Two-thirds of flat owners’ nod OK for redevelopment: Tamil Nadu law – Times of India

Chennai News

CHENNAI: It is now sufficient if only two-thirds of flat owners in an apartment complex seek demolition and reconstruction of the building, according to a new Tamil Nadu law on apartment ownership. President Droupadi Murmu had on December 15 given assent to repeal and re-enact the Tamil Nadu Apartment Ownership Act, 1994.
The new law, which will come into effect the day the state government notifies the rules, has some sweeping provisions. For instance, an apartment complex having more than four dwelling units should have an association and there shall be only one association for each such complex.
In case a member does not pay the common utility and other such charges, the association could create a lien over the apartment which cannot be sold without clearing the dues.
The Bill – Tamil Nadu Apartment Ownership Act, 2022 – was introduced by S Muthusamy, minister for housing and urban development, in the assembly last year.
Builders and property developers welcomed the move and expect redevelopment of old buildings in the city . S Sridharan, director, Lyra Properties, and chairman, policy-housing and urban development, CREDAI National, said the new law would help promote redevelopment as bottlenecks have been removed.
It will help a large number of flat owners in old apartment complexes, as they are eagerly awaiting redevelopment, he said. However, it needs to be notified and rules should be framed by the government quickly for early implementation of the Act, he added.
Navin Kumar, director, Navins, said rules and guidelines will give better clarity on the process of redevelopment, adding that the move will prevent forced transactions. “It has been more than 50 years since the first apartments came up in Chennai. For the past 30 years, apartment complexes have been developing fast in the city. However, many of them are in a bad shape now.
The process to redevelop them has become easier and more democratic,” he said. He added that redevelopment will boost vertical growth in the city as there is not much new land available in traditional areas. “This will make the prices reasonable,” he said.