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2 km buffer zone on ORR in Chennai for commercial development - Details here!!
Posted on: 21/Sep/2022 9:30:38 AM
Don`t be surprised in the future if you come across a commercial hub on the Outer Ring Road or ORR in Chennai!!
It is now said that the CMDA or Chennai Metropolitan Development Authority has decided to create a 2km buffer zone for commercial development along the entire 62km stretch of ORR. For this, land would be taken into procession by CMDA soon after getting consent from the land owners.
It must be remembered that the TN government earlier planned commercial development on the 50m strip of the land abutting the road. Under a pooling scheme, the land along the ORR would be taken up by CMDA. This was mentioned by Mr. S. Muthuswamy, housing minister for TN. He explained that the land would be developed and would be given back to the owners.
Land pooling process:
It refers to a process where the land owners provide their lands to the government to develop infrastructure through plot reconstitution. It is worthy to note that the portion used for developing amenities would be gifted to the government and landowners get back part of the developed land with higher market value. There are plans from CMDA to monetise 300 acres in a 50m stretch by auctioning it to the private players.
Benefits of land pooling:
It would be a game changer because it is a win-win deal for the landowners and state. This was according to Mr. A. Shankar, COO, Strategic Consulting and Valuation, JLL West Asia. Point is that the land owners would continue to take part due to continued title ownership with a developed land. It is superb to note that the model has been successfully implemented in New Delhi.
To access the market value, CMDA would appoint a valuer soon and land use norms would be fixed before the auction. The sources from CMDA have mentioned that the development of software to facilitate e-auctioning of land is also going on.
It must be taken into note that TNUIFSL hired CBRE as consultant for preparing a feasibility report to develop a 50m stretch along the road for transit-oriented growth. It is known that CBRE is a global commercial real estate and investment services firm.
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