Infrastructure

Few takers for TNHB’s massive highrise project

Over 620 flats will be part of the complex on the 3.7-acre plot in K.K. Nagar. Photo: M. Vedhan

Over 620 flats will be part of the complex on the 3.7-acre plot in K.K. Nagar. Photo: M. Vedhan   | Photo Credit: M_VEDHAN

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The Tamil Nadu Housing Board has received a very poor response to one of its biggest highrise housing projects in the city.

The government housing agency has received just 285 applications for the 627 flats it plans to build near Ashok Pillar.

TNHB staff said the cost — Rs. 9,300 per square foot — was a likely reason for the poor response. The Board has planned 55 LIG flats in one block and 572 MIG flats in 3 blocks on stilt plus 11 floors on land measuring 3.7 acres. The site is between ESI Hospital and K.K. Nagar depot of Metropolitan Transport Corporation The Hindu.

The flats measure between 589 and 599 square feet (LIG) and 824 and 867 square feet (MIG) and are priced between Rs. 54.6 lakh and Rs. 82.3 lakh respectively. TNHB extended the last date for submitting applications twice, but the response remained poor, staff said.

“The interest among people to buy a TNHB flat is certainly missing,” said a market analyst, adding that the per square foot rate matches current market rates and hence, the poor response. TNHB’s flats used to be much sought-after once as they assured 100 per cent compliance with norms and were within the reach of the salaried class. He pointed out that the Delhi Development Authority had embarked on a massive plan to construct 25,000 flats in National Capital Region. DDA proposes to sell a single bedroom LIG flat measuring between 337 and 799 square feet at a tentative cost from Rs. 14.57 lakh to Rs. 27.85 lakh, while MIG flats between 689 and 1073 square feet are priced between Rs. 28.76 lakh and Rs. 71.42 lakh.

Officials however rejected the view that interest from people for their flats was on the wane, adding they expected the sale of application forms to pick up.

The price quoted for their flats was low compared to prevailing market rates and keeping in mind the amenities provided by TNHB that could not be offered by any other builder eg: open space.

“This is a clear indication of commercialisation of housing, a basic need. The TNHB should not sell its flats at rates offered by private builders. This is not what the government intended in its plan of low cost and affordable housing to all,” said G. Selva of Virugambakkam unit of Communist Party of India (Marxist).

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Printable version | Jan 26, 2020 7:46:48 PM | https://www.thehindu.com/news/cities/chennai/chen-infra/few-takers-for-tnhbs-massive-highrise-project/article6578742.ece

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