Railways plans residential tower on Chennai’s Wall Tax road – ET RealEstate

CHENNAI: Railways seems to be betting big on real estate development in the city and is planning to rope in private developers to build apartments and commercial complexes on parcels of land totalling 7.4acres including a residential tower with shops on the ground floor on 1,116sqm land on Wall Tax road near MGR Central railway station.

Rail Land Development Authority (RLDA), which is in charge of monetising railway land, has suggested that the lower floors be for shops while the rest of the floors be for residential apartments on Wall Tax Road. The reserve price of the site is kept at Rs 4.19crore for a lease period of 45 years.The authority has invited bids from developers to build residential-cum-commercial or commercial and residential complexes in other key areas such as Pulianthope and Ayanavaram Railway Colony.

These two land parcels of 2.5 acres each are in Ayanavaram Railway Colony, along Konnur High Road and Duncan Road; two other land parcels are located at Wall Tax Road (0.27 acres) and at Pulianthope (2.09 Acres).

RLDA is hopeful of earning money by developing railway land for commercial use because of the infrastructure growth in Chennai and also because most of the land is located in key areas close to public utilities.

This is the second time RLDA is promoting commercial development of railway property in the city. In September last year, they called for bids for leasing out 3,500sqm land in East Tambaram after a pre-bid meet received good response from investors. The authority was also developing land parcels at Ethiraj Salai and Pulianthope for constructing residential apartments and also a multi-functional complex in Trichy.

Ved Prakash Dudeja, vice-chairman, RLDA, said, “The real estate development at these sites will bolster prices, generate employment opportunities and boost the local economy.”

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