The Indian Railway is embarking on an ambitious project by planning to establish a residential tower on Chennai’s Wall Tax Road. The Railway Land Development Authority (RLDA) is at the forefront of this initiative, aimed at creating assets for Indian Railways by effectively utilizing vacant railway land. This significant investment is poised to inject vitality into the Chennai real estate market that has been experiencing a surge in activity.
In collaboration with various private developers, the railway intends to develop 7.5 acres of prime land, which will encompass a mix of commercial complexes and apartments. Specifically, the ground floor will be dedicated to shops, sprawling across an impressive area of 1,167 square meters. Notably, the project will unfold at Wall Tax Road, conveniently located near the MGR Central Railway Station.
Dedicated Floors for Tower
The RLDA has proposed dedicated floor deviations for this residential project. Apart from the ground level, the remaining floors will be allocated for residential apartments on Wall Tax Road. As stated by RLDA, "RLDA is responsible for creating assets for Indian Railway by utilizing vacant railway land."
The finalized site price stands at Rs 4.18 Crores, backed by a lease term of 45 years, and bidding procedures for developers have already commenced. Similar developments are ongoing in key areas like Ayanavaram and Pulianthope Railway Colony, where parcels of land measuring 2.4 acres each, attached to Duncan Road and Konnur High Road, are being developed. Additionally, two other land parcels located in Pulianthope and Wall Tax Road span 0.27 acres and 2.09 acres, respectively.
With a considerable portion of vacant railway land situated in central areas adjacent to essential public utilities, the RLDA's strategy to develop these properties aims to generate revenue through both residential and commercial projects.
RLDA's Second Real Estate Venture
This venture marks the RLDA's second real estate endeavor in Chennai, following a prior project proposed in September 2020, which aimed to develop around 3,600 square meters of land in East Tambaram.
Insights from RLDA Chairman
Ved Prakash Dudeja, the chairman of RLDA, asserts that the development of real estate on these properties will significantly bolster Chennai's infrastructure. He believes that these forthcoming projects will not only invigorate Chennai’s real estate landscape but also contribute positively to the local economy and generate numerous employment opportunities.