Chennai Metro Rail Limited (CMRL) has signed a Rs. 33 crore contract with M/s B and B Developers and Builders Pvt. Ltd. for property development near Saidapet Metro Station, Corridor-1 of Phase-1. This initiative aims to enhance non-fare revenue by creating commercial spaces, marking a significant step in urban infrastructure expansion.
Award Details:
The contract was awarded to M/s B and B Developers and Builders Private Limited, following the issuance of the Letter of Acceptance (LOA) on 9th October 2024. The project focuses on utilizing areas identified for commercial development near the metro station.
Signing Ceremony:
In a ceremony attended by key officials, the agreement was signed in the presence of Mr. M.A. Siddique, I.A.S., Managing Director of CMRL. Mr. T. Archunan, Director (Projects), represented CMRL, while Mr. C. Bobby Benedict, Managing Director of M/s B and B Developers, signed on behalf of the contractor. Other senior officials from both organizations were also present.
Strategic Revenue Initiative:
This project is part of CMRL’s broader initiative to increase non-fare box revenue. By developing commercial spaces at various metro station locations, CMRL aims to enhance financial sustainability while contributing to urban development.
Conclusion:
This property development project near Saidapet Metro Station highlights CMRL’s commitment to leveraging its infrastructure for non-fare revenue generation. As part of its vision for integrated urban development, CMRL plans to replicate similar commercial projects across metro stations, contributing to Chennai’s economic and infrastructural growth.
Source: CMRL – Press Release | Image Credit: CMRL
