Chennai, The Rail Land Development Authority (RLDA) has invited online bids for leasing four land parcels, cumulatively spanning 7.36 acres, in Chennai for a period of 45 years.

According to RLDA, two of the land parcels of 2.5 acre each are at Ayanavaram Railway Colony along the Konnur High Road and Duncan Road while two other land parcels are located at Waltax Road measuring 0.27 acre and at Pulianthope - 2.09 acre.

RLDA Vice Chairman Ved Prakash Dudeja said "Chennai has emerged as a real estate hotspot due to the growth of the IT/ITes sector, infrastructural development and conducive policy landscape over the past few years. These land parcel sites possess excellent location and connectivity. The real estate development at these sites will bolster prices, generate employment opportunities and boost the local economy."

He said that the lessees of these sites will be mandated to carry out development as per local building by-laws and complete the developer portion within 10 years. "The selected bidder will be required to procure all necessary clearances for the same. He/she will be permitted to market and sub-lease the Built-up Area for any lawful activity," he added.

The Waltax Road parcel which spans across 1116.67 sq meter with an FSI of 1.5, is kept at the reserve price of Rs 4.19 crore and the deadline for bid submission is informed to be February 26.

The Pulianthope site which spans 2.09 acres with an FSI of 2.0 is kept at a reserve price of Rs 11.60 crore with the deadline for bid submission being April 23.

The reserve price of the two land parcels at Ayanavaram site is Rs 28.5 crore for Part A (with FSI of 3.25) and Rs 20 crore for Part B (with FSI of 2.0) with the deadline for bid submission being March 4.

The seven acre-land parcels in Chennai for commercial development will be leased out for 45 years.

The upcoming development projects include Chennai Metro, the Comprehensive Infrastructure Road Development Programme of Tamil Nadu and up-gradation of the Chennai International Airport which will further bolster the real estate prospects in the city.