RLDA Invits Bids for Residential Tower in Chennai’s Wall Tax road

Railway plans residential tower in chennai’s wall tax road. RLDA is responsible for creating assets for Indian Railway by utilizing vacant railway land.

It seems that the railway is planning to invest a big capital in real estate. This investment will be a boost for the Chennai real estate sector. The railway will collaborate with several private developers to build commercial complexes and apartments. They will acquire a total of 7.5 acres of land and the complex will comprise various shops and a residential tower. The ground floor dedicated to shops and a variety of shops is build on an area of 1,167 square meters. The project is executed on the Wall Tax Road near MGR Central Railway Station. 

Towers will have dedicated floors

The advice of floor deviations are proposed by Rail Land Development Authority. Excluding ground, rest of the floors will be for residential apartments on Wall Tax Road. “RLDA is responsible for creating assets for Indian Railway by utilizing vacant railway land.

The price of site is finalized and is kept at Rs 4.18 Crore with a lease period of 45 years and procedure of bids from developers has started. Construction of residential and commercial complexes done in key areas like Ayanavaram and Pulianthope Railway Colony. These two pieces of land 2.4 acres each, situated in Ayanavaram Railway Colony along Duncan Road and Konnur High Road. The other two land pieces situated at Pulianthope and Wall Tax Road with an area of 0.27 acres and 2.09 acres. 

Since most of the vacant railway lands are located in major areas in proximity to public utilities. RLDA hopes to earn money by developing those vacant lands for commercial as well as residential use. 

RLDA second real estate project

It’s the second time that RLDA is developing a real estate project for commercial use in Chennai. The first project was proposed in September 2020, where approximately 3,600 sqm of land in East Tambaram was developed for real estate.

Words from RLDA Chairman-

According to Ved Prakash Dudeja, developing real estate at these sites will enhance the Chennai infrastructure. These upcoming projects will give a boost to Chennai’s real estate sector, local economy and create many employment opportunities.

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