RLDA invites bid for commercial development of land in Bengaluru for Rs 236 crore - ET RealEstate

Abstract

The Rail Land Development Authority has invited bids for leasing out an 8.61 acre land parcel at Cantonment Railway Colony, Bangalore for commercial development. The reserve price of the land is Rs 236 crore for a lease period of 60 years. The proposed land parcel is strategically located between Cantonment Road and Thimmaiah road. The current land use for these land parcels is residential, commercial respectively as per the permitted usages defined by the Master Plan 2015. "The land parcel is ideal for residential/ commercial development and is in the heart of the city. Its development shall boost the already developed economy of Bangalore and will provide well-developed residential apartments / commercial complexes to Bangalore city," said Ved Parkash Dudeja, Vice Chairman, RLDA. A railway colony redevelopment work shall also be entrusted to the developer, for which a separate land parcel of one acre shall be made available. Rail Land Development Authority is a statutory authority under the Ministry of Railways for the development of Railway land. It has four key mandates as a part of its development plan, namely leasing commercial sites, colony redevelopment, station redevelopment, and multi-functional complexes. i.e. Chilkalguda & Rifle-Range colonies and Rajkot Railway Colony in the last financial year for redevelopment.