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CMRL revises tender to find takers for its commercial space in Koyambedu
For most people in Chennai owning even a small tract of land anywhere in the city would be as good as having hedge fund, but CMRL (Chennai Metro Rail Limited), a special purpose vehicle of the State government, seems to see it as a challenge. Chennai metro has been struggling for over a year now to rent/lease out a whopping 32,080 sqm behind its station in Koyambedu, which in private hands.
CMRL has revised its tender for the second time in several months to lease the land proposed to be developed for any commercial activity (IT park/office space/shopping area/restaurant) permitted by CMDA. Metro has set a one-time fee of Rs 60 crore to lease the land for a period of 25 years apart from Rs 14.5 crore year on year license fee it would collect from the licensee annually.
Ironically, metro has found no takers for the 3.45 lakh sq ft realty located on the arterial EVR Periyar Salai, and that too adjacent to the metro station and a minute’s drive away from posh Anna Nagar, 10 -12kms from Chennai Central and 15kms from the city airport.
Though CMRL has not revealed the reason for its hot realty failing to woo promoters, metro sources in the know conceded that the fee could have been a deterrent. Ironically, CMRL has not reduced the fee for the project, one of its business development plans which involves constructing mini-malls at stations to increase footfall and mop up additional revenue.
CMRL has proposed similar mini-mall project for Shenoy Nagar where over 4 lakh sq ft would be developed in to a mini-mall under Thiru Vi Ka Park.
Unlike Shenoy Nagar, the proposed commercial space in Koyambedu would be constructed above the ground. The project also comprises 8,093 sqm of land in the station and construction of skywalk connecting Koyambedu metro station to the commercial complex.