Real Estate Firms Eyeing Chennai Metro Rail Project
CMRL has invited real estate firms with a minimum experience of five years in rendering real estate valuation in India, and Rs 50 crore as turnover. For the Rs 10,000-crore first phase of the project, CMRL is planning to acquire around 10 hectares of private land mainly for construction of stations and depots. The railway line would pass through government lands in most of the places.
“Though the government has mandatory powers to acquire private land, we want to take the land with the consent of the landowner. For this, we want guidence from experts to arrive at a reasonable compensation. We would invoke provisions of compulsory land acquisition only if the negotitations are unsuccessful,” a senior official told The Times of India.
An ongoing study by Delhi Metro authorities to assess the extent of land needed for each station and depot has identified 36 stations, but the exact locations are yet to be marked. “The assessment is expected to be over in three months and we are trying to minimise the extent of land acquisition,” the official said.
Senior officials said that the project is on schedule and there is “not even a week’s delay.” Tamil Nadu government will formally sign the loan agreement in two months with the Japanese Bank for International Cooperation, which has already expressed its willingness to fund 60% of the total cost. Responding to the demands from various quarters to extend the Metro line to Thiruvotriyur in north Chennai, the official said such pleas are being considered.
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The capital city of Tamil Nadu, Chennai has a new master plan. The metropolitan development authority has permitted hundred floors, if the building is abutting a hundred feet road. Earlier, a ceiling and only 29 floors were permitted. The Chennai real estate industry is delighted. "This means better lighting, better ventilation, and fantastic designs due to the vertical growth," said Mr. T Chitty Babu, CMD, Akshaya Homes. Those living in smaller homes will also benefit from the city's master plan. The floor space index or FSI has been altered from 1.5 to 1.75, up to a maximum of 450 square feet. For example, those who have a plot of 200 square feet could build a house up to 350 square feet on two floors. There could be more residential areas along the city’s mass rapid transport system, as the FSI has gone up from 1.5 to 2. This means they will have thirty percent more space to build. And ten percent of homes ought to be allotted to economically weaker sections in all private projects developed in a hectare or above.For more view- realtydigest.blogspot.com
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