New Delhi, Nov 18 (UNI) The Rail Land Development Authority (RLDA) has invited online bids for the redevelopment of Vasundhara Loco Railway Colony near Banaras Rail Engine Factory Complex in Varanasi.
The total area of land authorised for this project is about 2.5 hectares, of which around one hectare has been approved for redevelopment of the railway colony and the remaining 1.5 hectares is for commercial development.
The reserve price has been fixed at Rs 24 crore for a 45-year lease period for commercial development.
The developers will look after the developed colony for a period of five years.
The colony is located close to Mandal Railway Hospital and Varanasi Junction, which makes this project highly beneficial.
A multi-storey building complex is proposed to be constructed on this land as part of the redevelopment work, which will be equipped with parking, lobby, elevators and other facilities.
The land will be leased out to the qualified developer, offering the highest lease premium through online bidding. The lease period is 45 years.
The online pre-bid meeting held on November 6 last for briefing aspiring developers and answering their queries elicited good response.
The last date for submission of applications for e-bid is December 22.
RLDA Vice President Ved Prakash Dudeja said Varanasi comes under the ambitious Smart City project of the Central Government.
The redevelopment of the railway colony in this area will be the first development work of its kind. The project will also boost real estate projects and markets in the surrounding area.
Indian Railways currently has about 43,000 hectares of vacant land across the country. RLDA has 79 commercial (green field) sites across the country for leasing.
The venture is currently working on redevelopment projects for 62 stations and 84 railway colony and has recently leased out a railway colony in Guwahati for redevelopment.
RLDA subsidiary IRSDC has selected another 61 stations for redevelopment. In the first phase, RLDA has given priority to major stations such as New Delhi, Tirupati, Dehradun, Nellore and Puducherry for redevelopment.
Railway stations across India will be redeveloped on the PPP model, as part of the smart city projects initiated by the Centre.
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