C Shivakumar
Chennai:
Tamilnadu Urban Infrastructure
Financial Services Limited has selected transaction advisory consultants to
develop vacant lands in Ashok Nagar and Koyambedu under public private
participation.
The consultants are selected after
Chief Minister J Jayalalithaa announced in the state assembly to build
multi-storied flats and commercial complex in the vacant sites.
The site in Ashok Nagar is located
between K K Nagar Bus Depot and ESI Hospital and covers an area of 3.73 acres
while the site in Koyambedu is located in two parcels in the SAF Games Village
with an extent of 4.28 acres and 1.36 acres.
Sources told Express that Darashaw
& Company is appointed as transaction advisory consultant for Ashok Nagar
vacant land development and Inmaas has been appointed transaction advisory
consultant for Koyembedu vacant land development.
Sources also said a high-level
Transaction Advisory Services for Development of vacant lands in Ashok Nagar
and Koyembedu in Public Private Participation mode by Tamil Nadu Housing Board
was held last month with several recommendations.
Some of the recommendations include
development of Ashok Nagar vacant land as a commercial and residential
development.
Sources say as per the market
survey, the average built-up sale rate prevailing in the area is between Rs
8000 to Rs 9500 as per square feet.
The guideline value for land in
Ashok Nagar as per 2007 notification is Rs 3000 per square feet and Rs 6000 per
square feet as per the draft guideline notification of 2011.
Similarly, in the Koyambedu SAF
village, it was recommended to use the site for building a multi-purpose mall
and residential development.
The average built-up sale rate
prevailing in the area is between Rs 6000 to Rs 10000 as per square feet for
residential and Rs 9000 to Rs 13,000 per square feet for commercial.
The rental
values prevailing in market is between Rs 17 and 22 per Square feet for
residential and Rs 70 and Rs 100 per square feet for commercial.
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