G.O. Ms. No. 167, Policy on Land Cost Payable by Chennai Metro Rail Limited, 2010
The Government of Tamil Nadu, through the Planning, Development and Special Initiatives (S.I.) Department, issued G.O. Ms. No. 167 on 17 September 2010 to establish how Chennai Metro Rail Limited must value and account for public land transferred permanently for the Chennai Metro Rail Project. It uses guideline value and divides land into two categories, with different payment and accounting treatment for each category.
Purpose
The Planning, Development and Special Initiatives (S.I.) Department issued G.O. Ms. No. 167 on 17 September 2010 to speed up the permanent transfer of public land required by Chennai Metro Rail Limited. The land may be used for metro rail viaducts, stations, the depot and other supporting structures.
The policy followed recommendations made by the High Power Committee chaired by the Chief Secretary at its meeting on 22 July 2010.
Land and organisations covered
G.O. Ms. No. 167 applies to land transferred to Chennai Metro Rail Limited by the following bodies:
- State Government departments.
- Public sector undertakings and other government undertakings.
- Statutory boards.
- Universities.
- The Corporation of Chennai and other local bodies.
- Autonomous bodies and corporations covered by the stated categories.
The document concerns permanent land requirements for the Chennai Metro Rail Project. It does not describe a general valuation policy for ordinary private property transactions.
Land categories
G.O. Ms. No. 167 places land transferred to Chennai Metro Rail Limited into two categories:
- Government land, or land allocated free by the Government to agencies for specific schemes.
- Land purchased by autonomous bodies or corporations from their own resources, and land already shown as an asset in their balance sheets.
Valuation, payment and accounts
G.O. Ms. No. 167 provides the following treatment:
- Guideline value must be used to calculate the value of land transferred to Chennai Metro Rail Limited.
- For Government land, or land originally allocated free for specific schemes, the land value payable to the Government is treated as the Government's investment in Chennai Metro Rail Limited through interest free subordinate debt.
- The required book adjustments must be made in the accounts of the Government and Chennai Metro Rail Limited.
- For land purchased by autonomous bodies or corporations from their own resources, or already recorded as an asset, Chennai Metro Rail Limited must pay the land value to the agency concerned.
Relevance to property owners and professionals
G.O. Ms. No. 167 directly affects the listed public bodies and Chennai Metro Rail Limited when public land is permanently transferred for the metro project. The document does not provide terms for acquiring privately owned land or compensation payable to private owners.
This summary is generated from the source document to help you find what is relevant. The PDF above is authoritative. For advice on your own property, use LandLens One or speak to a qualified professional.
Common questions
How is land transferred to Chennai Metro Rail Limited valued?
The guideline value is used to calculate the value of land transferred to Chennai Metro Rail Limited.
Does Chennai Metro Rail Limited pay cash for Government land?
For Government land, or land allocated free by the Government for specific schemes, the value is treated as Government investment through interest free subordinate debt, with book adjustments in the relevant accounts.
What happens when an autonomous body bought the land using its own funds?
Chennai Metro Rail Limited must pay the land value to the autonomous body or corporation concerned.
Does G.O. Ms. No. 167 set compensation for privately owned land?
No private land compensation terms are provided. The document addresses land belonging to Government departments, public bodies, universities, corporations and local bodies.
