CHENNAI: The Tamilnadu Urban Infrastructure Financial Services Limited has selected transaction advisory consultants to develop vacant lands in Ashok Nagar and Koyambedu under public-private participation. The consultants were selected after Chief Minister J Jayalalithaa announced in the State assembly to build multi-storied flats and commercial complexes in the vacant sites.The site in Ashok Nagar is located between K K Nagar Bus Depot and ESI Hospital and covers an area of 3.73 acres while the site in Koyambedu is located in two parcels in the SAF Games Village with an extent of 4.28 acres and 1.36 acres.Sources told Express that Darashaw & Company is appointed as transaction advisory consultant for Ashok Nagar vacant land development and Inmaas has been appointed transaction advisory consultant for Koyambedu vacant land development.Sources also said a high-level transaction advisory services for development of vacant lands in Ashok Nagar and Koyambedu in public-private participation mode by Tamil Nadu Housing Board was held last month with several recommendations.Some of the recommendations include development of Ashok Nagar vacant land as a commercial and residential area. Sources say as per the market survey, the average built-up sale rate prevailing in the area is between ` 8000 and `9500 per square foot.The guideline value for land in Ashok Nagar as per the 2007 notification is `3000 per square foot and `6000 per square foot as per the draft guideline notification of 2011. As per survey, the the market value per ground is `2 crore.Similarly, in the Koyambedu SAF village, it was recommended to use the site for building a multi-purpose mall and residential area.The average built-up sale rate prevailing in the area is between `6,000 and `10,000 per square foot for residential and `9,000 to `13,000 per square foot for commercial.
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