10 realtors evince interest in Chennai Central revamp & modernisation project

CHENNAI: Around 10 real estate developers, including a Japanese company, have shown interest in the Indian Railways’ station re-development programme for Chennai Central railway station. Representatives of the companies attended a pre-bid meeting organised by Southern Railway on Friday.

The area around the station is going to be developed in sync with the Central Square which is being planned by Chennai metro rail (CMRL). The station redevelopment plan envisages tendering vacant land around stations to private developers who will be allowed to build hotels, office-space and food plazas so that the station will become the nerve centre of the city. The license fee earned from this will be used to build better passenger amenities in the station.

The companies which have shown interest include Nippon Koel India, Tata Realty, L&T, TVH, SBI Caps, Crompton Greaves, ULCCS, INKEL, EP (IL), Tech Heal, Olympia, VPS Health Care, Yes Bank, CCCL, Glency Docura consultants, CBRE, TRIL and VOYANK. Land will be given to the bidders on lease for 45years and the area should be developed in three years after a contract is awarded.

CMRL made a presentation on multi-modal transport at Central and the Central square, underground parking and their metro services to the 34 people who took part at the meeting. This is to help the developers get a better idea on the rate of return for the investment.

A senior railway official told that the meeting was to familiarise potential bidders about the scheme and discuss the nitty-gritties. “Issues and clarifications with regard to the scheme were discussed in detail so that the prospective developers will be able to submit their proposal with clarity. The general mood of the participants was encouraging,” an official statement from Southern Railway said.

A vacant plot between Nehru stadium and Moore Market Complex (MMC) is an area identified to the developers to build hotels, commercial complexes and restaurants.