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 4300 sq metre land will be leased out for 99 years for residential development with a reserve price of Rs 41 crore.
“The Victoria Crescent site is strategically located, surrounded by mix of residential, commercial, retail, institutional and entertainment activities. The site has seamless connectivity with metro station, Chennai Airport, and Chennai Central Railway station. The site is perfect for a high end residential development.” said Ved Parkash Dudeja, Chairman, Rail Land Development Authority.
The land is adjacent to Ethiraj College and Spencers Plaza Mall. The site comes under the jurisdiction of Chennai Metropolitan Development Authority (CMDA). The existing land use of the site is primarily residential. Chennai has emerged as a residential hub due to a robust presence of IT/ITes sector.
Chennai’s real estate market is primarily end-user driven and has been supported by the rapidly increasing expansion of industries and subsequent commercial activity. The quick growth of infrastructure and connectivity to the region in the past few years is also expected to boost real estate demand in the area in future The completion of the metro rail has already pushed up demand in the region.
Rail Land Development Authority (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-tari measures. Currently, Indian Railways has approximately 43,000 hectares of vacant land across India.
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. RLDA is currently also handling 84 railway colony redevelopment projects and has recently leased out a railway colony in Guwahati for redevelopment. RLDA has also embarked upon a station redevelopment program, with 62 railway stations including New Delhi, Tirupati, Dehradun, Nellore and Puducherry, being taken up in a phased manner.