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.