IRSDC to Lease out Vacant Land Parcels

Indian Railway Stations Development Corporation Ltd. (IRSDC) has 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 have been invited from in

BY Realty Plus
Published - Wednesday, 24 Feb, 2021

Indian Railway Stations Development Corporation Ltd. (IRSDC) has 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 have been 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), SP5(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. The pre-bid meeting will be held on 12th March 2021, and the deadline for bid submission is 16th April 2021. “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,” said S.K. Lohia, Managing Director and Chief Executive Officer, IRSDC. 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 11 of 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 which shall be payable in multiple instalments. Alternate Investment Funds (AIF) or Foreign Investment Fund are also eligible to participate.