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RLDA opens bids for vacant land parcel in Chennai

Our Bureau Chennai | Updated on August 27, 2020 Published on August 27, 2020

The Rail Land Development Authority (RLDA), a statutory body under the Ministry of Railways, has invited online bids for leasing out a land parcel at Victoria Crescent, Chennai.

The site is adjacent to Ethiraj College and Spencer Plaza and abutted by Cooum river.

The site will be leased out for 99 years for residential development with a reserve price of ₹41 crore for floor space index (FSI) of 1.5.

Eligible developers will be selected through a competitive single stage bid process, according to a press release from the RLDA.

The online pre-bid meeting is on September 9 and the last date to apply is September 15.

The site comes under the jurisdiction of the Chennai Metropolitan Development Authority. The existing land use of the site is primarily residential. The RLDA has invited bids from eligible bidders for the land parcel approximately 4,300 sq m in size.

“The Victoria Crescent site is strategically located, surrounded by an eclectic mix of residential, commercial, retail, institutional and entertainment activities. The site enjoys seamless connectivity with metro station, Chennai airport, and Chennai Central Railway station. Adjoined by Cooum river, the site is perfect for a high-end residential development.” said Ved Parkash Dudeja, Chairman, RLDA.

The RLDA was formed for the development of vacant Railway land for commercial use in line with the objective to generate revenue by non-tariff measures. Currently, Indian Railways has approximately 43,000 hectares of vacant land across India.

The RLDA has over 79 sites across India for leasing and the eligible developers for each will be selected through an open and transparent bid process. It is currently handling 84 railway colony redevelopment projects and has recently leased out a railway colony in Guwahati for redevelopment.

The RLDA has also embarked upon a station redevelopment programme, with 62 railway stations including New Delhi, Tirupati, Dehradun, Nellore and Puducherry, being taken up in a phased manner, the release said.

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Published on August 27, 2020
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