TNHB plans ₹550-cr towering structure

Cashing in on the emerging biz avenues in residential and commercial spaces, the Tamil Nadu Housing Board (TNHB) plans to construct a mall-cum-residential tower in Ashok Nagar of 70-m height and entailing an investment of ₹550 crore. This is the first time a state-owned board is foraying into the mall space. The 22-storey structure would be constructed on the tri-junction plot at Ashok Pillar. It would be a first-of-its-kind initiative for the board that has been traditionally engaged in building shops on commercial spaces. The final design was selected from 10 designs presented by a private architect. While the ground and top three floors will constitute a mall, the remaining floors will have 268 three-BHK apartments of 1,700 sqft. About one-lakh sqft of space will be earmarked for the mall with each floor of 24,000 sqft. ₹227.26 crores has been earmarked for construction of the entire structure on a 2.13-acre land, said official sources.