Tamil Nadu Govt Leases 2.35 Acres for Multilevel Automotive Parking

The state authorities has accorded sanction to lease land measuring 2.35 acres to Dragonstone Realty Pvt Ltd for the development of a multilevel automotive parking facility in Technopark section III campus. The proposal envisages the development of floor plus six flooring multi-level automotive parking with a constructed up space of 4.5 lakh sq.ft. Technopark Chief Govt Officer had earlier forwarded a proposal submitted by Dragonstone Realty Pvt Ltd for the event of multi-level automotive parking (MLCP) facility in Technopark section III campus. Together with the proposal, a draft lease deed for an space of two.35 acres for the venture was additionally enclosed. The MLCP venture is being carried out to fulfill the projected requirement of parking house after the completion of the Non-SEZ a part of the venture for combined use retail cum business zone by Dragonstone Realty Pvt Ltd and the workplace constructing by Dorne Realty Pvt Ltd. The land is presently in use for floor floor open automotive parking by the businesses working from the constructing Ganga-Yamuna of Technopark. The land allotted will likely be given on lease for a interval of 90 years. As per the order issued by the state authorities, the Technopark shall enter into lease settlement with Dragonstone Realty Pvt Ltd for a interval of 90 years to assemble the multi-level automotive parking at Technopark section III campus with a provision to sub lease to Dorne Realty Non-public restricted for a joint growth by each firms. The price of the whole venture shall be met by Dragonstone Realty Pvt Ltd, whereas operation and upkeep price of the venture shall be met by Dragonstone Realty Pvt Ltd on “no price to Technopark” foundation. Technopark shall be given free utilization of 250 automotive parking slots and 100 bike parking slots as consideration by the lessee for the lease throughout the whole operation of the lease interval of 90 years. The venture shall be accomplished inside 36 months from the date of acquiring single window clearance approval and all different statutory approvals relevant, in response to the order. The state authorities has directed that the Technopark shall get hold of de-notification orders for the land relevant from the SEZ authorities. Alternate parking preparations for the prevailing customers and the mandatory logistics from the recognized space to the Ganga-Yamuna constructing shall be supplied by the Dragonstone Realty Pvt Ltd through the building interval.