Tamil Nadu housing board begins construction of high-rise flats in Trichy – ET RealEstate

TRICHY: The Tamil Nadu Housing Board (TNHB) has started construction work on the city’s first high-rise residential project for the high income group (HIG) category at Varaganeri. TNHB will also construct a high-rise block (above 18.30m in height) on the same campus for the middle income (MIG) and low income group (LIG) categories.

TNHB was earlier renting out 48 flats in Varaganeri near Palpannai (Chennai-Trichy NH and Thanjavur-Trichy NH intersection) to the public. With the structure stability deteriorating, TNHB proposed to demolish the existing flats and build a high-rise residential project with amenities like covered car parking, multiple elevators, power back up, green space for children and CCTV security.

The HIG block with 14 floors will have 56 units, each measuring 1,500 to 1,575sqft floor area. All the units will have three bedrooms and are likely to be sold at Rs 69 lakh per unit. “Since our site is close to multiple national highways, markets and hospitals, the demand was overwhelming during our market research. The flats will be in premium standard, special attention is given to the quality of flooring and elevation,” a senior official with TNHB Trichy said.

TNHB has also applied for administrative sanction to launch a high-rise residential tower each for MIG (14 floors) and LIG (13 floors) categories. A total of 192 units in three different categories will be sold to the public.

“We will notify the sales soon. People can pay the project cost in instalments as the construction progresses,” the official added. The HIG project is anticipated to be completed before April 2023 while the LIG and MIG projects will take two years each to conclude once the work begins.

TNHB is already constructing a separate high-rise project in Mannarpuram for state government employees.



Source link

Trichy: Beneficiaries wait as slum board yet to hand over high-rise flats – ET RealEstate

TRICHY: Though the Tamil Nadu Slum Clearance Board (TNSCB) completed its first high-rise residential project in Trichy more than a year ago, the facility is yet to be handed over to the beneficiaries.

The residential complex at Puthur’s Vannarapettai, which is furnished with amenities on a par with gated communities including lifts, 24-hour power backup and green space, remains unoccupied leaving the beneficiaries in the lurch.

TNSCB projects in Trichy so far were non-high-rise buildings with the height of the complexes falling below 18.3 metres. Vannarapettai project with six blocks built at a cost of Rs 30 crore measures about 80 feet in height.

With seven floors, there are 384 identical dwelling units in the complex each having a floor space of 400 square feet.

While the work on the structure was completed in October 2019, TNSCB is yet to hand over the site to the beneficiaries identified by a committee comprising revenue and TNSCB officials.

Underground drainage and drinking water connections were given by the Trichy Corporation recently. But, electricity connection is yet to be facilitated. The work on the project was launched in June 2017.

As per the proposal, the residential complex must have been brought to use by January 2019.

Even though a couple of years have passed since the deadline, the site still remains unoccupied as TNSCB cites Covid-19 pandemic for the delay.

“We will expedite measures to get electricity connection. By the end of February, we are sure that the complex will be handed over to the beneficiaries,” a TNSCB official said.



Source link

Railways plans residential tower on Chennai’s Wall Tax road – ET RealEstate

CHENNAI: Railways seems to be betting big on real estate development in the city and is planning to rope in private developers to build apartments and commercial complexes on parcels of land totalling 7.4acres including a residential tower with shops on the ground floor on 1,116sqm land on Wall Tax road near MGR Central railway station.

Rail Land Development Authority (RLDA), which is in charge of monetising railway land, has suggested that the lower floors be for shops while the rest of the floors be for residential apartments on Wall Tax Road. The reserve price of the site is kept at Rs 4.19crore for a lease period of 45 years.The authority has invited bids from developers to build residential-cum-commercial or commercial and residential complexes in other key areas such as Pulianthope and Ayanavaram Railway Colony.

These two land parcels of 2.5 acres each are in Ayanavaram Railway Colony, along Konnur High Road and Duncan Road; two other land parcels are located at Wall Tax Road (0.27 acres) and at Pulianthope (2.09 Acres).

RLDA is hopeful of earning money by developing railway land for commercial use because of the infrastructure growth in Chennai and also because most of the land is located in key areas close to public utilities.

This is the second time RLDA is promoting commercial development of railway property in the city. In September last year, they called for bids for leasing out 3,500sqm land in East Tambaram after a pre-bid meet received good response from investors. The authority was also developing land parcels at Ethiraj Salai and Pulianthope for constructing residential apartments and also a multi-functional complex in Trichy.

Ved Prakash Dudeja, vice-chairman, RLDA, said, “The real estate development at these sites will bolster prices, generate employment opportunities and boost the local economy.”



Source link

Swampy roads in Trichy impact property value badly – ET RealEstate

TRICHY: The poor condition of a few residential roads in Trichy city has started affecting the property value in the corresponding. Citing the poor conditions of roads, which were dug for underground drainage (UGD) and drinking water projects, property owners find it difficult to find tenants even after reducing the rental value.

For the past two years, work on UGD and drinking water projects are continuing in the added wards covering parts of Thiruverumbur falling under Ponmalai zone. As the recent rainfall has made the roads swampy, the property owners in the area claimed that they struggle to find tenants for the vacant houses.

“Due to the bad roads, a private bank functioning at a house has moved out. The bad approach roads are a spoiler for residents who are looking for renting or leasing out their houses,” Sathik Basha, a resident of Thiruverumbur, said. Several houses remain unoccupied for months in Amman Nagar, SAS Nagar and Gokula Nagar falling under ward 63 in Kattur on the Trichy-Thanjavur NH.

The property owners who were forced to reduce the house rent due to the pandemic had to further slash the rent owing to the bad condition of approach roads, residents at Thiruverumbur said. Residents said that the civic body has been ignoring their demands to lay a temporary road using gravel mixture.

The restoration work is one of the mandatory components in the contract signed between Trichy Corporation and the private contractor in executing the work. Although installation of pipelines is complete in Thiruverumbur, the damaged roads are yet to be repaired.

“We have sanctioned Rs 40 lakh for repairing the roads, the residential roads in Thiruverumbur will be covered under the maintenance work,” a senior corporation official said.



Source link