New Delhi/ Chennai, 23rd March 2020: The Rail Land Development Authority (RLDA) is planning to lease a land parcel in Chennai and will invite Expression of Interest /Request for Proposal soon. The parcel spans across 19.43 hectares in the industrial area of Tuirvottiyur. The site is located on the junction of Basin Ennore Road and Thiruvottiyur-Manali-Poorur High Road and is an old property of Southern Railway.
“The site has the potential to be developed as multi-storied group housing, local shopping, banquets, warehousing and other permissible use under Master Plan. This project can come up as a model mixed-use development with some portion of retail. This area can be developed as affordable housing/EWS housing and a part of it can be utilized for logistics development,” said Ved Prakash Dudeja, Vice-Chairman, Rail Land Development Authority (RLDA).
He added that approximately 10 hectares of this railway land is proposed for residential development and the remaining 9.43 hectares is slated to be developed as a logistic park or a mega warehousing development. The reserve price of the land is yet to be fixed. The valuation of this site as per Govt. Rules are in progress.
In addition to being in close proximity to a railway station, the area is rapidly developing as a hub for SMEs and MSMEs. While a segment of the land can be utilized as warehousing facilities, the remaining space can be developed into an economical housing zone. The affordable houses developed here would be in demand considering the populace engaged by the nearby industries.
A spate of upcoming infrastructural developments including the Chennai Metro expansion and an upcoming metro connector will bolster connectivity and accelerate socio-economic development of the region.
“It will be a very good proposition for e-commerce firms setting-up of warehouses in the Metropolitan City of Chennai, Tamil Nadu,” Ved Prakash Dudeja, Vice-Chairman, Rail Land Development Authority (RLDA) further added.
Fuelled by robust demand, the total warehousing stock of India is expected to cross 375 mnsqft by 2023 with Grade A stock accounting for a major part of the supply, a recent JLL report had said. The proposed National Logistics Policy will enable expansion across sectors and position the region as a prominent logistics hub.
Staqu deploys JARVIS Video Analytics with Olive Living spaces
Gurugram, September 29, 2022: AI implementation enabler, Staqu, has deployed JARVIS, its flagship product with Olive living spaces. A press...
NBCC signs MoU with MoHUA for FY 23
New Delhi, September 28, 2022: NBCC (India) Ltd., has signed Memorandum of Understanding (MoU) for the FY 2022-23 on September...
Company delivered resilient performance in the face of hurdles gone by in FY22: SAIL
New Delhi, September 28, 2022: Steel Authority of India Limited (SAIL) held its 50th Annual General Meeting, on Wednesday at...
Residential demand up 7.3%, supply grows 6% YoY: Magicbricks PropIndex Report Q3’22
New Delhi/Noida, September 28, 2022: Magicbricks PropIndex Report for Q3, 2022 reveals that the aggregate demand (searches) increased 7.3% YoY,...
New York Life Insurance Company ( NYL ) co-investor in Max Estate’s Office Project
New Delhi, September 28, 2022: Max Estates, the real estate arm of Max Ventures & Industries Limited (MaxVIL), announced its...
How creativity and technology in Coworking Spaces luring today’s Corporates?
By Aditya Verma, Founder & CEO, The Office Pass (TOP) When you talk of the benefits of coworking, convenience and...
Developers Speak2 weeks ago
Festive season to spurt bookings: Experts
Developers Speak3 weeks ago
Chandni Chowk at the Centrepiece in tune with the wave of Commercialisation
News4 weeks ago
Retail leasing up 166% Y-o-Y in H1 2022
News4 weeks ago
Property prices to rise 27-30% annually post MOPA Airport in North Goa: 360 Realtors
Report3 weeks ago
Private equity inflow in PropTech firms up 5% to $270 mn in H1 2022: Housing.com
News3 weeks ago
BHIVE receives Rs 240 cr commitments for its ₹ 400 cr Real Estate Fund
News4 weeks ago
Luxury sales supersedes all other segments – What does it evince for the future of RE?
New Launches3 weeks ago
Makemyhouse.com expands in India, introduces partner program in 60 cities