CMDA approves residential projects on industrial plots
Chennai – The 10 acre plot at the Guindy Industrial Estate can now be used for residential purpose. The Chennai Metropolitan Development Authority (CMDA) has given approval to raise residential projects on this plot.
This plot owned by Hindustan Teleprinters Limited (HTL) is situated off Anna Salai and complements all development parameters prescribed by the CMDA. It is classified as an industrial land in government records which could not attract buyers from past five years.
The industrial growth at Guindy area is no longer well maintained. Additionally this area is not financially viable for proposition of new IT parks. Thus HTL asked the CMDA to clarify if the plots can be used for residential purpose. It is believed that if this land is used for residential purpose, then it may set new standards of property price in Guindy region.
This property in Chennai was on the block from past five years. In 2007, Bangalore-based RMZ Corporation came forward buy this HTL plot for 297 crore. But the state government objected and the deal got stuck. Various courts also supported the company’s right to sell the land. Later, in 2009, State Bank of India took possession of the plot to liquidate its debt exposure.
Recently, KSV developers has launched its first residential project in Chennai named “ The Point” in Guindy at per sq ft price of Rs 12,000.
Meanwhile, the CMDA has also earmarked a distance of 500 metres on either sides of OMR for IT purpose. Now they will not allow more residential projects in IT zone on OMR.
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