With the reserve price of Rs 8 crore, the land can be used for institutional purpose.
“Being well-connected to the railway station, bus stand and airport, the site has immense potential for institutional development. The planned development on the site will boost infrastructure escalating prices of real estate projects in the vicinity,” said Ved Parkash Dudeja, Vice Chairman, RLDA.
An online pre-bid meeting was conducted last week and saw participation of developers based in Chennai and nearby metros.
The site is accessible from the Madras export processing zone and is on the main Sanatorium Bridge and Bharathamadha Street.
It is owned by Southern Railway and is surrounded by a lower mid-end residential colony on the east side.
The lessee will be mandated to provide buildings and building services, civic amenities, vehicle parking for users and visitors on surface and basements, internal security, roads and internal circulation network, and landscaping on the site.