CMRL Signs Rs. 33 Crore Contract for Property Development at Saidapet Metro Station
Chennai Metro Rail Limited (CMRL) has entered into a significant contract agreement for the property development of integrated land parcels at Saidapet Metro Station, part of Corridor-1 under Phase-1. The contract, awarded to M/s B AND B Developers and Builders Private Limited, is valued at Rs. 33 crore (excluding GST).
The Letter of Acceptance (LOA) for this project was issued to the contractor on October 9, 2024. The agreement signing ceremony took place in the presence of CMRL Managing Director, Thiru. M.A. Siddique, I.A.S. Thiru. T. Archunan, Director (Projects), signed the agreement on behalf of CMRL, while Thiru. C. Bobby Benedict, Managing Director of M/s B AND B Developers and Builders Private Limited, represented the contractor. Other notable attendees included Tmt. Rekha Prakash, Chief General Manager (P&D), Thiru. Murali R., Chief General Manager (Finance), and other senior officials from both CMRL and the contractor.
The project aims to develop a commercial complex near Saidapet Metro Station, aligning with CMRL`s strategy to generate non-fare revenue alongside fare revenue. This initiative is part of a broader plan to identify and utilize potential commercial spaces at Metro station locations for property development.
The Saidapet Metro Station property development project marks a step forward in CMRL`s efforts to enhance revenue streams through strategic partnerships and efficient land use. CMRL has announced its commitment to undertaking similar commercial developments in the future to further bolster its non-fare box revenue.
