The State government is considering changing the Floor Space Index (FSI) above 3.25 in integrated townships. One of the critical ideas to remember when buying properties is known as the Floor Space Index (FSI) which also goes by the name Floor Area Ratio (FAR), in a nutshell, it’s the largest floor space that can be built on a given piece of property by a builder. The purpose of increasing FSI is to stimulate large private sector investment. They’re finalizing a new policy to assist these integrated townships, demonstrating their commitment to promoting development and progress in these regions.
Presently, the Chennai Metropolitan Growth Authority (CMDA) has established the FSI for property structures at 1.5 and 2 locations, while for industrial structures it can increase to 3. According to sources, CMDA is thinking about boosting the optimum FSI to 6.5 in the Transit Oriented Development (TOD) location along the Chennai Metro Rail and the MRTS corridor. The following adjustment could prompt programmers to advocate for a higher FSI in these areas.
According to sources, the usual FSI for integrated townships will depend on the road width, in compliance with the Tamil Nadu Combined Development and Building Rules (TNCDBR). However, officials are thinking about introducing a flexible FSI system. This would allow any unused FSI from one location to be transferred and used at another location within the same integrated municipality.
According to market sources, developers might push for an even higher FSI than what’s currently proposed in the policy. While the state doesn’t have many proper integrated townships yet, there are a few residential townships developed by some Chennai builders. These could potentially be converted into integrated townships by adding the required amenities. Inside the city, integrated townships could be created on 25 acres, whereas on the outskirts, they could span anywhere from 100 to 200 acres or more.
Furthermore, Integrated townships are set to drive economic growth, attract investment, and boost employment. Post-pandemic, homebuyers are increasingly interested in these integrated township models, seeking better community living and amenities. Gated projects appeal to all segments of homeowners. Buyers will benefit from these township projects as they offer education, healthcare, entertainment, and retail all in one convenient location. This comprehensive approach meets their needs and promises a multiplier effect on GDP growth.
In a position where land usage conversion is needed to make certain accessibility of large pieces of adjoining land, rezoning will certainly be chosen by the designated committee for developing Integrated Township by the government, market sources have claimed this information. Nevertheless, the most significant obstacle will certainly be modifying the Spatial Planning Act. The existing regulation does not provide for municipal policy.