Tamil Nadu government will scrap the practice of repeated registrations of Memorandum of Deposit of Title Deed (MoD) every time an entrepreneur gets additional loan by pledging the same property, announced Chief Minister, M.K. Stalin. He also announced setting up of TIDEL Park in Madurai at a cost of ₹600 crores in first phase.
He was inaugurating new schemes made to facilitate faster development of Micro, Small and Medium Enterprises in the State at the Thol Koduppom Thozhilkku Madurai regional conference held in Madurai on Friday.
"The entrepreneurs had to go to Sub-Registrar's office for registration of MoD of the property every time they got additional loan. This led not only to waste of time, but also delayed getting loans. In order to mitigate these hardships, the practice of repeated registration of MoDs, while getting additional loan on same property will be done away with," he said.
