<p>Suburban rail project in the city got a push as the Indian Railways invited bids for leasing 8.61-acre land at Cantonment Railway Colony for commercial development with a reserve price of Rs 236 crore. By monetising the land, Railways would fund part of the suburban rail project.</p>.<p>The Bengaluru Suburban Rail Project is estimated to cost Rs 15,767 crore, of which Rs 2,479 crore is to be shared by the railway ministry. According to the Railways, its share of equity would be Rs 500 crore in the project; it will generate the rest of the money by monetising railway land.</p>.<p>The Rail Land Development Authority (RLDA)—a statutory authority of the Indian Railways—has floated a tender to lease the land located between Cantonment Road and Thimmaiah Road. The successful bidder can enjoy the land’s commercial benefits, and will be able to use the land for 60 years.</p>.<p>RLDA Chairman Ved Prakash Dudeja said the land can be used for both residential and commercial development. “The development will boost the economy of Bengaluru and will provide well-developed residential or commercial complexes to the city,” he said.</p>.<p>The RLDA held a pre-bid meeting earlier last week and saw participation of state- and national-level developers, who will also be entrusted with the development of a railway colony nearby. For this, one-acre land will be made available separately.</p>
<p>Suburban rail project in the city got a push as the Indian Railways invited bids for leasing 8.61-acre land at Cantonment Railway Colony for commercial development with a reserve price of Rs 236 crore. By monetising the land, Railways would fund part of the suburban rail project.</p>.<p>The Bengaluru Suburban Rail Project is estimated to cost Rs 15,767 crore, of which Rs 2,479 crore is to be shared by the railway ministry. According to the Railways, its share of equity would be Rs 500 crore in the project; it will generate the rest of the money by monetising railway land.</p>.<p>The Rail Land Development Authority (RLDA)—a statutory authority of the Indian Railways—has floated a tender to lease the land located between Cantonment Road and Thimmaiah Road. The successful bidder can enjoy the land’s commercial benefits, and will be able to use the land for 60 years.</p>.<p>RLDA Chairman Ved Prakash Dudeja said the land can be used for both residential and commercial development. “The development will boost the economy of Bengaluru and will provide well-developed residential or commercial complexes to the city,” he said.</p>.<p>The RLDA held a pre-bid meeting earlier last week and saw participation of state- and national-level developers, who will also be entrusted with the development of a railway colony nearby. For this, one-acre land will be made available separately.</p>