CMRL plan of action to connect Chennai

As much as possible,the CMRL plans to acquire only public/government lands. Only when unavoidable will they attempt to acquire private land.

About 17% of the total land required for the project is likely to be acquired from private parties. The total requirement of land works out to 49.74 hectares (123 acres). Out of which,29.64 hectares (73 acres) of land belongs to the State government,11.63 hectares (29 acres) of land belongs to the Central Government and 8.47 hectares (21 acres) of land will be acquired from private parties.

To avoid and minimise the land acquisition from the private parties,the following action has been initiated by the Chennai Metro Rail Limited: Wherever possible,stations and other facilities will be located on Government land. Efforts are being made to further reduce the private land acquisition by suitably modifying the design and making it comaptible with local site conditions In most private properties,only the set back area is being acquired for the project.

The CMRL has engaged an international real estate agent,CB Richard Ellis South Asia Private Limited (CBRE),to assist them in fixing the value of private properties. The range of values suggested by CBRE will be taken into consideration as one of the inputs for private negotiation with the land/building owners to have a mutually agreed settlement. The CMRL is also planning to offer transferable development rights (TDR),the scheme of compensation for acquiring private lands,in consultation with the Chennai Metropolitan Development Association (CMDA). Property owners will be given the option of optiong for TDR certificates. Under this scheme,the property owners will be given TDR certificates issued by CMDA in lieu of cash compensation that will indicate the area in the certificate based on applicable FSI to the acquired land. The area indicated in the TDR certificate can be built at a new location over and above the FSI of the new location subject to certain conditions TDR certificates can also be sold to real estate promoters or land developers. In case the TDR certificates are used for building in a suburban area, there will be a corresponding increase in area mentioned in the TDR based on the guideline value of a suburban area.

Courtesy: CMRL

Times of India, Property times, 17,july 2010

 

Times of India, Property Times, 17 July 2010