D’Monte Estate at Boat Club Road

Some time back Chenthilnathan wrote on D ‘ Monte Colony at Chennai. Today’s Hindu carries a report on D ‘ Monte Estate at Boat Club Road.

Sir John D’Monte, a Madras based businessman, had extensive movable and immovable properties in an around Madras. He died on May 18,1821 after executing a will in July 1820.

He had willed that the estate comprising house, gardens and grounds be made into a Trust and should remain under the control and management of the executors of the will. As per the testament, all rents and profits received from the property should be used for charitable purposes. The control and management of the Trust and the property passed from the hands of the will’s executors to the Bishop and the Trustees appointed from time to time.

The Madras High court has declined “sanction and approve” two agreements proposing to lease out 150 grounds of the D’Monte Estate on Boat Club road to Sathyabhama Deemed University Chancellor Jeppiar for 50 years. As per the two separate lease deeds of Agreement to Lease, Mr Jeppiar was to pay a total of Rs 75 crores besides Rs 15,000 as monthy rent for the land to the Archbishop of Madras-Mylapore.

The Madras High Court refusal to approve the land agreements is based on the lessee happened to be a member of the Property Committee of the Estate when the agreements were signed and also the amount projected in the agreement was very meager as the property would fetch more.

At the going rate of about Rs 3.7 crores per ground in Boat Club Area, the value of the property of D’Monte Estate works out to about Rs 550 crores. The terms of lease agreement appears to be pittance for the property whose present worth is Rs 550 crores.

(with inputs from “The Hindu” of July22,2006)

2 Comments so far

  1. vinod (unregistered) on July 23rd, 2006 @ 6:21 pm

    Yes. With the kind of clout these people have I won’t be surprised if 6 months down the line the land is indeed leased to Sathyabhama University which is the worst thing that can happen. Lets hope justice prevails!

  2. Nandhu (unregistered) on July 23rd, 2006 @ 7:19 pm

    it would have been nicer with the now famous post by senthil on the colony.

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