News & Views on Indian Real Estate

Monday, October 20, 2008

Real Estate Firma Eyeing Chennai Metro Rail Project

CMRL has invited real estate firms with a minimum experience of five years in rendering real estate valuation in India, and Rs 50 crore as turnover. For the Rs 10,000-crore first phase of the project, CMRL is planning to acquire around 10 hectares of private land mainly for construction of stations and depots. The railway line would pass through government lands in most of the places.

“Though the government has mandatory powers to acquire private land, we want to take the land with the consent of the landowner. For this, we want guidence from experts to arrive at a reasonable compensation. We would invoke provisions of compulsory land acquisition only if the negotitations are unsuccessful,” a senior official told The Times of India.

An ongoing study by Delhi Metro authorities to assess the extent of land needed for each station and depot has identified 36 stations, but the exact locations are yet to be marked. “The assessment is expected to be over in three months and we are trying to minimise the extent of land acquisition,” the official said.

Senior officials said that the project is on schedule and there is “not even a week’s delay.” Tamil Nadu government will formally sign the loan agreement in two months with the Japanese Bank for International Cooperation, which has already expressed its willingness to fund 60% of the total cost. Responding to the demands from various quarters to extend the Metro line to Thiruvotriyur in north Chennai, the official said such pleas are being considered.

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