IRSDC conducts Pre-bid meeting for leasing land parcels as part of Chandigarh Railway Station Redevelopment

Indian Railway Stations Development Corporation Ltd. (IRSDC) today, on 12th March 2021, conducted the first pre bid meeting for leasing vacant land parcels for mixed-use development as part of Chandigarh Railway Station redevelopment project. The pre bid meeting received a positive response from developers/companies. 7 companies including Eldeco, Developer Group, Virtuous Retail South Asia, Kalpataru Power Transmission Ltd., Omaxe Ltd. participated in the pre bid meeting. 

  • IRSDC recently invited Request for Proposal (RFP) for leasing vacant land parcels for mixed-use development as the part of Chandigarh Railway Station redevelopment project. 
  • Accordingly, Bids were invited from interested entities for mixed use development of land parcels on lease rights basis upto 99 years. 
  • Four land parcels- SP4 (12,427 sq. m), 5P5 (15,027 sq. m), SP6 (17,890 sq. m.) and SP7(11,347 sq. m.) span across 56,691 sqm. of land, with a total allowable Built-Up Area (BUA) of 2,32,341 sqm. 
  • Bidders can bid for all the four land parcels or can also bid for individual land parcel, as per their choice. 

“Chandigarh Railway Station will be developed into a world class transport hub to offer a superior travel experience to passengers. We conducted the pre bid meeting today for leasing the vacant land parcels which are part of the Chandigarh railway station redevelopment and are suitable for a mixed-use development that will accentuate real estate prospects in the vicinity. We have received a positive response from real estate developers for these land parcels,” said S.K. Lohia, Managing Director and Chief Executive Officer, IRSDC. 

Salient features of the project are: 

  • Union Cabinet approval has been obtained which enables; 
    • Long Term lease-rights of upto 99 years for real estate; 
    • No Change in Land use is required Pan India for railway station redevelopment; 
    • IRSDC shall approve its master plan in consultation with local authorities in terms of power conferred under Section n of Railway Act. 1989: and. 
    • The Lessee is allowed to enter into multiple sub leases of built up area. 
  • Highest Lease Premium shall be the Bid parameter which shall be payable in multiple instalments: and
  • Alternate Investment Funds (AIF) or Foreign Investment Fund are also eligible to participate. 

Redevelopment of Railway Stations in India:  

  • 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 PPP projects. 
  • As part of this agenda, work on redevelopment of stations is in progress. 
  • Out of this, IRSDC is working on 63 stations and RLDA is working on 60 stations. 
  • As per current estimates, total investment needed for redevelopment of 123 stations along with real estate development is about Rs 50.000 crore. 

About IRSDC:  

Indian Railway Stations Development Corporation Ltd. (IRSDC) is a Joint venture company of RLDA, RITES and IRCON. IRSDC is at the core of Indian Railway’s mission of transforming country’s railway stations into world-class 24×7 hubs and is the Nodal Agency and the main Project Development Agency (PDA) for redevelopment of Railway stations. These redeveloped hubs will be called ‘Railopolis% as it will attract huge investment and business opportunities. 

To fast track the redevelopment of Railway Stations and harness true value of commercial development, following tools have been developed by IRSDC/MoR to streamline all processes for planning, designing, tendering, implementation and management of Railway Stations in India:- 

  • Model Agreements for Station redevelopment and Station Facility Management. 
  • Updation of Manual for Standards and Specifications for Railway Stations; brought out by MoR. 
  • Handbook for Master planning & Value Creation for Railway Station (Re)development. 
  • Harmonized Guidelines for Standards of Accessibility & Provisions of Facilities for Persons with Disabilities (Divyangjan) in Indian Railways – by MoR.
  • Form based codes for Commercial Development within Railway Land, comprising of:-
    • Codes for Station Area Layout Regulating Plans. 
    • Codes for Property Development Cards (Commercial Development). 
    • Codes for Architectural Design within Commercial Development. 
    • Codes for Green Buildings within Commercial Development.
  • Handbook for Preparation of Layout Regulating Plans and Property Development Cards. 
  • Codes for upgradation of Heritage Railway Assets (For full project lifecycle).

With application of these tools developed by IRSDC/MoR, the availability of public areas in Railopolis shall increase thus making such redeveloped railway stations as true “City Centres’. 

Source: IRSDC-Press Note