Rail land authority invites bids for developing 4 land parcels in Chennai

Our Bureau Chennai | Updated on February 11, 2021

The unlocking of value of real estate assets, especially in the office segment, will provide growth capital for the sector

The Rail Land Development Authority (RLDA), a statutory body under the Ministry of Railways responsible for developing Railway land, has invited online bids for leasing four land parcels cumulatively spanning 7.36 acres in Chennai.

Two of the land parcels of 2.5 acres each are in the Ayanavaram Railway Colony, along Konnur High Road and Duncan Road. Two other land parcels are located at Walltax Road (0.27 acres) and at Pulianthope (2.09 acres). The parcels shall be leased out for 45 years.

The two land parcels at Ayanavaram site are well-connected to a nearby market, hospital, railway station and Ayanavaram bus Stand with residential development in the vicinity. The reserve price for Part A with built up area (BUA) potential of 3,53,925 sq ft (with FSI of 3.25) is Rs 28.5 crore. The Part B has BUA potential of 2,17,800 sq ft (with FSI of 2.0), for which the reserve price is Rs 20 crore. The deadline for the bid submission is March 4, said a release from RLDA.

The Waltax Road parcel spans 1116.67 sq. m. with an FSI of 1.5 and is well connected via road to other parts of Chennai. It abuts the 27-m wide Basin Bridge Road and is suitable for mixed-use development. The lower floors can be utilised for commercial/ retail development with residential development on the upper floors. The reserve price of the site is Rs 4.19 crore. The deadline for bid submission is February 26.

The Pulianthope site spans 2.09 acres with an FSI of 2.0 and is surrounded by LIG housing developed by the Tamil Nadu Slum Clearance Board/Tamil Nadu Housing Board. The site is accessible to a market, hospital and a railway station. Numerous bus stands are located in the vicinity. The site is suitable for residential development and will be leased for 45 years with a reserve price of Rs 11.60 crores. The pre-bid meeting will be held on March 10, and the deadline for bid submission is April 23.

“Chennai has emerged as a real estate hotspot due to the growth of the IT/ITeS sector, infrastructural developments and a conducive policy landscape over the past few years. These sites possess excellent location and connectivity. Real estate development at these sites will bolster prices, generate employment opportunities and boost the local economy,” said Shri Ved Prakash Dudeja, Vice Chairman, RLDA.

The lessees of these sites will be mandated to carry out development in line with local building byelaws 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 BUA for any lawful activity, the release said.

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Published on February 11, 2021
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