TN to add 50,000 acres for industrial land bank

CHENNAI: Facing shortage of space to setup industries, the State Industries Promotion Corporation of Tamilnadu Ltd (SIPCOT) is eyeing on adding 50,000 acres to its land bank including those in the peripheries of Chennai.

Addressing the gathering on the occasion of a leadership session on “progressive Chennai: advancing success in an evolving market” organised by CREDAI Chennai and JLL here on Saturday, industries department secretary Vikram Kapur said that SIPCOT has allocated 20,000 acres of the available 24,000 acres of land to the industries. “Land has been biggest a constrain and most of the land provided through SIPCOT has already been occupied … We are continuously expanding our land bank and the target is to develop an additional land bank of 50,000 acres some of which will also come in Chennai and peri-urban area because this is where the real industrial activity is happening,” he said.

In a bid to spur industrial growth across the state, the government is developing two major corridors including the Chennai – Kanyakumari corridor. The proposed corridor will comprise of a first-of-its-kind nodes, which will have exclusive planning authorities and Special Purpose Vehicles to provide necessary infrastructure. “It is a new approach, where rather than industries running to various agencies, we will be creating a mechanism for all planning approvals such as masterplans and plan approvals will be given by a dedicated authority,” he said.

source”cnbc”