Real Estate in Chennai to be Controlled by Infrastructure Development Board
The state government of Tamil Nadu has planned to set up a Tamil Nadu Infrastructure Development Board to expedite the real estate projects in the state.
According to the proposed Tamil Nadu Infrastructure Development Act, 2012, the development board will be the nodal agency to coordinate Government efforts in the infrastructure sector.
The main aim of the proposed bill is to create an institutional framework to speed up the infrastructure development, encourage private sector participation and identify projects on a priority basis.
With the formation of the bill, the real estate projects in Chennai and other parts of the state will be benefited.
The Board will also include a chief executive officer of the rank of finance secretary to monitor the transactions of the real estate projects.
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Source: The Hindustan Business Line
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