CHENNAI: Lack of adequate open space for housing stock development in the city has led to builders increasingly turning to re-development of old apartments, promoted by the Tamil Nadu Housing Board (TNHB) in the last 50 years.
Many organised builders, including Landmark, Ramaniyam, Kgeyes, Nutech, Harmony and GRN, are already in this fast-growing field. It is estimated that in the past five years, about 10% of TNHB-promoted apartments and houses in sizes ranging from 300 sq ft to 1,500 sq ft have been re-developed.