TNHB's Mega Township plan in Chennai

The Chennai realty sector is set for a churning with the Tamil Nadu Housing Board (TNHB) gearing up to redraw the city skyline at a time when the market remains sluggish and private players are making only measured steps. In a move that would perhaps eclipse all new residential projects coming up in the city and its suburbs, the board would construct a few dozen vertical villages, roughly 3.35 million sq ft built-up space in 25 acres, right on the sea front in one of the most expensive localities, Foreshore Estate, - popularly known as Pattinapakkam. The commercial value of private apartments in the region is Rs 10,000 to Rs 12,000 per sq ft. It is ideally located and well connected by broad roads that one can reach Central, Adyar, Mylapore or Mount Road in less than 15 minutes.The board would construct a mix of commercial and residential buildings, said TNHB chairman cum managing director P Rama Mohana Rao. While the pricing would be finalized only at a later stage, it would be done in tune with the primary objective of the board to provide housing to citizens at affordable rates. Generating huge profits would not be the objective.A portion of the residential complex would be set apart for rental purpose as well, he said.The site identified for the purpose presently houses 920 dilapidated apartments, where government employees in the class III and IV categories stay on rental basis.