Indian Railways to monetise land around New Delhi station

The Indian Railways is looking to monetize land parcels near New Delhi railway station amidst the COVID19 pandemic. Rail Land Development Authority, a statutory authority, under the Ministry of Railways, for development of vacant railway land for commercial use, will hold online pre bid meeting through video conferencing on April […]

The Indian Railways is looking to monetize land parcels near New Delhi railway station amidst the COVID19 pandemic. Rail Land Development Authority, a statutory authority, under the Ministry of Railways, for development of vacant railway land for commercial use, will hold online pre bid meeting through video conferencing on April 30.

RLDA floated the RFP (request for proposal) on March 11, and is likely to award the tender by June to appoint a consultant for the project.

The authority has started a digital model to ensure seamless operations during the lockdown.

“The re-development of the New Delhi Railway Station of Northern Railway is one of our ambitious projects. On 30th April we are conducting an online pre-bid meeting for the tender floated for selection of a consultancy firm for providing services for the feasibility study, planning, designing and preparation of detailed project report for the redevelopment of the New Delhi railway station,” said Ved Parkash Dudeja, Vice- Chairman, Rail Land Development Authority.

Due to the proposed redevelopment, iconic Connaught Place in Delhi will have 2.5 million sq ft of new commercial real estate.

Redevelopment will free up the sprawling piece of land in the middle of India’s most expensive commercial hub.

The entire area which will be developed is around 8 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 station and offices related with the railway functioning.

“We are witnessing an unprecedented time due to the COVID-19 pandemic. All queries of the stakeholders will be answered on the spot through video conferencing or later by e-mails. We are also committed to ensuring seamless operations by extensive use of digital technology and shall be implementing the e-filing system shortly for smooth functioning,” Dudeja added.

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. The key objective of this project is to provide superior passenger services to railway passengers at stations and transform these stations into iconic standard-bearers of the cities following the PPP model.

A total of 51 Railway Stations PAN India are being re-developed by RLDA on PPP Model, on Self Sustainable Model in synergy with Smart City Projects launched by the Government of India. The entire cost of re-development to be met by leveraging commercial development of spare railway land/airspace in and around the station.

Source Article

Lois C. Ferrara

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