With the construction of Metro Rail stations along the Koyambedu to Alandur stretch gaining pace, Chennai Metro Rail Limited has taken the lead in integrating initiatives for property development near the stations.
Though there isn’t a lot of space for the CMRL in and around stations, they plan to exploit the available space in an optimum way for property development and creation of parking lots.
For instance, in the Ashok Nagar station, the CMRL has invited tenders to construct four floors of commercial space above the station, according to CMRL officials.
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“We may rent out all four floors that could be used as office space or for retail. The consultants will provide recommendations on how this space can be utilised. Not just in Ashok Nagar, we have some lands near stations including Alandur, SIDCO and Arumbakkam,” an official said.
Developing property in the vicinity of Metro Rail stations will be crucial to not only to boost patronage but also help in raising revenue.
About Rs. 1,136 crore may be the estimated property development cost, according to the CMRL. And in 2014-15, when the Chennai Metro Rail becomes operational, they expect an estimated income of Rs. 276 crore from property development.
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Meanwhile, the third train manufactured in Sri City arrived in the city here on Friday and will subsequently be taken to the depot in Koyambedu.