The site will be leased out by Indian Railways for residential development for a period of 99 years with a reserve price of Rs 41.00 crore for FSI of 1.5.
Indian Railways’ RLDA has invited online bids for leasing out a land parcel at Chennai’s Victoria Crescent. According to the Rail Land Development Authority, the site comes under CMDA’s (Chennai Metropolitan Development Authority) jurisdiction. The site’s existing land use is mainly residential. The authority has invited online bids from eligible bidders for the land parcel, around 4,300 sq m in size. The site will be leased out by Indian Railways for residential development for a period of 99 years with a reserve price of Rs 41.00 crore for FSI of 1.5. For leasing out the site, the selection of the eligible developer will be done through a transparent competitive Single Stage Bid Process. The Pre-Bid online meeting is scheduled for 9 September 2020 and to apply, the last date is 15 September 2020, RLDA stated.
According to the details shared by the statutory body which is under the Railway Ministry, the site of the land parcel is adjacent to Spencers Plaza Mall and Ethiraj College. The site is 160 metres off Ethiraj Salai and 650 metres from Anna Salai on Chennai’s Crescent Road. RLDA has stated that the site is abutted by Cooum River and is ideal for residential development as it enjoys excellent proximity to Nehru Park Metro Station (at a distance of 2.7 km), Gemini Flyover (at a distance of 2.5 km), Chennai Central Railway Station (at a distance of 3.6 km) and Chennai International Airport (at a distance of 16.5 km).
According to the Chairman of Rail Land Development Authority, Ved Parkash Dudeja, the site at Victoria Crescent site in Chennai is strategically located, as it is surrounded by an eclectic mix of retail, commercial, residential, institutional as well as entertainment activities. It has seamless connectivity with the Chennai Central Railway station, Chennai airport, and metro station. The site, which is adjoined by the Cooum River, is perfect for high-end residential development, Dudeja added.