Indian Railway Stations Development Corporation Ltd. (IRSDC) has invited Request for Proposal (RFP) for leasing vacant land parcels for mixed-use development as part of the Chandigarh Railway Station redevelopment project on Saturday.
Accordingly, bids have been invited from interested entities for a mixed-use development of land parcels on a lease rights basis up to 99 years.
Bidders can bid for all four land parcels or can also bid for the individual land parcels, as per their choice. The pre-bid meeting will be held on March 21, 2021, and the deadline for bid submission is April 16, 2021.
Managing Director and Chief Executive Officer, IRSDC, SK Lohia said, “Chandigarh Railway 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.”
Redevelopment of railway stations across India is a priority program of the Ministry of Railways, Government of India. This agenda is being driven with full force by the Government with the participation of private players as a part of Public-Private Partnership projects.
As part of this agenda, work on the redevelopment of 123 stations is in progress. Out of this, IRSDC is working on 61 stations and Rail Land Development Authority (RLDA) is working on 62 stations. As per current estimates, the total investment needed for the redevelopment of 123 stations along with real estate development is about Rs 50,000 crore.
Indian Railway Stations Development Corporation Ltd. (IRSDC) at the core of Indian Railway’s mission of transforming the country’s railway stations into world-class 24×7 hubs and is the Nodal Agency and the main Project Development Agency (PDA) for the redevelopment of Railway stations. These redeveloped hubs will be called ‘Railopolis’, as it will attract huge investment and business opportunities.