Buildings built for Information Technology may soon be turned into shopping malls and office spaces. The Chennai Metropolitan Development Authority –CMDA has sanctioned the conversion of IT buildings into other purposes. Continue reading
Residential project to be developed in the industrial land, as CMDA grants permission.
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. Continue reading