A 2-km buffer zone along the Outer Ring Road (ORR) will be used for commercial development.
What’s it about? The Tamil Nadu Urban Infrastructure Financial Services Limited hired a real estate and investment firm, CBRF, to prepare a feasibility report to develop a 50-km stretch for development. The CMDA decided to create a buffer zone by taking over the land.
- The land on the ORR will be taken over under a land pooling scheme where the owners give their land to the government for infrastructure development. Once that’s completed, the land is given back to the owners.
- The CMDA will first monetise 300 acres in the 50-km stretch through auctions. A valuer will assess the market value of the land, and land use norms will be fixed.
It’s been done before: The concept of land pooling for development has been done in Delhi. This type of development across certain stretches has also been done in corridors in Delhi and Ahmedabad and in Brazil and Portland in the US.