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The Rail Land Development Authority (RLDA), under the Railways Ministry, has invited bids for leasing 4.93 acres of railway land at Kerala's Kannur for commercial development.

The reserve price for the land parcel is Rs 22.6 crore for a 45 years lease.

The developers shall get rights to develop commercial infrastructure as per their plan and will also be entrusted with redevelopment of the existing railway colony at a separate land parcel made available by the railways.

An online pre-bid meeting was held on September 26 where many local and national level developers participated and expressed keen interest. The deadline for submitting e-bids is November 7.

RLDA Vice President Ved Parkash Dudeja said that the proposed land parcel is ideal for commercial development because of its proximity to the railway station.

"Its strategic location will provide ample opportunity for commercial development of this land parcel," he said.

RLDA, as part of its development strategy, has four key mandates - commercial leasing, colony redevelopment, station redevelopment, and multi-functional complexes. During the present fiscal, it has handed over 15 sites as various locations in the country for a lease premium of Rs 1,633 crore.