Thursday, March 1, 2012

Consultants chosen for developing vacant land in Chennai



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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