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.
