The TNHB aims to eliminate unsold inventory by assessing buyer preferences before launching new housing projects.
TNHB adopts a demand-driven strategy to ensure all new homes meet specific buyer requirements.
The Tamil Nadu Housing Board is changing its strategy to stop building unsold homes. Specifically, the agency now plans to assess buyer demand before starting any new construction projects. In fact, this shift follows a history of excess inventory across various residential categories in the state. As a result, officials want to match housing units with the actual needs of prospective local homeowners.
The board will evaluate requirements for one-, two-, and three-bedroom apartments in specific areas. A new digital portal allows people to share their preferences for locations and dwelling types. However, registering on this portal does not guarantee a priority or any preference during allotment. The data simply helps the board understand what the market truly requires at this time.
The agency has already identified several locations for these future residential developments. Proposed sites include Anna Nagar, Purasawalkam, Nandanam, and Ernavur in Chennai. Other projects are planned for districts like Cuddalore, Madurai, Tiruvallur, and even Kanniyakumari. Consequently, the board expects a significant reduction in the number of vacant properties.
Previously, the board built houses first and then looked for buyers later. This method resulted in a massive inventory of 7,000 unsold plots and flats. Fortunately, authorities have now sold a majority of these remaining units through recent efforts. A senior official explained that the old system caused significant financial and logistical challenges.
The new process includes a strict vetting system for building designs and cost estimates. Independent institutions like IIT or Anna University will scrutinise the structural stability of projects. These third-party experts will verify rates and quantities to ensure complete transparency. Therefore, contractors will receive finalised designs before they even begin the bidding process.
Once the board approves a project, they will notify those who expressed initial interest. Buyers can then apply for houses through a dedicated application portal. Allottees will be able to monitor construction progress once the work order starts. This ensures that quality remains high throughout every stage of the building process.
(Source: ET Realty)
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