G.O.(Ms).No.48, Payment of Chennai Metropolitan Development Authority Loan Demand, 2015
The Government of Tamil Nadu, Housing and Urban Development (UD3-2) Department, issued G.O.(Ms).No.48 dated 23 March 2015, sanctioning payment of Rs.4,71,929 to the Tamil Nadu Urban Finance and Infrastructure Development Corporation Limited. The payment covers principal and interest for the quarter ending 31 March 2015 on a loan taken by the Chennai Metropolitan Development Authority for infrastructure projects and later serviced by the Government.
What the document does
G.O.(Ms).No.48 dated 23 March 2015 authorises the Government of Tamil Nadu to pay a quarterly loan demand relating to infrastructure projects undertaken by the Chennai Metropolitan Development Authority. The payment is due to the Tamil Nadu Urban Finance and Infrastructure Development Corporation Limited.
The document records that the Government had earlier taken over outstanding Chennai Metropolitan Development Authority loans payable to the Housing and Urban Development Corporation and the Tamil Nadu Urban Finance and Infrastructure Development Corporation Limited. The outstanding amount taken over was Rs.139,79,23,000, with the Government servicing principal and interest from 1 April 2005.
Payment sanctioned
The Housing and Urban Development (UD3-2) Department accepted the demand submitted by the Chairman and Managing Director of the Tamil Nadu Urban Finance and Infrastructure Development Corporation Limited for the quarter ending 31 March 2015.
The sanctioned payment is divided as follows:
- Principal repayment of Rs.3,92,857.
- Interest payment of Rs.79,072.
- Total payment of Rs.4,71,929.
The accounts identify the borrowing as a loan from the Tamil Nadu Urban Finance and Infrastructure Development Corporation Limited for a flood alleviation project executed by the Chennai Metropolitan Development Authority.
How payment is to be made
G.O.(Ms).No.48 authorises the Section Officer of the Housing and Urban Development (Bills) Department to draw the sanctioned amount. Two separate account payee cheques must be issued in favour of the Chairman and Managing Director of the Tamil Nadu Urban Finance and Infrastructure Development Corporation Limited, covering the principal and interest amounts.
The document directs that payment be made on or before 25 March 2015. It also records the concurrence of the Finance Department dated 18 March 2015.
Who is affected
G.O.(Ms).No.48 directly concerns the Government of Tamil Nadu, the Chennai Metropolitan Development Authority, the Tamil Nadu Urban Finance and Infrastructure Development Corporation Limited, and the government officers responsible for drawing, accounting for and disbursing the payment.
The document is an administrative loan repayment sanction. It does not state that it changes private land ownership, property boundaries, planning permission, land classification or development rights. Property buyers and owners are therefore not given any new obligation or entitlement under the document.
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Common questions
Does G.O.(Ms).No.48 change the ownership or classification of any land?
No such change is stated. The document sanctions repayment of principal and interest on a Chennai Metropolitan Development Authority infrastructure loan.
How much payment was sanctioned for the quarter ending 31 March 2015?
The Government sanctioned Rs.4,71,929, consisting of Rs.3,92,857 in principal and Rs.79,072 in interest.
Who receives the sanctioned payment?
The payment is to be made in favour of the Chairman and Managing Director of the Tamil Nadu Urban Finance and Infrastructure Development Corporation Limited.
What type of project is identified in the loan accounts?
The accounts identify a loan from the Tamil Nadu Urban Finance and Infrastructure Development Corporation Limited for a flood alleviation project executed by the Chennai Metropolitan Development Authority.
