The Board is looking for plots free of encroachments in locations that are attractive to potential buyers
The Tamil Nadu Housing Board (TNHB) is negotiating with various government agencies including the Tamil Nadu Khadi and Village Industries Board and Hindu Religious and Charitable Endowments Departments for land to develop housing projects.
“We have not procured any land in the last 20 years and now for new projects we are looking at various options including this one. Both these departments have vast tracts of land and we thought we could develop them in a manner that will be profitable to both sides. If they are willing and the parcels of land are found to be at viable locations, other modalities would be discussed and decided,” said a source in TNHB.
The Board is looking for plots free of encroachments and other encumbrances. They must also be in locations that are attractive to potential buyers. The TNHB has exhausted its land bank and is looking to procure property on a joint-venture basis.
Redeveloping old apartments
It is also planning to redevelop old apartment complexes by partnering with their owners.
“There is a trend of owners of old apartments joining with private construction companies. We are looking to redevelop such residential properties. These apartments have only 0.5 or 0.4 FSI with a lot of open space around the houses and they could be developed with more built up area,” said the official.