Chennai, Mar 18 (IANS): Tamil Nadu will encourage transit oriented development (TOD) by increasing the Floor Space Index (FSI) in certain corridors, said Finance Minister Palanivel Thiaga Rajan on Friday.

Presenting the state budget for 2022-23, Rajan said: "In order to encourage TOD in certain corridors such as metro rail, suburban rail, national highways and bypass roads, the Government has decided to raise the existing Floor Space Index (FSI) in adjoining areas."

Along with this, the necessary infrastructural facilities will also be developed for these corridors, he said.

The 50-metre wide stretch of land adjoining the eastern side of the Outer Ring Road (ORR) from Minjur to Vandalur with a length of 62 kms will be developed as a Development Corridor.

A comprehensive exercise is underway to plan the establishment of large-scale residential complexes, SIPCOT industrial parks, recreational spots, warehouses, horticulture parks, organic food processing zones, and plug-and-play facilities for industrial development along this corridor.

To ensure accelerated development, FSI will be increased in this corridor, he said.

According to him, the state government will release 'Redevelopment Policy' this year to redevelop old and dilapidated residential tenements constructed by the Tamil Nadu Housing Board.

So far, 60 such schemes have been identified and preliminary activities have been initiated. The project will envisage achieving maximum FSI in partnership with private enterprises.

Rajan said to expedite the issue of planning permissions and approvals for construction of buildings, a single-window system will be implemented by Chennai Metropolitan Development Authority (CMDA), Directorate of Town and Country Planning, Greater Chennai Corporation, Local Planning Authorities and other local bodies during this year.