Private Players To Develop Vacant Land Near Chandigarh Railway Station

Private Players To Develop Vacant Land Near Chandigarh Railway StationChandigarh Railway Station.
Snapshot
  • Bids have been invited from interested entities for mixed use development of land parcels spanning across 56,691 square metres.

Stepping up efforts to use surplus land commercially, Indian Railway Stations Development Corporation has invited request for proposal for leasing vacant land parcels for mixed-use development as part of Chandigarh Railway Station redevelopment project.

Accordingly, bids have been invited from interested entities for mixed use development of land parcels on lease rights basis of up to 99 years.

Four land parcels spanning across 56,691 square metres, with a total built-up area of 232,341 sq m are on the offer.

Entities can bid for all the four land parcels or can bid for individual land parcels as per their choice. The pre-bid meeting will be held on 12 March 2021, and the deadline for bid submission is 16 April 2021.

“Chandigarh 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 IRSDC Managing Director and Chief Executive Officer S K Lohia.

While Union Cabinet approval has been obtained for the long term lease-rights of up to 99 years for real estate, 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 sub leases of built-up area.

Alternate investment funds (AIF) or foreign investment funds are also eligible to participate.

Redevelopment of railway stations across India is a priority programme of the railways. The agenda is being driven with full force by the government with the participation of private players as a part of PPP projects.

As per the plan, work on redevelopment of 123 stations is in progress. Out of this, IRSDC is working on 61 stations and RLDA is working on 62. As per current estimates, total investment needed for redevelopment of 123 stations along with real estate development is about Rs 50,000 crore.

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