Chandigarh
Indian Railways has invited bids for a mixed-use development of land at Chandigarh, Bijwasan and Anand Vihar railway stations with lease rights up to 99 years.
The built-up area for the real estate is of 232,341 square kilometre at Chandigarh railway station, of 399,579 square kilometre at Bijwasan and of 170,013 square kilometre at Anand Vihar railway station.
The Request For Proposal or RFP has been issued by Indian Railway Stations Development Corporation, a state-run special purpose vehicle for the development of railway stations.
The highest lease premium will be the bid parameter which shall be payable in multiple instalments and IRSDC will approve the master plan in consultation with local authorities, a government notification said.
In order to invite greater participation, concessionaries have been allowed to enter into multiple sub-leases and Alternate Investment Fund (AIF) or Foreign Investment Fund are also eligible to participate.
“No change in land use is required Pan India for railway station redevelopment,” the notification added.
In October 2018, the union cabinet had approved the redevelopment of railway stations by Indian Railway Stations Development Corporation Limited (IRSDC) as nodal agency and main project development agency, through simplified procedures and lease period was increased to up to 99 years from 45 years.Redevelopment of major stations across the country has been planned by leveraging commercial development of land and air space in and around the station.
