Rail Land Development Authority (RLDA), a statutory entity of the Indian Railways, has invited bids for leasing out a 5,532 square metre land parcel at Renigunta near temple town Tirupati for commercial development.
The land parcel is located near Renigunta Junction Railway Station and will be leased out for 45 years, RLDA said in a release here.
It set ₹6.77 crore as the reserve price for the land for a proposed built-up area of 7,502 sq. m.
RLDA Vice-Chairman Ved Parkash Dudeja said the proposed land would be ideal for commercial development and augment the socio-economic development of the area, a suburb of Tirupati.
Dudeja said during the current financial year, RLDA has leased out ten railway sites at Liluah (Howrah), Nizamabad (Telangana), Walltax Road (Chennai), Egmore (Chennai), Bhopal (Madhya Pradesh), Ludhiana (Punjab), Abu Road (Rajasthan), Chaupla Bareilly, Varanasi and Gorakhpur in Uttar Pradesh for a cumulative lease premium of ₹726 crore.
In addition, railway assets valued at about ₹163 crore would be developed in Bhopal, Egmore (Chennai), Bareilly and Ludhiana railway colonies, he added.