The plot ideal for mixed-use development will be leased for 99 years. It's reserve price is Rs 90 crore.
The Rail Land Development Authority (RLDA), a statutory body under the Ministry of Railways, has invited online bids for leasing out a land parcel spread across 10,128 sq m at Platform Road in Bengaluru with a reserve price of Rs 90 crore.
The plot would be leased for 99 years, RLDA officials said.
The land parcel is in proximity to the Bangalore City Railway Station as well as Kempegowda Interstate Bus Terminal also known as Majestics Bus Depot. Various residential colonies such as VV Giri Colony, Shastri Nagar, Lakshmanpuri and Jakkarayanakere are also located close to the site.
These localities comprise standalone residential dwelling units and commercial establishments such as lodges, hotels, unorganised retail shops and institutional developments. Apollo Hospital at Sheshadripuram is within 500 metres from the project site.
“The land parcel at Platform Road, Bangalore is ideal for residential (mixed) use development which will be leased for a time period of 99 years. It enjoys excellent connectivity with residential, educational, commercial and retail establishments making it an ideal land bank for any kind of residential or mixed-use development,” said Ved Parkash Dudeja, Chairman, Rail Land Development Authority.
The ever-increasing millennial workforce of Bengaluru has significantly influenced the city’s real estate market. While the IT professionals working in reputed multinationals and scouting for globally inspired lifestyles have driven the residential market in the city, the commercial real estate has been steered by the budding entrepreneurs.
RLDA is a statutory body under the ministry of railways for the development of vacant railway land parcels for commercial use to generate revenue by non-tariff measures.
Currently, Indian Railways has approximately 43,000 hectares of vacant land across India. RLDA has over 79 sites spread across the country for leasing. Eligible developers for each of them will be selected through an open and transparent bidding process.RLDA is currently handling 84 railway colony redevelopment projects and has recently leased out a railway colony in Guwahati for redevelopment. RLDA has also embarked upon a station redevelopment programme with 62 railway stations including New Delhi, Tirupati, Dehradun, Nellore and Puducherry, being taken up in a phased manner.