Post by wright51 on Oct 7, 2011 15:07:29 GMT 5.5
According to the government statistics, about 18,000 superannuated dilapidated buildings have to be demolished and in their place, new buildings have to be re-constructed by first accommodating all the old tenants as owners. In this, cross-subsidization can be done for old tenants even up to 75 percent.
About 20,000 dwelling units of 230 – 250 sq ft but with less than 40 sq m built up area each is to be constructed after the replacement of old superannuated dilapidated buildings by giving more Floor Space Index (FSI) even up to 3.2. Thus more than 100 percent more dwelling units than the superannuated ones can be constructed almost in half the number of buildings. In Kochi Apartments will be able to attract more high value customers and the final value of the product will also get enhanced.
So there will be some area left for Recreation Grounds (RGs). This has been proved in Kochi in the scheme promoted by housing minister himself, i.e., in 76 old buildings having about 2000 old tenants, 4200 tenements of bigger area can be created in 30 buildings only and thus the land or space of 46 buildings can be left open as RGs.
In these reconstruction schemes, the cost of infrastructure will not be very heavy while the land is available in plenty and when the land cost is nominal. The owners of the land must be fully compensated at the prevailing market rates in order to avoid civil litigations. The question of compensation for lands is a ticklish issue in a state like Kerala and especially in a city like Kochi, where property values are at its all time high.
In recent times the common people in Kochi have turned investor friendly. Thus major development projects do not see such a mass resistance and upheavals seen in the past. Land acquisition was not a big problem in the mega ‘Smart City’ project recently.
About 20,000 dwelling units of 230 – 250 sq ft but with less than 40 sq m built up area each is to be constructed after the replacement of old superannuated dilapidated buildings by giving more Floor Space Index (FSI) even up to 3.2. Thus more than 100 percent more dwelling units than the superannuated ones can be constructed almost in half the number of buildings. In Kochi Apartments will be able to attract more high value customers and the final value of the product will also get enhanced.
So there will be some area left for Recreation Grounds (RGs). This has been proved in Kochi in the scheme promoted by housing minister himself, i.e., in 76 old buildings having about 2000 old tenants, 4200 tenements of bigger area can be created in 30 buildings only and thus the land or space of 46 buildings can be left open as RGs.
In these reconstruction schemes, the cost of infrastructure will not be very heavy while the land is available in plenty and when the land cost is nominal. The owners of the land must be fully compensated at the prevailing market rates in order to avoid civil litigations. The question of compensation for lands is a ticklish issue in a state like Kerala and especially in a city like Kochi, where property values are at its all time high.
In recent times the common people in Kochi have turned investor friendly. Thus major development projects do not see such a mass resistance and upheavals seen in the past. Land acquisition was not a big problem in the mega ‘Smart City’ project recently.