Chennai, (Metro Rail News): the capital of Tamil Nadu, has emerged as a prominent realty hub owing to the growth of the IT/ITes sector in the past few years. The upcoming developments, such as Chennai Metro, the Comprehensive Infrastructure Road Development Programme of Tamil Nadu, and the up-gradation of the Chennai International Airport will further bolster real estate prospects in the city.
Two of the land parcels of 2.5 acres each and one land parcel of 3.6 Acres are in the Ayanavaram Railway Colony, situated along Konnur High Road and Duncan Road. Other land parcels are located at Waltax Road near Basin Bridge (0.27 Acres), Pulianthope (2.09 Acres), Victoria Crescent site located at Victoria Crescent adjacent to Ethiraj College (0.43 Ha) respectively. Apart from this, a Request for Proposal (RFP) for the redevelopment of the Egmore Railway Colony will be invited shortly.
“Chennai is poised to emerge as a realty hub due to spate of rapid infrastructural developments and conducive push by the Tamil Nadu government. Indian Railways has several land parcels in Chennai that are strategically located and suitable for commercial development. Once completed, the redevelopment of these sites will generate employment opportunities, boost real estate and retail and have a multiplier effect on socio-economic development in the region,” said Shri Ved Parkash Dudeja, Vice Chairman, RLDA.
Three Land Parcels at Ayanavaram site:
The three land parcels at the 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 45 years lease period for Part A with BUA potential of 3,53,925 sq. ft. (with FSI of 3.25) is INR 28.5 crores. Part B has a BUA potential of 2,17,800 Sq.ft. (with FSI of 2.0), for which the reserve price is kept at INR 20.0 crores for a lease period of 45 years. Part C has a BUA potential of 313632 Sq.ft. (with FSI of 2.0) for which the reserve price is kept at INR 28.0 crores for a lease period of 45 years. The bid has been invited with the bid opening date of 24th August 2021.
Land Parcel at Waltax Road Site:
The Waltax Road parcel spans 1116.67 sq. m. with an FSI of 1.5. It is conveniently 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 also be utilised for retail development with office space development on the upper floors. This site is also found suitable for petrol pumps, CNG stations and battery charging stations for e-vehicles, being a corner plot. The reserve price of the site is kept at INR 4.19 crores for a lease period of 45 years. The bid has been invited and the last date of e-bid submission is 12th August 2021.
The Pulianthope site:
The Pulianthope site spans 2.09 acres with an FSI of 2.0 and is surrounded by LIG housing developed by Tamil Nadu Slum Clearance Board/Tamil Nadu Housing Board. The site is accessible to a market, hospital and railway station. Numerous facilities, including a bus stand, are located in the vicinity. The site is suitable for residential/commercial development and will be leased for 45 years with a reserve price of INR 11.60 crores. Bids were invited for this site, and those received are under consideration for award of LOA.
Land Parcel at Victoria Crescent site
The Victoria Crescent Site spans 0.43 Ha with an FSI of 1.5. It is located at Victoria Crescent adjacent to Ethiraj College and is surrounded by high-end development of institutional and residential establishments. This site is located in the CBD region of the city. The site is accessed by Crescent Road and is just 160 m off Ethiraj Salai and 650 m off Anna Salai. This site has excellent connectivity to other parts of Chennai. This site is abutted by the Cooum River along its South-East boundary. As per a survey conducted by the Institute of Remote Sensing, Anna University, the site does not fall in CRZ. The surroundings of the site are conducive to posh residential development at the site. The site will be leased out for 99 years with a reserve price of Rs 41 Cr. Bids have been invited and will be opened on 2nd September 2021.
Egmore Railway Colony Redevelopment Project
The Egmore Railway Colony site is a promising destination located in the heart of Chennai. Egmore Railway site is situated on the junction of Poonamallee Highroad and Dr Nair Road, Chennai. The area of the site is approx 6.24 Ha. Approximately 3.616 acres will be available for lease for 45 years. On the balance portion, the lessee will be mandated to redevelop 156 Railway quarters on-site, a school, community centre etc. for Indian Railways. Developers can also utilise surplus FSI from the railway portion and construct seven lakh sqft of built-up area for retail/ commercial/hotel usage in this prime location of Egmore, making this a unique opportunity in the area. The bids for the redevelopment of this colony will be invited shortly.
The details of sites and their bids can be seen on the RLDA website. 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.
Rail Land Development Authority (RLDA) is a statutory body under the Ministry of Railways for the development of Railway land. It has four key mandates as a part of its development plan, namely leasing of commercial sites, colony redevelopment, station redevelopment and multi-functional complexes.
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. RLDA 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.