CHENNAI: With a shortfall of 1.25 million urban housing dwellings in Tamil Nadu alone, the demand-supply gap of urban housing needs to drastically improve, as per a report.

Locations such as Poonamallee, GST, OMR, and Tamil Nadu Housing Board land parcels in Foreshore Estate can be developed as housing clusters, notes CREDAI Chennai’s Real Estate Vision 2030 report in association with Savills that was launched recently.

Redeveloping government assets such as dilapidated buildings and developing vacant land parcels have the potential to be built as a mix of residential, commercial, and retail real estate.

Under the ARHC Scheme of the Central Government, these can be built and rented out for 25 years to urban poor and migrant workers. Decongestion of the central areas of Chennai is another high priority that the Government needs to consider. Incidentally, over 2000 acres of SEZ land is available in the State that falls within the ambit of centre-sponsored ARHC schemes.

“The report highlights seven key points such as Housing: Affordable Rental & Specialized Segments, Labour focused housing, redeveloping government assets, warehousing parks, plug & play industrial facilities, start-up ecosystem, and decongestion,” said Sivagurunathan, president, CREDAI Chennai.

The announcement of mega food parks at Theni, Villupuram, and Tiruchy and investments to the tune of Rs 380 crores on 450 acres of land parcels, is bound to increase the state share of the cold storage facility from the < 1% to a much enviable percentage in the coming years, it said.

Locations such as Poonamallee, GST, OMR, and TNHB land parcels in Foreshore Estate can be developed as housing clusters