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Published on 1/10/2018 2:25:24 PM
Tamil Nadu housing board eyes three land parcels on Chennai outskirts for pooled growth
Against the backdrop of soaring land prices, the Tamil Nadu Housing Board (TNHB) is exploring the possibility of developing housing plots in places such as Thirumudivakkam, Vandalur-Kelambakkam Road and Sriperumbudur in a pilot project through a land pooling system.

The implementation of the Right to Fair Compensation and Transparency in Land Acquisition, Rehabilitation and Resettlement Act, 2013, has meant owners of land acquired for a project would have to be compensated with more than twice the market price.

While the details of the policy are yet to be announced, the TNHB is looking at acquiring land in these localities by emulating the Andhra Pradesh government which had acquired land parcels under a similar scheme for building the new capital, Amaravati, near Guntur.

Official sources said the land owners would benefit immensely under the policy as a portion of the land acquired would be returned to them as developed plots. "As per the land-pooling policy, owners would receive commercial and residential plots within the developed property depending on the extent of land acquired. The owners would be at liberty to either sell or utilise the land, the value of which would have appreciated many fold, after the development," an official with the housing and urban development department told TOI.

"Land pooling policy will be a win-win for stakeholders"

The Andhra Pradesh government had acquired about 33,000 acres, largely from farmers, under a land pooling scheme evolved for the Amaravati capital region. Those whose lands were acquired were to be provided a 1,000 sq yard residential plot and 450 sq yard commercial plot for every acre of patta land. "Earlier, Gujarat and the Delhi Development Authority (DDA) had successfully implemented a similar policy for various housing projects in their respective states. With the cost of the land spiralling because the Land Acquisition Act mandates giving two to three times the market value(of the land), the land pooling policy will help in a big way for attracting owners," the official said.

The TNHB, which has not acquired land for developing plots in the last decade, is now looking at pooling land at Thirumudivakkam near Chromepet, pockets on the Vandalur-Kelambakkam High Road and near Sriperumbudur. It may have to shell out nearly ?4.5 crore in case it wants to acquire an acre under the Right to Fair Compensation and Transparency in Land Acquisition, Rehabilitation and Resettlement Act, 2013 at Thirumudivakkam. Under the land pooling policy, the TNHB will not need to buy land; it will only have to spend on developing it. "It would be a win/win situation for stakeholders, including land owners, as the value of the land appreciates," a source said.