No need for repeated registrations by entrepreneurs seeking additional loans on same property: M.K. Stalin

Online facility for MoDs registration, cancellation introduced

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 September 15.

"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.

The Chief Minister inaugurated online facility for registration and cancellation of MoDs. It enables bank managers and entrepreneurs carry out registration and cancellation of MoDs without having to be physically present at sub registrar's office and save time. It would benefit 6.5 lakh entrepreneurs and those getting housing loan and farm loan every year. The State Government has amended the Tamil Nadu Registration Act accordingly.

Mr. Stalin also inaugurated online facility for MSME entrepreneurs of SIDCO industrial estates for getting 12 services including no objection certificates for bank loans and electricity connection, water connections and sale deed.

To mark the inauguration of COVID Assistance and Relief to Entrepreneurs (CARE) that provides loan to MSME units that were affected during COVID lockdown and could not get bank loans, he gave away a cheque of Rs. 8.80 lakh to the first beneficiary. The State government has allocated Rs. 50 crores under CARE.

The Chief Minister added that Rs. 20.13 crore loan has been disbursed to 81 MSMEs without any collateral under the Tamil Nadu Credit Guarantee Scheme ever since the scheme was launched last month.