In a rare case, Chennai Metropolitan Development Authority (CMDA) allowed construction of residential project in industrial land.
Industrial land owned by Hindustan Teleprinters Limited has been left without any takers for over five years. The owners failed to draw any taker to the land which is termed industrial land by the government. Fed up with the situation the HTL approached the civic body for construction of houses in the land. Considering the petition of the owner, CMDA decided to allow construction of houses in the land.
The industrial land falls in the Guindy Industrial Estate. The land, though termed as industrial land by the civic body, remained unwanted by the builders. Moreover raising up an IT park or a commercial hub in this area was not considered as economical in any way.
Hindustan Teleprinters Limited owned over 10 acres of land in the Guindy Industrial Estate.
Explaining the decision of CMDA, an official said that the company was given the permission to construct residential project as staff quarters. However the company was permitted to construct homes only in a part of the land. Revising this, now CMDA has permitted the company to construct houses in the entire land parcel.
If the land parcel is given to a builder one can expect a superior residential project in the area. Moreover the property prices in the area will shoot up. A real estate player of the area said that the land parcel would fetch nearly Rs.600 Cr to the owners.
The demand for the land will be more as CMDA has permitted houses to be built in the land.
The property was trouble-driven for many years. Some few couples of years back RMZ Corporation, Bangalore centered real estate major, had come up with the plan to purchase the property for a sum of Rs.297 Cr. However due to the interference of the government the deal was cancelled.