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Southern metro lost Rs 150 crore lease revenue

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One of the biggest deficiency of cash hit case is undoubtedly will be crowned to Chennai Corporation as it has lost nearly Rs 150 crore as a part of its revenue for its leased assets for a tenure of 2 decades, sources depicted on www.propertykhazana.com said. The company is already injured with various financial issues and was not even in the position of paying areas to its staffs for a long instance. A property amounting nearly 1.5 lakhs square feet at many prime location of the southern metro has been occupied by the lessees.
Source reported at www.propertykhazana.com also reveals that the story begins from 1985 and since then not a single pie was paid to Chennai Corporation on behalf of the lessees which were on lease to different individuals even before the day of independence. Majority of these leases were expired on 1985 and the concern department is still hunting the documentation of the lease in Chennai Corporation and other few were faded with poor maintenance.
On a short note with www.propertykhazana.com commissioner of Chennai corporation states that “the issue came into light when there was a regular scanning of the documents for various issues and found that the there was no renewal for the old lease properties”. Now the processes are kept on fast track to get the original documentations which counts around 545 assets around the metro with 30 to that of 2400 square feet of space allotted for various business purposes. For more and latest realty updates follow us at www.propertykhazana.com.
Source: NBTVLIVE

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