RLDA to lease land parcels in city for commercial development

RLDA Vice Chairman Ved Prakash Dudeja was quoted in the release as saying that Chennai has emerged as a real estate hotspot due to the growth of the IT/ITes sector, infrastructural development and conducive policy landscape over the past few years.

The Rail Land Development Authority (RLDA) on Thursday said it would lease over seven acres of land in the city for commercial development and invited online bids. RLDA, a statutory authority under the Ministry of Railways, said the 7.36 acres of four land parcels are located at Waltax Road, Pulianthope and Ayanavaram Railway Colony here.

Rates in existing commercial areas and upcoming commercial areas were hiked. (Sanjeev Verma/HT PHOTO)

"The (land) parcels shall be leased out for 45 years," a release here said. The deadline for bid submission for the Waltax Road site, close to the central railway station here, is February 26, March 4 for Ayanavaram and April 23 for Puliyanthope site, it added.

RLDA Vice Chairman Ved Prakash Dudeja was quoted in the release as saying that Chennai has emerged as a real estate hotspot due to the growth of the IT/ITes sector, infrastructural development and conducive policy landscape over the past few years.

"These sites possess excellent location and connectivity. The real estate development at these sites will bolster prices, generate employment opportunities and boost the local economy," he said.