Indian Railway Stations Development Corporation Ltd (IRSDC) on Saturday, February 20, invited Request for Proposal (RFP) to lease vacant land parcels for mixed-use development as part of the Chandigarh Railway Station redevelopment project. The bids have been invited from "interested entities for mixed-use development of land parcels on lease rights basis up to 99 years," IRSDC said in a release.
The bids are for four land parcels, "12,427 sqm; 15,027 sqm; 17,890 sqm and 11,347 sqm spanning across 56,691 sqm. of land, with a total allowable Built-Up Area (BUA) of 2,32,341 sqm".
According to IRSDC, interested parties can bid for all four land parcels or can also bid for individual land parcels, as per their choice. Alternate Investment Funds (AIF), or Foreign Investment Funds, can also participate in the bid, the release added.
The pre-bid meeting will be held on March 12, 2021, and the deadline for bid submission is April 16, 2021.
"Chandigarh Railway Station will be developed into a world-class transport hub to offer a superior travel experience to passengers. These vacant land parcels, which are part of the Chandigarh railway station redevelopment, are suitable for a mixed-use development that will accentuate real estate prospects in the vicinity. The redevelopment will also boost tourism, generate employment and have a cascading impact on the local economy," said SK Lohia, Managing Director and Chief Executive Officer, IRSDC
The Ministry of Railways has initiated the redevelopment of railway stations programmed across India, driven by the participation of private players as a part of PPP projects. Currently, the redevelopment of 123 stations is in progress, out of this, IRSDC is working on 61 stations and Rail Land Development Authority (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, according to IRSDC.