For two consecutive years, TNHB had floated bids to redevelop the Foreshore Estate property at a whopping cost of Rs 1,000 crore. As per plans, 2,200 flats were to be constructed, which would come under the pool of Tamil Nadu Housing Board Government Rental Housing Scheme (TNGRHS) flats. About 60% of the total land would be utilized for constructing flats for the government and the remaining for residential or commercial realty projects by the successful bidder on a joint venture. It failed to take off as none showed any interest in the project in 2016 and 2017. Thereafter, TNHB did not take up new initiatives to explore new avenues.
Official sources at TNHB said a decision has been taken by the government to construct the dwelling units using its own funds for renting out to government employees at Foreshore Estate. “The rest of the land could be used for commercial purpose, including IT parks. The board has not taken any decision in this regard,” an official, who is privy to developments said. Foreshore Estate is one of the largest land parcels owned by TNHB in the core city
In contrast, TNHB shopping complex in Ashok Nagar located diagonally opposite to Ashok Nagar metro station is being bulldozed for a 22-storey, residential cum commercial building. It will have 226 apartment units for the high-income group and four floors for commercial purposes. Similarly, the 11-storey New Tower Block in Nandanam is being razed to make way for a new multistorey apartment complex.
When contacted, TNHB sources said that a decision on utilizing the 40 per cent land parcel would be taken soon in view of revised FSI at Foreshore Estate.