Indian Railways to lease seven land parcels in Chennai for commercial development
Jul 08, 2021
Chennai (Tamil Nadu) [India], July 8 : Indian Railways statutory body Rail Land Development Authority (RLDA) is in the process of inviting online bids for leasing seven land parcels for commercial development in Chennai, as the city has emerged as a realty hub with the growth of the IT sector in the past few years.
Apart from inviting bids for the land parcels, a request for proposal (RFP) for the redevelopment of the Egmore railway colony will also be invited soon.
According to Rail Land Development Authority, out of the seven identified land parcels, three parcels are situated at the Ayanavaram site and the bid opening date for those three is set as August 24, 2021. The fourth land parcel is at the Waltax road site which spans across an area of 1,116.67 square metres and the reserve price of the site is kept at Rs 4.19 crore for a lease period of 45 years. The last date of e-bid submission for the Waltax road site land parcel is set as August 12, 2021.
The fifth land parcel is at the Pulianthope site which spans 2.09 acres and the reserve price for which is kept at Rs 11.60 crore to be leased for a period of 45 years.
Another land parcel is located at the Victoria Crescent site, which is surrounded by high-end institutional and residential establishments. This site is located in the CBD region of the city. The reserve price for this parcel is kept at Rs 41 crore and will be leased out for a period of 99 years. The bids for this site have been invited and will be opened on September 2, 2021.
The Egmore Railway colony site is a promising location for retail, commercial, hotel development as it is situated in the heart of Chennai. The area of the site is approximately 3.616 acres and will be available for lease for 45 years.
The lessees of these sites will be mandated to and complete the developer portion within ten years. The selected bidder will be expected to procure all necessary clearances and carry out development as per local building bye-laws. The Lessee shall have the right to market and sub-lease Built-up Area for any lawful activity.
Indian Railways has approximately 43,000 hectares of vacant land across India. RLDA has over 100 commercial (Greenfield) sites across India for leasing, and the eligible developers for each will be selected through an open and transparent bidding process.
LDA is currently also handling 84 railway colony redevelopment projects and 60 Railway station in a phased manner while its subsidiary, IRSDC, has taken up another 63 Railway stations PAN India.
