Chennai: The train colony in Poonamallee High Road in Egmore is set for a rebuilder, by train getting ready to call for bids for the main property.
The legal authority under the railway has kicked the process to rent another large tract from the main real estate in an effort to monetize assets.
Officials in the authority of the development of the railroad to say the egmore train colony, which is located at the intersection of Poonamallee HIGROAD and Dr.
Nair Road, will be available for an immediate offer.
Of almost 6.24 hectares, around 3.6 hectares will be available for rent for 45 years.
In the balance section, tenants will be mandated to rebuild 156 train quarters in place, school, community center, etc., for trains.
“Developers can also use the FSI surplus of the railroad parts and build 7 lakh sq ft area built-up for retail / commercial use / hotels in the main location of Eggore, making this a unique opportunity in the area.
Bid for rebuilding this colony will be invited Immediately, “said a statement from RLDA.
Among other mainland parcels that came for rebuilding were: two land packages of 2.5 hectares and one land area of 3.6 hectares in the ayanavaram railway colony, located along Jalan Konnur High Road and Duncan, the railroad land was on Walltax Road near Basin Bridge (0.27 hectares), Pulianthope (2.09 hectares) and Crescent Victoria website adjacent to Ethhiraj College (1,062 hectares), also at EGMORE.
“Chennai was ready to emerge as a realty center because of a series of rapid infrastructure developments and a conducive impulse by the Tamil Nadu government.
The Indian train has several land parcels in Chennai which is strategically located and suitable for commercial development.
After completion, rebuilding, rebuilding the site – This site will produce employment opportunities, improve real estate and retail and have a multiplier effect on socio-economic development in the region, “said Shri Ved Parkash Dudeja, Deputy Chairperson, RLDA.
Real estate consultants say that open offers will be a litmus test for property scenes in Chennai, considering most of the property that appears for rebuilding is in the main location and potentially shows the way forward for the market looking for the post-covid scenario.
“Monetization of train assets will open the main properties in the city.
The development of retail and office mixes will attract good demand.
In addition, co-living will be a class of assets to develop in the residential zone because the land is rented,” said Srinivas Anikipatti, senior director Real estate consultant Knight Frank India.
RLLS to rebuild Elmore Colony, to invite an offer immediately
