DLF, GMR And Raheja Show Interest To Develop Rail Land Near Dwarka Metro Station

DLF, Godrej, Raheja and GMR are among 15 major real estate players who have shown interest in developing rail land worth Rs 1,193 crore near Dwarka Metro Station in the capital.

The railways has offered a 124,000-square-metre land parcel available for 99-year lease in Sector 21, Dwarka for commercial and housing development.

The reserve price for the land on the offer is Rs 1,193 crore, which is for mixed use — 55 per cent residential and 45 per cent commercial on the combined railway land parcel.

The proposal to develop railway land near Dwarka Metro has got good response as many big players participated in the pre-bid conference organised by the Rail Land Development Authority (RLDA).

The developers who attended the pre-bid meeting include DLF, Omaxe, Godrej Properties, Bharti Realty, GMR Group, Unity Group, Pacific Group, Raheja Group, ELDECO Group, Balaji Properties, ATS Homekraft, Birla Estates, Young Builders (P) Ltd, Welspun Enterprises and Jindal Realty.

The pre-bid conference was held both online and offline mode.

 The site is bounded to the north by the Dwarka Sector 21 Metro Station and Pacific D21 Mall, to the east by the proposed Bijwasan Railway Station, and to the west by the proposed Dwarka ISBT.

RLDA vice-chairman Ved Parkash Dudeja said, "We are pleased to note the participation of leading developers at the pre-bid meeting for this land parcel. The land parcel is adjacent to the Dwarka Sector 21 Metro station and is surrounded by well-developed physical and social infrastructure, making it ideal for mix use development."

The RLDA is a statutory authority with the Ministry of Railways responsible for railway land development. As part of its development strategy, RLDA has four key mandates: leasing of commercial sites and multi-functional complexes, colony redevelopment and station redevelopment.

Dudeja said this land represents a lucrative opportunity for developers to build a residential/commercial project to meet New Delhi's rising demand for premium real estate property.

During the current financial year, RLDA has leased out 22 sites situated at Bangalore & Raichur (Karnataka), Liluah & Salt Golah (Howrah), Nizamabad (Telangana), Egmore (Chennai), Bhopal (MP), Ludhiana (Punjab), Abu Road and Rana Pratap Nagar (Rajasthan), Bhusawal and Solapur (Maharashtra), Bareilly, Varanasi and Gorakhpur in UP, Katra (J&K), Muzaffarpur (Bihar), Sirsa (Haryana) and Kannur (Kerala) for a cumulative lease premium of Rs 1916 cr including Railway assets worth about Rs314 cr to be developed at Bangalore, Bhopal, Egmore (Chennai), Bareilly, Ludhiana, Muzaffarpur and Kannur Railway Colonies.