
Re-development means owners of apartment blocks with adequate open space can partner with a developer to bring down the old structure and build more apartments. As a result, residents can get larger apartments and the developer sells the additional apartments and makes profit.Typically, in old housing projects the Floor Space Index (FSI) is about 1.5 or less against current regulations, including premium FSI, which allows an FSI of about 2.1 more or less.Currently, there are over half a dozen builders in Chennai tapping this market. Builders say re-development provides an opportunity to increase the supply of quality housing within the city.With the public sector Housing Board projects distributed across prime residential areas of the city, and most of them built at least couple of decades back, there is a huge opportunity for re-development and to increase the number of houses in these projects. But a comprehensive policy is needed to tap this opportunity effectively.
The residents will be benefitted as the builders will relocate the residents with a rent allocation and also give them a flat in the construction. Along with the new home, the residents will also have the advantage of modern facilities and so they will have no room for complaint.
Redevelopment will surely help the builders and buyers to have better homes in the hub of Chennai.