New Delhi, Sep 17 (IANS): The Rail Land Development Authority (RLDA) has invited online bids for leasing out a land parcel of over 10,000 square metre at Platform Road in Bengaluru.

According to RLDA officials, the land parcel is strategically located at Platform Road, and is in proximity to the Bengaluru City Railway Station as well as the Kempegowda Interstate Bus Terminal, also known as Majestic Bus Depot.

Ved Parkash Dudeja, Chairman, Rail Land Development Authority, said the land parcel at Platform Road is ideal for residential or mixed use development, which will be leased out for a time period of 99 years.

"It enjoys excellent connectivity to residential, educational, commercial and retail establishments, making it an ideal land bank for any kind of residential or mixed use development," Dudeja said.

The RLDA officials said that various residential colonies such as VV Giri Colony, Shastri Nagar, Lakshmanpuri and Jakkarayanakere are also in close proximity to the land parcel.

The officials said that these localities largely comprise standalone residential dwellings and commercial establishments, including lodges, hotels, unorganised retail shops and institutional developments.

RLDA is a statutory body under the Ministry of Railways for the development of vacant railway land for commercial use in line with the objective to generate revenue by non-tariff measures.

Currently, Indian Railways has approximately 43,000 hectares of vacant land across the country and the RLDA has over 79 sites in different parts of India for leasing and the eligible developers for each will be selected through an open and transparent bidding process.