Egmore colony in PH Road in Chennai to be redeveloped!!
Posted on: 09/Jul/2021 8:57:56 AM
Many of us would have been familiar with the railways colony that is located at the junction of Poonamallee High Road and Dr. Nair Road.
The railways are ready to call for the bids and the railway colony on the Poonamallee High Road in Egmore would be re-developed. It is learnt that a statutory authority under the railways has begun the process to lease other large tracts of prime real estate in a bid to monetise assets.
The Egmore railway colony would be available for bids soon and this was as per the officers at the Railway Land Development Authority or RLDA. Totally, around 6.24 hectares of land is present and out of that around 3.6 acres would be available for lease for a time of 45 years.
It is now revealed that on the remaining portion the lessee would be mandated to redevelop 156 railway quarters on-site, a school, community centre etc for the sake of railways. It was later mentioned by a statement from RLDA that the developers would be able to use surplus FSI from the railways portion and construct 7 lakh sq ft of built-up area for retail or commercial or hotel usage in this major location at Egmore. Shortly, the bids for the redevelopment of the colony would be invited. It must be noted that there are few other land parcels that are also coming up for redevelopment.
The several rapid infrastructural developments would be making Chennai a reality hub in the future. The government of TN would also be providing its support in this. There are many land parcels belonging to the Indian railways in Chennai that are located strategically and suitable for commercial development.
As per the vice-chairman of RLDA, Mr. Ved prakash Dudeja it was clear that after completion the redevelopment of these sites would generate employment opportunities plus boost real estate, retail etc.
