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Construction : Real Estate | August 2013 | Source : Construction Update

Residential buildings may come up in Chennai IT corridor

The Chennai Metropolitan Development Authority (CMDA) is likely to accord permission to non-industrial activity on the sites zoned for industrial use. With this, the IT corridor between Old Mahabalipuram Road and Rajiv Gandhi Salai in the city may soon witness a residential boom.

CMDA sources said that during a recent authority meeting, it was discussed to permit non-industrial activity on sites zoned for industrial zone in the city's IT corridor and other areas as well. However, CMDA sources said that the permission would not be applicable to sites earmarked for IT buildings as they had availed of additional FSI (Floor Space Index).

The IT buildings were constructed due to incentives given by State Government, which included increased FSI at 3.75 sq metres. It is believed that more than five million square feet of commercial space in IT buildings remain unoccupied following a slump in the IT sector.

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