The Chennai Metropolitan Development Authority (CMDA) permitted construction of houses in the land which was termed industrial land.
Hindustan Teleprinters Limited had 10 acres of land inside the Guindy Industrial Estate. The land parcel was trouble gripped as the owners could not find any takers for the plots. The main reason for this was that the plots were termed industrial land. However the plot owners now may be able to sell the plots as CMDA has permitted housing construction on this land.
The land was on block for the past five years. However the owners HTL could not find any taker for the land parcels. Seeking help, the land owner had approached CMDA which finally permitted construction of residential units in the land.
The growing prices for the residential properties in the area, there would be many developers interested in the 10 acre of land. The Guindy region is not so suitable for the development of any IT parks or commercial districts. Moreover, industrial activities, as a whole, are becoming weak in the city.
Considering the appeal of HTL, senior officials of CMDA inspected the land. After analyzing the project and the possibilities of the area, the civic body finally decided to permit construction of houses in the plots.
Under normal circumstances, the CMDA does not permit the conversion of industrial land into residential land. However in this case they have decided to go against the normality.
HTL was permitted, by the government of the 1960s, to construct houses in a portion of land for the staff. This was taken into consideration by the CMDA which decided to permit construction of houses in the entire land.
The property has hit the headline for many wrong reasons. Bangalore-based RMZ Corporation had planned to buy the property for Rs.297 Cr. However the deal could not be fixed as the state government opposed. Later in 2009 the State Bank of India took over the possession of this land. Now the SBI is looking for a way to liquidate the property.
A city based builder said that the land would fetch over Rs.600 Cr. Meanwhile the civic body has tightened residential construction on the other industrial belts including Old Mahabalipuram Corridor.