Gaining the permission from Chennai Metropolitan Development Authority developers are planning to convert the vacant IT buildings to shopping malls.
Considering the petitions filed by the builders who have vacant IT buildings, Chennai Metropolitan Development Authority finally granted permission for converting them into shopping malls. This could have made the developers breathe air of relaxation.
Though CMDA granted the conversion of vacant IT buildings for other purposes, builders say that it is not easy to convert them into residential projects. The best option is to convert into shopping malls.
As the builders are given the permission to covert the existing buildings which were built for Information Technology, the vacant ones may soon be converted.
For the purpose, CREDAI Chennai Chapter had approached the civic body. The decision was taken, after the civic body studied the petition and the existing situation.
Most of the vacant IT buildings were built by the developers a few years back. The state government had offered many incentives to the builders for developing IT projects.
Besides incentives, the builders also enjoyed reviewed floor space index ratio. When 1.5 was the FSI rate for residential projects, it was 3.75 for IT projects.
While this revised FSI was one of the big boosts for the builders, this has become a point of thought now. However there is no one to take out these IT projects which were built in and around the city. This situation prompted the civic body to hear the plea of the builders.
Though the plan to convert the IT buildings is approved, the civic body said that the availed FSI will be treated as premium rates. Moreover CMDA officials added that this will be treated according to the circumstances.
The decision was taken in the last CMDA Meeting. The developers have already appreciated the meeting. They say that this move will benefit the developers. Most of them plan to convert their IT projects to shopping malls with latest facilities.
