TNHB appoints Darashaw as transaction advisor for developing Thirumazhisai Satellite Township

C Shivakumar

Chennai:

Tamil Nadu Housing Board has appointed Darashaw and Company as transaction advisor for developing Thirumazhisai Satellite Township under public private partnership.

The township will be developed at identified land parcels located in Thirumazhisai with an extent of 311.05 acres, sources said.

Darashaw officials confirmed that they were appointed consultants for the project by Tamilnadu Urban Infrastructure Financial Services Limited on behalf of Tamil Nadu Housing Board but refused to give out further details.

Sources said Darashaw will have to develop feasibility studies for developing the vacant lands besides preparation of request for proposal or concession agreements.

Sources said the township will have 12,000 residential units at a cost of Rs 2,160 crore at Thirumazhisai. Interestingly, the ex-land owners of the village from whom the lands were acquired for the formation of the Satellite Town are opposing the scheme as such government is working on a negotiated settlement.

Sources said action is being taken to acquire 12.87 acres of patta lands through private negotiation with land owners.  These include allotting developed plots on charging only the cost of award amount with enhanced compensation amount and development charges to those family from whom land has been acquired. Interestingly, the allotment of developed plot is based on the extent of land acquired for the project, sources added.

The government is also working on proposals to provide employment opportunity to the family members of the ex-land owners in accordance with qualification besides priority certificate will be issued by the District Collector to get employment. There are also plans to allot flats to the families whose land was acquired for this scheme on the priority basis, sources added.