TN plans Rs. 17, 230cr housing units

In order to push the supply of residential units in the housing sector, the Tamil Nadu Housing Board is working on new business models including joint development and land pooling concept in real estate sector, Secretary, Housing and Urban Development, Phanindra Reddy said, adding that the public sector housing provider has run out of land bank stocks and is exploring new business models under which the housing board and Tamil Nadu Slum Clearance Board together have planned to provide over 1.85 lakh residential units at a cost of over Rs 17,230cr over the next five years.

The plans included joint development of land and land pooling in which the land owner not just gets the market price for land but also benefits from the value addition to the land as he gets a share of the developed portion. The local agencies such as the Housing Board, Chennai Metropolitan Development Authority and the housing cooperative societies are all focused on improving service delivery. Focus is also on planned development of smaller cities and towns. State Governments have to strengthen the capacity in skills and processes in the local bodies for improve urban governance. Development of satellite cities is of primary importance to bring down pressure on existing urban clusters. Success stories in Delhi and Kolkata are a proof of the necessity for satellite cities. Redevelopment of cities while protecting heritage structures is also important, he insisted.