Chennai Metro Signs Rs. 33 Crore Property Development Agreement for Saidapet Station

Chennai Metro Rail Limited (CMRL) has taken a key step to increase non-fare revenue by awarding a Rs. 33 crore contract for property development at Saidapet Metro station, located on Corridor-1 of Phase-1. The contract, excluding GST, went to M/s B AND B Developers and Builders Private Limited. CMRL issued the Letter of Acceptance (LOA) on October 9, 2024.

In a ceremony attended by Thiru. M.A. Siddique, I.A.S., Managing Director of CMRL, and Thiru. T. Archunan, Director (Projects), both parties signed the agreement. Thiru. C. Bobby Benedict, Managing Director of M/s B AND B Developers and Builders Private Limited, represented the contractor. Key officials, including Tmt. Rekha Prakash, CGM (P&D), and Thiru. Murali R, CGM (Finance), also attended.

This agreement marks a significant milestone for CMRL’s initiative to generate non-fare revenue by developing commercial spaces at metro stations. The Saidapet Metro station was identified as a prime location for this project. CMRL has similarly identified other stations with potential for commercial development, aiming to create additional revenue streams.

The move aligns with CMRL’s strategy to boost financial growth beyond passenger fares. As the city continues to grow, such property developments offer essential amenities while increasing the metro system’s sustainability.

With this project, CMRL expands its portfolio of commercial developments around metro stations. This ongoing focus on maximizing station space underscores CMRL’s commitment to enhancing infrastructure and revenue generation in the city.