Real estate project in Chennai will be launched by Tamil Nadu Housing Board
The Tamil Nadu Housing Board (TNHB) has planned to adopt Public Private Partnership (PPP) model to develop real estate projects in Chennai and other areas of the state.
In the first step, the state government will start its first PPP venture at K.K. Nagar after finalizing bids from private developers.
The government also planned to design and build houses to cater to the Super Higher Income Group group, whose monthly income is more than Rs 62000.
TNHB owns a 3.73 acre property near Ashok Pillar and proposes to develop a residential-cum-commercial building along with the private developer. The authority also set the base price for the project as Rs 210 crore.
Private promoters who can match this base price and exceed other bids will be chosen. The detailed bid document for selecting the developer would be finalized on June 14.
When questioned about the promotion of affordable housing projects for the lower income segment, the TNHB official said that TNHB has not given up construction of affordable housing and there is no change in its objectives. The TNHB is trying to earn more revenue from these high end residential projects in Chennai.
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Source: The Hindu
New real estate project in Chennai will be launched by Tamil Nadu Housing Board
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