CHENNAI: In a strategic move to unlock the potential of its land assets and boost non-fare revenue, Chennai Metro Rail Limited (CMRL) has earmarked a key land parcel spanning over 600 meters along the viaduct near Thirumangalam Metro Station for property development.
CMRL has signed a contract with a joint venture between Aarvee Associates and Anarock Property Consultants for the preparation of a Detailed Project Report (DPR).
The DPR will cover feasibility studies, market analysis, transactional advice, and concept planning, culminating in submissions for approval from the Chennai Metropolitan Development Authority and Greater Chennai Corporation.
The consultancy will also prepare a comprehensive land use report to support commercial development in Chennai’s metro network. The contract, valued at Rs 27.61 lakh (excluding GST), is expected to be completed in 90 days.
The signing ceremony, held on Thursday, was attended by CMRL Director (Projects) T Archunan, Chief General Manager Rekha Prakash, and senior representatives from both firms. T Livingstone Eliazer, Chief General Manager of CMRL, signed the agreement, along with JK Nandana from Aarvee Associates and S Vinouth from Anarock Property Consultants.
This initiative is a key step in CMRL’s plan to generate non-fare revenue and transform underutilised land into commercial hubs.