The Company delightfully informs the receipt of Road Pattern Approval from District Town and Country Planning Department with respect to its Ongoing Land Development Project at Chennai ....
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Saptarishi Agro Industries has received the Road Pattern Approval from the District Town and Country Planning Department for its ongoing Land Development Project at Pazhayanoor, Chennai. This approval, received through the company's Developer Partner, is in furtherance to the Joint Land Development Agreement signed on August 13, 2024. It covers land earmarked for road pattern, open space reservation, and public purpose. The company describes this as the first key milestone of the project, after which it can begin developing plots for sale. As conditions, the company must hand over road and park areas to the local body via a gift deed and transfer public purpose areas to TANGEDCO or the local body free of cost.
This is a positive regulatory milestone that unblocks the next phase of the company's land development project, potentially enabling future plot sales and revenue, though part of the land must be given away free of cost to local authorities.