Indian Railways looks to monetise land around New Delhi station
A pre-bid meeting will be held for the tender
The Indian Railways is looking to monetise land parcels near New Delhi railway station. The Rail Land Development Authority (RLDA), a statutory body, under the Ministry of Railways for development of vacant railway land for commercial use, will hold online pre-bid meeting through video conferencing on 30 April 2020.
RLDA floated the request for proposal (RfP) on 11 March 2020 and is likely to award the tender by June 2020 to appoint a consultant for the project.
The pre-bid meeting will be held for the tender floated for selection of a consultancy firm for providing services for feasibility study, planning, designing and preparation of detailed project report for the redevelopment of New Delhi railway station. Due to the proposed redevelopment, the iconic Connaught Place in Delhi will have 2.5 million sq ft of new commercial real estate.
The entire area which will be developed is around eight million sq ft, of which the selected developer will be allowed to exploit 2.5 million sq ft for commercial purpose. RLDA expects a total investment of Rs 7,000 crore in the project, of which Rs 4,500 crore will be mandatorily spent on the redevelopment of the station and offices related with the railway functioning.
This project is to be executed with the private sector partnership by leveraging the real estate development potential in the air space above the station and on railway land around the station.
A total of 51 railway stations pan-India are being redeveloped by RLDA on PPP model, and on self-sustainable model in synergy with Smart City projects launched by the government of India. The entire cost of the redevelopment will be met by leveraging commercial development of spare railway land/airspace in and around the station.