GMR, Adani, Omaxe In Fray for New Delhi Station Revamp

Nine major players, including GMR Highways, Adani Railways and realtor Omaxe are in the fray for redevelopment of New Delhi railway station entailing an investment of around Rs 6,500 crore. Along with the modernization of Mumb

BY Realty Plus
Published - Saturday, 06 Feb, 2021

GMR, Adani, Omaxe In Fray for New Delhi Station Revamp

Nine major players, including GMR Highways, Adani Railways and realtor Omaxe are in the fray for redevelopment of New Delhi railway station entailing an investment of around Rs 6,500 crore. Along with the modernization of Mumbai’s Chatrapati Shivaji Maharaj Terminus (CSMT), the capital’s key station is among the most prominent asset monetization and railway modernization programme being undertaken by the Centre. Rail Land Development Authority (RLDA), which has been tasked to undertake the redevelopment, said BIF IV India Infrastructure Holding, ISQ Asia Infrastructure Investments, Anchorage Infrastructure Investments, Kalpataru Power Transmission, Arabian Construction Company and Elpis Ventures have also participated in the technical bidding for the station. At least five of the players – Adani, GMR, Kalpataru, Anchorage and ISQ Asia – are also in the fray for the modernisation of CSMT. In these two cases there is more interest in railway station modernisation that in the redevelopment or construction of some of the airports. This is the first stage of the process. After evaluation, the qualified bidders will be allowed to put their financial bids. RLDA said the efforts have borne results with reputed players participating in the technical bidding stage. The government would announce the user charges before floating the financial bids since the collection of user charges is expected to be a long-term source of revenue for the successful private player. The project is slated to be completed in four years from the day construction starts. The concession period is for 60 years. The redevelopment of New Delhi station will be a mix of retail, office and hospitality spread across 30 acres near Connaught Place. The RLDA is taking up the redevelopment project on Transit-Oriented Development. The project offers multiple revenue streams to the private player, including income from real estate rights. The project will be redeveloped into a world-class station. It will have dome-shaped terminal buildings with two arrival and two departure points at the concourse level, two multi-modal transport hubs on its every side, 40-floor high-rise twin towers (for hotels, offices and retail at podium) and pedestrian boulevard with high-street shopping among the salient features, the Rail Land Development Authority said. Pedestrian movement, cycle tracks, green tracks and non-motorised vehicles have been integrated into the proposed development plan.The station has a master plan area of 120 hectares, out of which 88 hectares is being planned in the first phase.