FM targets ToD plans for 14 cities; Chennai on the verge of having its own

CHENNAI:
The union Government on Tuesday said that it is planning to come out with Transit Oriented Development plans for 14 large cities with a population above 30 lakh along with an implementation and financing strategy.  

This comes in the wake of the state government working out a ToD policy for the city which promotes compact urban growth with mixed-use development; pedestrian and bicycle-friendly mobility closely integrated with mass transit by clustering jobs, housing, services, and amenities around public transport stations.

It is learnt that the modification of floor Space index in station area zones and Transit oriented zones involve multiple stakeholders. The state wants broader consultation to firm up the proposed FSI as it plans a maximum floor space index of 6.5 in the Transit Oriented Development (ToD) area. Currently. the maximum permissible FSI limit across the state is 4.87.

The policy is being framed following a study carried out by Gujarat based Centre for Urban Planning and Policy (CUPP), Centre for Research on Architecture and Urbanism (CAU) and CEPT Research and Development Foundation, which has divided the influential zones along the metro rail and MRTS corridor into three ---influence zone, transition zone and catchment zone, said sources.

TOD integrates land use and transport planning and aims to develop planned sustainable urban growth centers, having walkable and liveable communities with high-density mixed land use. Successful TODs ensure that transit facilities are efficiently utilized while at the same time making the areas around transit stations more accessible and equitable for all.

This will apply to all urban areas in Tamil Nadu to encourage compact development and densification along the transit corridors and mass rapid transit systems. It also includes potential areas in and around present and future public transit modes such as Metro rail, MRTS, and other transit corridors.

The Finance minister also said that Centre will facilitate development of ‘Cities as Growth Hubs’. This will be achieved through economic and transit planning, and orderly development of peri-urban areas utilising town planning schemes. The specific measures to introduce technological reforms within the regulatory framework for land, such as the digitization of land records and cadastral maps via GIS mapping, will vastly improve transparency in the sector, says Srinivas Anikipatti, Senior Director- Tamil Nadu and Kerala, Knight Frank India.

The interest subsidy for home loans under the Pradhan Mantri Awas Yojana (PMAY) scheme will benefit middle-class and lower-middle-class people. We also appreciate the initiative encouraging states to lower stamp duties for properties purchased by women or in their names, but we need clarity on how it’s getting implemented in the states, Credai Chennai said in a statement.

"The Union government's announcement to introduce a unique land parcel identification number for lands is a commendable move because it will help avoid litigations in land dealings," Credai said. However, one of the real disappointments is the change in the long-term capital gain tax from 20% with indexation benefit to a flat 12.5% without indexation benefit. This is a setback for investors. If someone sells a property after 10 or 15 years, indexation helps offset the inflation cost, and its removal is a significant setback. We urge the union government to consider providing a 12.5% tax rate with the indexation benefit to motivate investors to invest in real estate, Credai added.