FSI norms could change skyline of Chennai
As the relaxation in floor space index (FSI is the ratio of land area to built-up area) and premium FSI – announced by the state government recently – sinks in slowly, old apartment complexes and housing board developments could gear up for redevelopment, potentially changing the skyline of Chennai.
In the years to come, many parts of the core city could see emergence of new vertical villages and disappearance of low-rise apartment complexes and independent houses. It could also reverse the trend of people moving out of the city in search of housing stock and attract a sizeable population into the developed parts of the city with better civic infrastructure. Redevelopment is a win-win proposition for both apartment owners and developers, said Confederation of Real Estate Developers’ Association of India (Credai) Chennai chapter vice-president S Sridharan.
“All over the world, governments find it difficult to fulfil increasing housing demand in cities. Prohibitively high land prices make living in cities unaffordable for a vast majority of people. The only way to bring down prices and make housing affordable to common man is by increasing FSI. The government has taken the right step,” said Credai Chennai president W S Habib.
End-users prefer high-rise buildings for better ventilation and lighting, more open space and landscaping, multi-level car parking, effective rain water harvesting, safety and organised amenities, said Habib.