A huge parcel of vacant land belonging to the Rail Land Development Authority (RLDA), adjacent to the Tambaram Sanatorium railway station, is set to be exploited for commercial use.
The RLDA has received good response from real estate developers, for which a ‘Request for Proposal’ for leasing the land parcel through e-bids, with a reserve price of ₹8 crore, was floated recently.
A press statement said the RLDA land, measuring over 3,500 metres and located on Bharathamadha Street near the Tambaram-Sanatorium flyover, is set to be put up for commercial purposes for monetising.
The site is well-connected to all public transport hubs including the airport, Tambaram railway station and Sanatorium bus terminus on GST Road, and could be used for institutional development. Also, the Madras Export Processing Zone (MEPZ) is located close to the site. The vacant land, falling under the Chennai Metropolitan Development Authority (CMDA), has been allowed for ‘Institutional Land Area’ and would be leased for 45 years.
Ved Parkash Dudeja, vice chairman, RLDA, said Chennai, with lots of information technology companies and bolstered by good infrastructure facilities, has immense potential for institutional development.
The RLDA is a statutory body functioning under the Ministry of Railways created for the development of vacant railway lands for commercial use, to generate revenue by non-tariff measures.
Currently, the Indian Railways has approximately 43,000 hectares of vacant land across India. The RLDA has identified over 79 sites across India for leasing, and the eligible developers for each would be selected through an open and transparent bid process.