Having exhausted most of its land bank, the Tamil Nadu Housing Board (TNHB) is planning to take up joint ventures with private land owners in the city, as well as in other parts of the State.
According to sources in TNHB, the proposal has been initiated as there is a paucity of land availability in and around the city. Moreover, the Board is facing difficulties in acquiring land for housing development.
In a bid to continue to develop projects, it has decided to procure property from private land owners, and construct apartments on a joint venture basis. “We are willing to develop property in less than one acre of land too. However, it has to be free of encroachments and have a proper approach road as well as access to transport,” said an official.
TNHB is looking for land in the city, as well as within a 40 km radius of Chennai. It will also consider plots within a 15 km radius around all district headquarters across Tamil Nadu.
“We have not identified any sites so far. We are looking at various agreement options with land-owners that would be profitable for both sides, be it providing a share in the apartments built or a profit,” said a source.
Tamil Nadu Urban Infrastructure Financial Services Limited has made a study on the documentation process and will help in arriving at a consensus about the type of agreement to be had with land owners.
TNHB also plans to demolish flat complexes which are 30-40 years old, with low floor space index (FSI) and develop them with more built-up area according to the FSI permissible now. Some of the complexes may now qualify for higher FSI.
People who are willing to develop housing on a joint venture basis, cam contact TNHB’s superintending engineer (project) at 044-24331506.