Chandigarh Railway Station development: 7 firms participate in pre-bid meet

Tribune News Service
Chandigarh, March 12

Indian Railway Stations Development Corporation Ltd (IRSDC) on Friday conducted the first pre-bid meeting for leasing vacant land parcels for mixed-use development as part of Chandigarh Railway Station redevelopment project.

Seven companies, including Eldeco, Developer Group, Virtuous Retail South Asia, Kalpataru Power Transmission Ltd and Omaxe Ltd, participated in the meeting.

Salient features of project

• The Union Cabinet approval has been obtained for the project which enables long-term lease rights of up to 99 years for real estate
• No change in land use needed pan India for railway station redevelopment
• IRSDC shall approve its master plan in consultation with local authorities in terms of power conferred under the Railway Act, 1989
• The lessee is allowed to enter into multiple sub-leases of built-up area
• Highest lease premium shall be the bid parameter
• Alternative Investment Funds or Foreign Investment Funds eligible

The IRSDC had recently invited request for proposal (RFP) for leasing vacant land parcels. Accordingly, bids were invited from interested entities for mixed-use development of land parcels on lease rights basis up to 99 years.

Four land parcels – SP4 (12,427 sqm), SP5 (15,027 sqm), SP6 (17,890 sqm) and SP7 (11,347 sqm) – spanning over 56,691 square metre of land, with a total allowable built-up area of 2,32,341 square metre are up for bidding.

Bidders can bid for all the four land parcels or 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,” said SK Lohia, Managing Director and Chief Executive Officer, IRSDC.

“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 Lohia.

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