Chennai To Use Vacant Railway Land To Develop Malls, Offices

Chennai To Use Vacant Railway Land To Develop Malls, Offices

Chennai To Use Vacant Railway Land To Develop Malls, Offices
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In order to increase its non-tariff revenues along with utilising the vacant land, the Railway Land Development Authority (RLDA) has identified such land for commercial development.

The Authority has identified land parcels worth Rs 5,000 crore that could be used to construct hotels, office arcades, malls and shopping centres.

The same has been proposed to private real estate developers by the Authority.

Recently, the RLDA had offered a land parcel in Poes Garden to private developers. This land parcel lies close to the residences of actor Rajinikanth and former chief minister J Jayalalithaa.

According to RLDA, while this move will help the developers with a land parcel at low initial capital investment for their development, the Railways could help increase its non-tariff revenues.

Under this scheme, while the developers will be provided the land parcel for development for a pre-decided time, the ownership of the land will lie with the Railways. The RLDA will also help the developers get a no-objection certificate.

Identified land parcels include:

*Chetpet (0.76 hectare)

*Victoria Crescent adjacent to Ethiraj College (0.43 hectare)

*Poes Garden (0.53 hectare)

*Chennai Egmore (2 hectare)

*Perambur Panathope Colony (2 hectare)

*Ayanavaram Colony (3.5 hectare)

*Wall Tax Road near Basin Bridge (0.12 hectare)

*Pulianthope (0.74 hectare)

What makes this a good deal?

While the developers would be able to get a land parcel that is well-located lying close to a railway station and possibly a well-developed residential locality, the residents would be able to access commercial services easily.

Who can apply?

The RLDA has kept the bidding for these land parcels open to individuals, public or private limited companies, foreign companies and registered cooperative societies or a consortium of companies.

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