Latest news with #MMFC
New Indian Express
23-06-2025
- Business
- New Indian Express
Railway properties exempt from state taxes even if commercially used: Madras HC
MADURAI: The Madurai Bench of the Madras High Court has ruled that Union government properties are exempt from state taxes even if used commercially, setting aside Madurai corporation's property tax demand on a commercial complex at Madurai railway junction. The court noted the land belongs to the Southern Railway and remains Union property throughout the lease, even though it was sublet to a private firm. The property, along with the building, will return to the railways after the lease period. A bench comprising Justices GR Swaminathan and M Jothiraman, which passed the order, noted that the parcel of land, where the complex is situated, belongs to Southern Railway and was leased out by the Rail Land Development Authority (RLDA) to Ircon Infrastructure & Services Limited - which is a wholly owned subsidiary of the Union Ministry of Railways - to develop the land for commercial use. The latter, in turn, had constructed a building and sublet the land to the appellant company, Madurai Multi Functional Complex Private Limited (MMFC), for 30 years. The Madurai corporation assessed the building for property tax and issued a demand notice in March 2018 calling upon the MMFC to pay half-yearly property tax to the tune of Rs 10.07 lakh. When the same was challenged by the MMFC, the petition was dismissed by a single bench in 2020, considering the facts that the building was constructed by Ircon infrastructure and then leased out to the MMFC and is being put to commercial use.
New Indian Express
05-06-2025
- Business
- New Indian Express
Pan-India firm bags Rs 566-crore Broadway bus stand development project
CHENNAI: The Rs 566.6 crore project to transform Broadway into a high-density, transit-oriented urban centre has been awarded to the Bridge and Roof Company (India) Ltd, which has operations spread across the country. The project will see the development of a multimodal facility complex (MMFC) and the full-scale redevelopment of the iconic Kuralagam building. As part of this, the construction of the bus terminal is expected to be completed in 24 months. The work on the commercial towers and Kuralagam building will be completed within 30 months. The initiative is being executed by Chennai Metro Asset Management Limited (CMAML) - a joint venture between Chennai Metro Rail Limited (CMRL) and Tamil Nadu Industrial Development Corporation (TIDCO) - on behalf of the Greater Chennai Corporation (GCC).
