Real estate investors push the power plant

The following is an earlier article and pertains to the MARG Swarnabhoomi project in Cheyyur and not the power plant. However, it is suspected that the push for the power plant and the land acquisition, including of additional land may all be related to a concerted real estate push in the region.

Glaring irregularities in 2 SEZ properties

The Comptroller and Auditor General (CAG) of India has, in its latest report, brought to light glaring irregularities in land deals involving SEZ properties in Chengalpattu and Cheyyur in Kancheepuram district.

In both SEZ properties, the CAG audit found that vacant land or land with constructed residential units were “sold” to private individuals under the guise of “lease” thereby helping the developers pocket an undue gain in the form of exemption of stamp duty and registration fees to the tune of Rs. 8.68 crores apart from other benefits such as exemption of VAT, CENVAT, Service Tax, Customs Duty and Income tax.

The CAG report for the year ending March 2012 which was tabled in the Assembly on Wednesday has also recommended to the government to take steps to set right the irregularities that resulted in violation of SEZ rules and to recover the undue benefits passed on to developers/co-developers of these properties.

Read more: http://www.thehindu.com/news/national/tamil-nadu/glaring-irregularities-in-2-sez-properties/article4718621.ece

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