The Hindu : Front Page : Plan to let out space near MRTS stations deferred

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Wednesday, Jul 07, 2010
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Plan to let out space near MRTS stations deferred

Aloysius Xavier Lopez

— Photo: K. Pichumani

RENTAL VALUES FALLING: The Velachery station has over 2.58 lakh sq ft of space for commercial exploitation.

CHENNAI: The Chennai Metropolitan Development Authority (CMDA) has deferred the commercial exploitation of space at three MRTS stations – Taramani, Perungudi and Velachery.

The decision has been taken on account of the surplus commercial space in these areas, said an official of the CMDA. According to a report submitted by a consultancy to the CMDA last week, the rental values in the areas near the stations have dropped by 50 per cent in the last two years. This would have an impact on the viability of the project, the official added.

The CMDA was permitted to develop the three stations in the second phase of the MRTS. A total of nine stations across 11.16 km were part of the second phase.

The Velachery station has over 2.58 lakh sq ft of space for commercial exploitation. The other two stations each have nearly 1.94 lakh sq ft for this purpose.

The CRZ regulations continue to be a constraint for the commercial exploitation of the other six stations – Mandeveli, Greenways Road, Kotturpuram, Kasthuriba Nagar, Indira Nagar and Thiruvanmiyur. The Railways had completed the construction of the station buildings and track. The CMDA has the responsibility of taking up the work on construction of multi-storied commercial complex over these stations.

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