Redeveloped Hubs to be called Railopolis
Application Due Date has been extended up to 24th August, 2020
With the intent of providing world-class passenger amenities at railway stations, IRSDC has invited Request for Proposal (RFP) for Mixed-Use Development on the land parcel on leasehold rights basis at Anand Vihar and Bijwasan Railway Stations and also at Chandigarh Railway Station along with some redevelopment works.
These redeveloped hubs will be called as ‘Railopolis’, as it will attract huge investment and business opportunities. With the application of Form-Based codes developed by IRSDC, the availability of public area in Railopolis shall increase thus making such redeveloped railway stations as true city centres. IRSDC is at the forefront of developing/redeveloping some of the key railway stations in India.
RFPs Called For Mixed-Use Land Parcel Redevelopment
The tenders for station development at these three railway stations have already been awarded on EPC mode and the work is in progress. Now, IRSDC invites ‘Bids’ from interested entities for mixed-use development of land parcels on leasehold rights basis for up to 99 years.
Application Due Date Extended To 24th August 2020
The Application Due Date for RFPs of the three projects has been extended on-demand from the prospective bidders in view of prevailing circumstances, by two months and can now be submitted on or before 24th August 2020.
The initial Pre-bid meeting for Chandigarh Railway station was held on 7th February, 2020 and the second Pre-Bid was held through Video Conferencing on 12th May, 2020.
The Pre-Bid Meeting of Anand Vihar and Bijwasan project was conducted on 22nd April, 2020 through Video Conferencing. Big Developers and Fund houses showed interest in these projects.
During these Pre-Bids and also during one-to-one interactions, prospective bidders requested IRSDC to extend the application due date and hence IRSDC has decided to extend the due date.
Chandigarh Project Split Into Two Phases
The area of the land and BUA allowed in Chandigarh project has been reduced to almost half for phase 1 on request from the prospective bidders and the rest of the BUA will be constructed in Phase-2.
The Lessee shall have Right of First Refusal (ROFR) for Phase-2 of the project provided that (i) Authority issues NIT for Phase-2 within 5 years from the Appointed Date of Phase 1, (ii) the Lessee participates in the bidding process for phase-2 and (iii) the financial bid of the Lessee is within 10% of the highest bid of Phase-2.
In that case the Lessee shall have the opportunity to match the highest bid of Phase- 2.
Investment Opportunity for Developers and Fund Houses
IRSDC calls out interested Developers and Fund houses and ask them to take up this one of its kind investment opportunity before the due date of 24th August, 2020. Interested bidders can go to: https://irsdc.in/active to review and submit their application.
Indian Railway Stations Development Corporation Ltd. (IRSDC) is a Joint venture company of RLDA and IRCON with 50:50 ownership presently. RITES is also likely to join shortly as another promoter with 24% equity so that RITES and IRCON shall jointly hold 50% equity. IRSDC is at the core of Indian Railway’s mission of transforming country’s railway stations into world-class 24×7 hubs.