The land plot is approximately 10,128 sq. meters and will be leased out for 99 years
Bengaluru, NFAPost: The Rail Land Development Authority (RLDA), a statutory body under the Ministry of Railways has invited online bids for leasing out a land parcel at Platform Road, Bangalore. The land parcel is of approximately 10128 sq mtrs. and is currently vacant
The land parcel, strategically located at Platform Road, Bangalore is very close 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, Jakkarayanakere are also in close proximity to the land parcel.
These localities largely comprise of standalone residential dwelling units and commercial establishments including lodges, hotels, unorganised retail shops and institutional developments. Apollo Hospital at Sheshadripuram is within 500 meters from the Project Site along the Platform Road.
Rail Land Development Authority (RLDA) Chairman Ved Parkash Dudeja said the land parcel at platform road, Bangalore is ideal for residential (mixed) use development which will be leased out for a time period of 99 years.
“It enjoys excellent connectivity from residential, educational, commercial and retail establishments making it an ideal land bank for any kind of residential or mixed-use development,” said Rail Land Development Authority Chairman Ved Parkash Dudeja.
The ever-increasing millennial workforce of Bangalore 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 for commercial use in line with the objective 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 across India for leasing and the eligible developers for each will be selected through an open and transparent bid process.
RLDA is currently also 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.