The Rail Land Development Authority (RLDA) 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 (main), commercial (business) 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.
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.
Rail Land Development Authority (RLDA) 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.
During the last Financial Year, RLDA has leased out various sites at Chennai, Amravati, Aurangabad (Maharashtra), Asansol (West Bengal), Bareilly (Uttar Pradesh), Ambari (Guwahati) etc. RLDA has also leased out railway colonies. i.e. Chilkalguda & Rifle-Range colonies (Secunderabad) and Rajkot Railway Colony in the last financial year for redevelopment.