The number of approved plots is on the rise in Chennai Metropolitan Area (CMA). Realtors said the trend means that authorised housing plots are coming for sale in the market and promoters with unsold unapproved plots are regularising their layouts.
The Chennai Metropolitan Development Authority (CMDA) has approved 57 housing layouts comprising 4,461 plots in the city and suburbs that fall in the three neighbouring districts between January and July this year. A majority of approved housing sites in 2020 are located in the western suburbs such as Kundrathur, Poonamallee and Avadi. Eighty-two housing layouts with 4,285 plots were approved by the planning authority during the same period last year.
The rush by promoters with unapproved plots was the major reason for the jump in the number of applications seeking nod from the CMDA.
Founder president of the Association of Builders for Chennai Development, A Balasubramani, said a large land parcel that was part of an unapproved layout where a few plots were sold and sale deed was registered before October 20, 2016, was regularised under the amnesty scheme.
“Several promoters are applying to sell off the remaining unapproved plots in the regularised layout after getting planning permission from the CMDA, including handing over 10% of Open Space Reserve to the respective local bodies as per the development rules,” he said.
Builders Association of India state treasurer S Ramaprabhu said there was no dearth in takers of the plot segment. “Unlike in apartments, price of housing plots that remain unsold will appreciate every passing year,” he said.
The number of approved housing plots within CMA began to increase last year after the state government launched a regularisation scheme for unapproved plots in 2017, in the light of a litigation in the Madras High Court to end the menace of illegal conversion of agriculture land into unauthorised housing plots.