Premium FSI charges cut along MRTS, EMU lines
The amendment declaring the corridors as TOD areas was made in the Tamil Nadu Combined Development and Building Rules, 2019.
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CHENNAI: In a major boost for real estate sector in the State and commute-based development, the Housing and Urban Development Department declared MRTS and suburban rail corridors as transit-oriented development (TOD) areas where the charges for availing premium floor space index (FSI) has been slashed by 50 per cent.
In the coming days, the FSI limit will be increased along the TOD corridors through subsequent orders, a senior CMDA official told DT Next. “This will provide low-cost housing along the corridors and promote public transportation,” he added.
The amendment declaring the corridors as TOD areas was made in the Tamil Nadu Combined Development and Building Rules, 2019.
According to the gazette notification, for the properties located within a distance of 500 metres measured from the centre line of the Mass Rapid Transit System (MRTS) and suburban rail corridors, the premium FSI shall be charged at 50 per cent of the applicable premium FSI charges.
The suburban rail corridor covers 90.2 km with 52 railway stations.
This includes 34.6 km from Chennai Beach to Vandalur with 20 stations; 26.2 km between Chennai Beach to Minjur with 15 stations; and 29.4 km from Chennai Central to Tiruninravur with 17 stations.
MRTS corridor covers a distance of 19.7 km with 17 stations between Chennai Beach and Velachery and extension of 5 km from Velachery to St. Thomas Mount. The stretch, which is under construction, will have 3 stations.
In August 2022, the department had announced the Metro Rail lines as TOD area and slashed the premium FSI charges.
Presently, the Chennai Metropolitan Development Authority charges 50 per cent of the guideline value for availing premium FSI for non-high-rise buildings and 40 per cent of the guideline value for high-rise buildings.
With this move, builders will have to pay only 25 per cent of the guideline value for availing premium FSI for non-high-rise buildings and 20 per cent for high-rise buildings. After the FSI was increased from 1.5 to 2 in in 2019, planning permissions are being issued based on 2 FSI, in addition to premium FSI (which is calculated based on road width).
Earlier, the State government had announced during the budget session that FSI would be increased along the major transportation corridors.