The Rail Land Development Authority (RLDA) has floated a Request for Proposal (RFP) for leasing a land parcel of 3,700 square meter in East Tambaram in Chennai.
According to the RLDA officials, the land parcel is located along Bharathamadha Street, near Tambaram Sanatorium Flyover and is located just 7 km away from the airport, 3 km from the nearest bus stand and 2 km from Tambaram Railway Station which is the third busiest station and second-largest revenue generator in Chennai.
The reserve price of the site is Rs eight crore.
“It is permitted for uses under Institutional Land Area by CMDA for 45 years. An online Pre-Bid conference was hosted by RLDA on September 14 and elicited exceptionally good response from developers based in Chennai and nearby metros,” an RLDA official said.
Ved Parkash Dudeja, Vice Chairman of RLDA said that bolstered by a spate of infrastructural developments, the growth of IT/ITes sector and a robust infrastructure of retail complexes, hospitals and schools, Chennai has carved an identity of a stable real estate market.
“Being well-connected to the railway station, bus stand and airport, the site located in East Tambaram, South Chennai, has immense potential for institutional development,” he said.
Dudeja also stressed that the planned development on the site will boost infrastructure escalating prices of real estate projects in the vicinity and herald the socio-economic transformation of the region.
According to RLDA, the land parcel falls under the jurisdiction of Metropolitan Transport Corporation, Chennai, Tambaram has emerged as a prominent residential hub in South Chennai.
The site is owned by Southern Railway and it is surrounded by a lower mid-end residential colony on the east side of the site. It is permitted for institutional development and is also eligible for the construction of high-rise buildings.
The lessee will be mandated to provide buildings and building services, civic amenities, vehicle parking for users and visitors on surface and basements, internal security, roads and internal circulation network, and landscaping on the site. The lessee will be granted marketing & sub-leasing rights as per Terms and conditions of Agreement.
RLDA is a statutory body under the Ministry of Railways 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 the country and the RLDA has over 79 sites in different parts of India for leasing and the eligible developers for each will be selected through an open and transparent bidding process.