Chandigarh, 12th March 2021: Indian Railway Stations Development Corporation Ltd. (IRSDC) today, on 12th March 2021, conducted the first pre-bid meeting for leasing vacant land parcels for mixed-use development as the part of Chandigarh Railway Station redevelopment project. The pre-bid meeting received a positive response from developers/companies. Seven companies including Eldeco, Developer Group, Virtuous Retail South Asia, Kalpataru Power Transmission Ltd., Omaxe Ltd. participated in the pre-bid meeting.
The pre-bid meeting received a positive response and saw the participation of 7 Developers/ Companies
IRSDC recently invited a Request for Proposal (RFP) for leasing vacant land parcels for mixed-use development as the part of Chandigarh Railway Station redevelopment project. Accordingly, Bids were invited from interested entities for a mixed-use development of land parcels on a lease rights basis up to 99 years.
Four land parcels- SP4 (12,427 sq. m), SP5(15,027 sq. m), SP6(17,890 sq. m.), and SP7(11,347 sq. m.) span across 56,691 sqm. of land, with a total allowable Built-Up Area (BUA) of 2,32,341 sqm. Bidders can bid for all four land parcels or can also bid for the individual land parcels, as per their choice.
“Chandigarh Railway Station will be developed into a world-class transport hub to offer a superior travel experience to passengers. We conducted the pre-bid meeting today for leasing the vacant land parcels which are part of the Chandigarh railway station redevelopment and are suitable for a mixed-use development that will accentuate real estate prospects in the vicinity. We have received a positive response from real estate developers for these land parcels,” said S.K. Lohia, Managing Director and Chief Executive Officer, IRSDC.
Salient features of the project are:
✔ Union Cabinet approval has been obtained which enables;
● Long Term lease-rights of up to 99 years for real estate;
● No Change in Land use is required Pan India for railway station redevelopment;
● IRSDC shall approve its master plan in consultation with local authorities in terms of power conferred under Section 11 of Railway Act, 1989; and.
● The Lessee is allowed to enter into multiple subleases of built-up area.
✔ The highest Lease Premium shall be the Bid parameter which shall be payable in multiple installments; and
✔ Alternate Investment Funds (AIF) or Foreign Investment Fund are also eligible to participate.
Redevelopment of Railway Stations in India:
Redevelopment of railway stations across India is a priority program of the Ministry of Railways, Government of India. This agenda is being driven with full force by the Government with the participation of private players as a part of PPP projects.
As part of this agenda, work on the redevelopment of 123 stations is in progress. Out of this, IRSDC is working on 61 stations and RLDA is working on 62 stations. As per current estimates, the total investment needed for the redevelopment of 123 stations along with real estate development is about Rs 50,000 crore.