C Shivakumar
Chennai:
Chennai Metropolitan Development Authority has planned to slash the
price for plots in industrial layout at Chithamanur village in
Maraimalai Nagar by nearly less than half.
The decision to slash the prices for the industrial plots way below
the figure earmarked earlier was taken during the recent authority
meeting held recently.
The price of industrial plots was fixed at Rs 1,060 per square feet
for 2013-14 in the authority meeting held on October 21, 2013. The
price was revised with 12 per cent carrying charge for the year
2014-15. As such the price for the current year was fixed at Rs 1187
per square feet.
CMDA sources said that several associations felt that price of
industrial plots is much higher than the residential plots and it will
be a disincentive for industrial promotion and create huge increase in
the price of private lands in the market around Marimalai Nagar.
The residential plots price in Marimalai Nagar was fixed Rs 659 per
square feet in 2013-14 and it went up to Rs 738 per square feet in
2014-15.
The layout is part of the Marimalai Nagar New Town scheme and it got
the approval of the authority on July 2011.
While at the authority meeting it is argued that usually the price of
the industrial plots are fixed cheaper than that of commercial and
residential plots, question has arisen on why then CMDA has fixed the
price of industrial layouts way higher than the residential plots. It
is learnt that authority has agreed to revise the price to rs 738 per
square feet on par with the residential plot in Marimalai Nagar.
Meanwhile, CMDA is struggling to get back the land to an extent of
178.87 acres, which was acquired to develop satellite town at
Marimalai Nagar in 1972 to regulate population growth of city as
suggested by the First Master The value of the land could be more than
Rs 100 crore in the real estate market and the blame lies with the
estate management for encroachment of the property.
Sources said the government decided to take up the development of New
Town at Marimalai Nagar near Chengalpet on 1972 for development and
acquired 1,852 acres of land in nine villages of Potheri,
Katankulathur, Kilakaranai, Ninnakkarai, Chithamanur, Gudalur,
Sengundram, Thirukatchur and Peramanur.
Interestingly, 1572 acres were developed for residential, industrial
and other purposes in the form of 14 residential neighbourhoods and
five industrial areas. However, the remaining lands lay scattered
covered under court cases and some under encroachment.
Year Residential Commercial Industrial
2013-14 Rs 659/sqft Rs 991/sqft 1060/sqft
2014-15 Rs 738/sqft Rs 1110/sqft 1187/sqft
(Rev to 738)
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