Rail Land Development Authority (RLDA) on Thursday invited online bids for leasing four land parcels cumulatively spanning 7.36 acres in Chennai for the period of 45 years.
According to RLDA, two of the land parcels of 2.5 acre each are at Ayanavaram Railway Colony along the Konnur High Road and Duncan Road while two other land parcels are located at Waltax Road measuring 0.27 acre and at Pulianthope 2.09 acre.
"Chennai has emerged as a real estate hotspot due to the growth of the IT/ITes sector, infrastructural developments and conducive policy landscape over the past few years. These sites possess excellent location and connectivity. The real estate development at these sites will bolster prices, generate employment opportunities and boost the local economy," said Ved Prakash Dudeja, Vice Chairman, RLDA.
He further said that the lessees of these sites will be mandated to carry out development as per local building bye-laws and complete the developer portion within ten years.
"The selected bidder will be required to procure all necessary clearances for the same. He/she will be permitted to market and sub-lease Built-up Area for any lawful activity," he added.
According to the RLDA, the Waltax Road parcel which spans 1116.67 square meters with an FSI of 1.5, is kept at the reserve price of Rs 4.19 crore and the deadline for bid submission is informed to be February 26.
The Pulianthope site which spans 2.09 acres with an FSI of 2.0 is kept at a reserve price of Rs 11.60 crore with the deadline for bid submission being April 23. The site is accessible to a market, hospital and railway station.
The reserve price of the two land parcels at the Ayanavaram site is Rs 28.5 crore for Part A with an FSI of 3.25 and Rs 20 crore for Part B with an FSI of 2.0. The deadline for the bid submission is March 2, 2021.
The upcoming development projects include Chennai Metro, the Comprehensive Infrastructure Road Development Programme of Tamil Nadu, and the up-gradation of the Chennai International Airport which will further bolster the real estate prospects in the city.
Rail Land Development Authority (RLDA) is a statutory body under the Ministry of Railways for the development of Railway land. It has four key mandates as a part of its development plan, namely leasing of commercial sites, colony redevelopment, station redevelopment and multi-functional complexes.
Indian Railways has approximately 43,000 hectares of vacant land across India. RLDA has over 84 commercial (Greenfield) sites across India for leasing, and the eligible developers for each will be selected through an open and transparent bid process. RLDA is currently also handling 84 railway colony redevelopment projects and 62 Railway station re-development projects.
( With inputs from ANI )
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