Greater Chennai Corporation is planning to raise seven new complexes and lots of parking lots. The decision was taken in order to raise revenue by developing commercial complexes. This includes 16 storey high-rise and 10 storey building. ADMK made announcement in today's secretariat.
The corporation depends on property tax for a large part of its income but so far the tax revenue has been so less and now even after revising the tax structure, the revenue has not been good.
So taking a cue from Delhi's municipal corporation, Greater Chennai Corporation will earn revenue from renting out space to private parties like IT firms in new commercial complexes. Also the corporation has decided to make revenue from advertisements on streetlights, bus stops and properties it owns.
Sources say that corporation will build a third multi-storey complex on a 4-acre site in Shenoy Nagar at a cost of Rs.100 crores. The parking lots will be able to hold more than 2500 cars and 1000 two wheelers.
