STOCK MARKET BSE NSE

Decks cleared for free trade warehousing zone

It is learnt that the project, which was proposed during the Global Investors Meet, has been given conditional approval for reclassification of land use zone by CMDA.

Published: 27th February 2020 06:42 AM  |   Last Updated: 27th February 2020 06:42 AM   |  A+A-

Express News Service

CHENNAI: The Integrated Chennai Business Park (India) Pvt, the free trade warehousing zone (FTWZ) project, which is coming up in 130 acres of land in Vallur and Edayanchavadi in Ponneri taluk of Thiruvallur district, is taking shape, as a recent authority meeting of Chennai Metropolitan Development Authority has given the green light to reclassify the partly primary residential use zone and partly non-urban use zone -- to commercial use zone. The MoU for the `1,000 crore project was signed last year with Dubai Port (DP) world. FTWZ will create trade-related infrastructure to facilitate the import and export of goods and services with the freedom to carry out trade transactions in free currency. 

It is learnt that the project, which was proposed during the Global Investors Meet, has been given conditional approval for reclassification of land use zone by CMDA. According to information available with Express, CMDA has urged that the business park should ensure necessary changes in ownership with regard to the Vallur village land survey numbers in favour of the applicant while applying for planning permission. CMDA has also specified that the project would qualify for planning permission only if it gets environmental clearance.

This comes after Revenue and Disaster Management department in February 2019, ordered to transfer the government poromboke land in Vallur, in favour of the project proponent by way of exchange. Similarly, Industries department has stated that the process of allotting HR&CE land for the project by SIPCOT is also under process. There are only four operational FTWZs in India covering 475 acres. The largest is in Khurja, close to the NCR of Delhi. One is located in Panvel, Mumbai, one in Sri City, nearby Chennai and the other in Nanguneri.

Stay up to date on all the latest Chennai news with The New Indian Express App. Download now

Comments

Disclaimer : We respect your thoughts and views! But we need to be judicious while moderating your comments. All the comments will be moderated by the newindianexpress.com editorial. Abstain from posting comments that are obscene, defamatory or inflammatory, and do not indulge in personal attacks. Try to avoid outside hyperlinks inside the comment. Help us delete comments that do not follow these guidelines.

The views expressed in comments published on newindianexpress.com are those of the comment writers alone. They do not represent the views or opinions of newindianexpress.com or its staff, nor do they represent the views or opinions of The New Indian Express Group, or any entity of, or affiliated with, The New Indian Express Group. newindianexpress.com reserves the right to take any or all comments down at any time.

flipboard facebook twitter whatsapp