Mumbai Metro Rail Corporation (MMRC) has invited Bids (through e-tendering process) from eligible Bidder(s) for Carrying out real estate market assessment and financial feasibility for properties in vicinity of Metro line-3.
- Tender Reference Number: MMRC/Planning/ PLN88/RFP01/2022
- Name of Work: Carrying out real estate market assessment and financial feasibility for properties in vicinity of Metro line-3.
- Completion Period: 03 Months
- Document Download / Sale Start Date: 16th September, 2022
- Document Download / Sale End Date: 12th October, 2022
- Pre-Bid Meeting: 26th September, 2022
- Bid Submission Start Date: 16th September, 2022
- Bid Submission End Date: 12th October, 2022
- Bid Opening Date: 12th October, 2022
- Mumbai Metro Rail Corporation Ltd (MMRCL) a JV-SPV (50:50) of Government of India (GoI) and Government of Maharashtra (GoM) is implementing Mumbai Metro Line 3 which is a 33.5 km fully underground metro corridor with 26 underground stations and 1 at grade.
- The project is financed through Japan International Cooperation Agency (JICA) loan assistance, Equity & Subordinate Debt contributions from GoI and GoM, and financial contributions by various other stakeholders. Mumbai Metro Line 3 is a fully underground corridor connecting Mumbai’s first business district at Nariman Point with newer business districts at Lower Parel, Bandra Kurla Complex and SEEPZ. The alignment also connects several major transport hubs including the CST, Churchgate and Mumbai Central stations as well as the Mumbai Airport.
- Considering the fact that the public transport projects like Metro are capital and Maintenance intensive, will not be Financially sustainable only depending on Fare Box Revenues. Ensuring world class commuter services while servicing the JICA loan require significant financial resources.
- This has necessitated MMRC to look for additional revenue opportunities outside Fare Box. Further the metro policy recently adopted by Govt. of India also stipulated exploitation of various alternate revenue sources & opportunities.
- MMRC therefore intends to appoint a consultant to carry out real estate market assessment and financial feasibility for properties in the vicinity of Metro Line -3, advise on transaction framework, prepare bid documents so that MMRC can conduct the necessary bid process.
- The consultants are also expected to identify prominent real estate developers/investors. The study includes property development at 5 land parcels located along Metro Line-3 alignment. Details of the plots along with Detailed scope of services is given in Section 3 of the RFP document.
Duration of services:
- Time duration for the consultancy service will be 3 months, extendable to the period depending upon MMRC’s discretion and mutual consensus.
- The RFP document shall be available for download at the specified tender portal by paying the prescribed Tender Document Fee.
- As per the prescribed schedule, issue of response to queries and corrigendum, if required, will be issued leading to the submission of the bid documents.
Scope of Work:
- The consultant would carry out a diagnostic review of the specific location attributes associated with the subject sites. Accordingly, a detailed study of the subject location would be undertaken to assess the possible catalysts and impediments for undertaking real estate developments at the subject land parcels.
- This exercise would involve a study of the following parameters:
- Profile of the subject micro-market
- Accessibility and linkages/ connectivity of the site to key activity hubs in the region (including an assessment of key existing & proposed infrastructure initiatives specifically impacting the site).
- Positioning of the subject location in the image hierarchy of the surrounding region Profile of existing developments in the vicinity that might bear an impact on the market dynamics of the proposed project.
- The consultant shall advise MMRCL on changes/alterations (if any) required in the prevailing bye laws/regulations which will enhance the development potential and subsequently the monetization of the project.
- Based on the above analysis, a detailed SWOT analysis for each plot should be submitted. The key takeaway from this exercise would enable the client to identify critical factors with respect to the site which could potentially have an impact on development dynamics and market attractiveness of the envisaged project.
- This in turn significantly contributes towards formulating an appropriate project development framework keeping in perspective the above highlighted factors and incorporating relevant mitigation strategies associated with the site.
- The consultant will examine the feasibility of providing suitable real estate developments across multiple categories viz. retail, commercial, hospitality and residential at the sites to harness maximum benefit of the space available with MMRCL.
Real Estate Market Assessment:
- Supply-Demand Dynamics.
- Indication of known future supply additions planned in the city that may pose as potential competition to the subject sites.
- Opinion on scale and type of residential/commercial/retail developments in the identified micro markets.
- Features in terms of positioning, promotion, target market etc.
- Amenities & support infrastructure-apartment specifications, clubhouse, parking spaces, swimming pool, etc.
- Identification of the most prominent configurations & unit sizes being introduced into the market from a supply standpoint absorption of the same.
Scope of Services:
- Technical approach, methodology, and work plan are key components of the technical proposal. You are suggested to present your Technical Proposal (05 pages, inclusive of chart and diagrams):
- Understanding of Scope of Services;
- Work Plan/ Activity Schedule; and deliverables
- Organisation & Staffing and Staffing Schedule
- Understanding of Scope of Services. In this chapter you should explain your understanding of the objectives of the assignment and scope of services.
- Approach. In this chapter you should explain your approach to the services for carrying out the activities and obtaining the expected output, and the degree of detail of such output. You should highlight the problems being addressed and their importance, and explain the technical approach you would adopt to address them.
- Methodology. In this chapter you should explain your Methodology for carrying out the activities and obtaining the expected output, and the degree of detail of such output. You should also explain the methodologies you propose to adopt and highlight the compatibility of those methodologies with the proposed approach.
- Work Plan/Activity Schedule. In this chapter you should propose the main activities of the assignment, their content and duration, phasing and interrelations, milestones (including interim approvals by the Employer), and delivery dates of the reports.
- The proposed work plan should be consistent with the technical approach and methodology, showing understanding of the TOR and ability to translate them into a feasible working plan. A list of the final documents, including reports, drawings, and tables to be delivered as final output, should be included here. The work plan/ Activity Schedule should be consistent with the Work Schedule/ Activity Schedule of Form TECH-7.
- Organisation & Staffing and Staffing Schedule. In this chapter you should propose the structure and composition of your team. You should list the main disciplines of the assignment, the key expert responsible, and proposed technical and support staff. Present the manning schedule for Key Personnel and Support Personnel as per the understanding on the scope of services, approach and methodology. The Staffing Schedule should be consistent with the Staffing Schedule of Form TECH-6.
- A PowerPoint Presentation explaining the above proposal. Bidders shall be called to present the Technical proposal to MMRC. Bidder to take a note that PPT presented to MMRC should be the same as submitted here. No change in PPT shall be allowed after bid submission while presenting to MMRC.
- The bidder should have experience of Real Estate Advisory/ Feasibility for not less than 3 projects (Residential/ Commercial/ Retail/ Hospitality/ Mixed Use) with minimum salable BUA of 3 lac sq.ft. in each project in the last 5 FY.
- The bidder should have experience of Real Estate Advisory/ Feasibility for at least 1 project (Residential/ Commercial/ Retail/ Hospitality/ Mixed Use) in Mumbai with minimum salable BUA of 3 lac sq.ft. in the last 5 FY.
- The bidder should have experience of Real Estate Advisory/ Feasibility for at least 1 project successfully transacted by Government/PSU/other Govt. entity (anywhere within India) with minimum salable BUA of 1.5 lac sq.ft. in the last 5 FY.
The RFP document is available for download from website www.tenderwizard.com/MMRC
Source: MMRCL -Tender | Image Credit (representational): Alstom