New apartments in Foreshore Estate at a cost of Rs. 1080 Crores
Posted on: 08/Jul/2017 5:47:36 PM
TNHB (Tamil Nadu Housing Board) has come up with a project to build apartments for the state government employees at a cost of Rs. 1079.84 Crores.
The Foreshore Estate is one of the important localities in the Chennai Metro City. The apartments of the state government officers and employees are located in Foreshore Estate. These apartments were constructed several years ago. So, TNHB took a decision to demolish these old buildings and construct new ones.
Accordingly, the demolition activities have been commenced and are nearing completion The demolition work is in progress.
TNHB has floated a tender for the demolition and reconstruction of new apartments. The apartments will be constructed in an area covering 25.16 acres.
It has been decided to entrust the construction work to private companies.Accordingly, the companies have invited with the tender to build new apartments at a cost of Rs. 1079.84 Crores. The entire amount for construction has to be borne by the private construction company selected. Only the land will be given by TNHB.
At the same times, schemes have been devised to compensate the construction expenses of the private company. According to this scheme, 40% of the land will be given to the private construction company. In this 40% area, the company can construct apartments, according to their own preferences. They will have the authority to sell or lease these apartments.
However, the balance 60% is exclusively for building the apartments for the state government employees.
In case a single company is not able to undertake the entire contract, a maximum of 3 companies can join together to undertake the construction activities.
The building contractor will have to provide different amenities such as road-laying, drinking water distribution, electricity, communication, and drainage system.
Currently, the tender has been floated and the process of getting the contract details is in progress. Once this is completed, the design and construction of the new apartments will commence.
An official from TNHB explained that these apartments are constructed by private parties for the state government employees. TNHB will not provide any funds for this. The contractor can use 40% of the space handed over to develop and construct apartments as per their own designs and earn whatever revenue.
The contracting company will be responsible for the design aspects of the construction. Based on this, a decision will be taken and approval will be given for construction after the design is crystallised.
The details regarding the number of apartments and how many officers/staff of the state government will be given occupation of these apartments will be known only after the design is crystallised.
