Chennai Corporation, with support from line agencies, has planned to construct a 21-storey multi-modal hub of 10 lakh sq. ft. in Broadway under public-private partnership, integrating the Chennai Metro.
The final feasibility report of the multi-modal hub was presented in Ripon Buildings on Monday.
“The facility will be developed by increasing the FSI (Floor Space Index) from 3.25 to 5.3. It will have parking space for 1,904 cars and 1,820 motorcycles,” said an official.
ADVERTISEMENT
The bus stand will be developed with 97 bays across two floors. The lower ground floor will have 53 bus bays, while the upper level will have 44. The leasable area in the multi-modal hub will be 92,800 sq. m, with commercial and retail permitted on all 21 floors. The development of the infrastructure includes an interchange hub for intra-city buses, Metro, MRTS and para-transit modes of transportation.
“Parking fees are yet to be finalised. But the consultant has suggested ₹20 for motorcycles and ₹50 for cars for the first hour. But we will not accept higher parking charges,” said an official.
The rental rate is likely to be ₹80 per sq. ft. per month. The occupancy rate is expected to be around 95%.
ADVERTISEMENT
The development of the Broadway bus stand, which is a social project, will involve 36% of the total project cost. But the revenue share will be just 1% from bus operations. So the support in the form of grant is expected to promote the project.
At Nungambakkam too
Similarly, the final feasibility report of the 13-floor multi-level car parking facility with commercial space on Nungambakkam High Road has also been completed.
The parking lot will have a total capacity of 238 cars and 320 motorcycles, including commercial development. The parking lot will be developed on 64 cents of land. The two basements will have parking space for motorcycles. The first to fifth floor will have parking space for 188 cars. The sixth to thirteenth floor will have office space. The building and parking lot has been planned in the retail hub of Nungambakkam surrounded by major centres such as Chetpet, Egmore, Teynampet, T.Nagar, Kodambakkam, Choolaimedu and Aminjikarai.