Railway lines are an integral part of east Bengaluru as the Bengaluru-Jolarpettai-Chennai railway track cuts across many localities. Now, the railways are planning to lease out the railway property to boost the realty sector. Many say that railways should also take measures to improve the facilities at the Bengaluru East railway station as well, a move that could significantly improve the area’s economy.
Now, the Rail Land Development Authority (RLDA), a statutory authority of Indian Railways has invited bids for leasing out an 8.61 acres land parcel at Cantonment Railway Colony, 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 (main), commercial (business) respectively as per the permitted usages defined by the Master Plan 2015.
The site is approachable by Miller’s Road and Cantonment Road from the north and Thimmaiah Road from the west. The site is flanked by Karnataka State Financial Corporation Building to the south and Cantonment Road to the East.
Ved Parkash Dudeja, Vice Chairman, RLDA said, “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 Bengaluru and will provide well-developed residential apartments/ commercial complexes to Bengaluru.”
The online pre-bid meeting was conducted a month ago and prominent local and national level developers attended the meeting and their queries were answered. The last date for submission of e-bids is August 1.
A railway colony redevelopment work shall also be entrusted to the developer, for which a separate land parcel measuring 1.0 acre shall be available. The ever-increasing millennial workforce of Bangalore has significantly influenced the city’s real estate market. While the IT/ITeS 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 budding entrepreneurs, said sources from RLDA.
