RLDA to invite bids to lease land in Chennai

The Rail Land Development Authority (RLDA) is set to invite e-bids for leasing seven land parcels for commercial development in Chennai. Besides inviting bids for the seven land parcels, a request for proposal (RFP) for the redevelopment of the Egmore railway colony will also be invited. According to RLDA, three out of the seven identified land parcels are situated at the Ayanavaram site, and the opening date for the bids of the three land parcels is 24 August 2021. The fourth land parcel is at Waltax road site across 1,116.67 sq m, and the reserve price is kept at Rs 4.19 crore for 45 years lease period. The last date for the submission of online bids for the Waltax road site is 12 August. The fifth land parcel is at the Pulianthope site across 2.09 acres at a reserve price of Rs 11.60 crore for a lease period of 45 years. Another land parcel is at the Victoria Crescent site, surrounded by high-end institutional and residential areas. The reserve price for this land parcel is kept at Rs 41 crore for a lease period of 99 years. The bids have been invited, and the opening of the bids for this site is on 2 September. The Egmore Railway colony is a location for retail, commercial, and hotel development. The site area is around 3.616 acres, available for a lease period of 45 years. The leasing of these sites will be mandated to and complete the development portion within ten years. The winning bidder is to procure all the necessary clearances, and carry out the development according to the local building by-laws. The Lessee have the right to market and sub-lease the build-up area for any lawful activity. Image Source Also read: Mumbai's Supari Baug colony to be redeveloped by RLDA Also read: RLDA plans to monetise 16 land parcels of Rs 1904 crores