New Delhi and Mumbai railway station redevelopment to offer 5 million sq ft commercial space
More than 60 private firms including Société Nationale des chemin de fer français (SNCF), Tata Projects Ltd, Anchorage Infrastructure, I Squared Capital, Adani group and GMR group are in race to develop New Delhi and Mumbai’s Chhatrapati Shivaji Maharaj Terminus.
Indian Railway, on Friday, conducted a joint pre-bid meeting for both the stations, which are expected to be redeveloped within four years.
Rail Land Development Authority (RLDA) is executing New Delhi while Indian Railway Stations Development Corporation Ltd. (IRSDC) is executing the Mumbai project.
The meeting was addressed by Amitabh Kant, Chairman, NITI Aayog, and Vinod Kumar Yadav, Chairman, and CEO, Railway Board.
The last date of submission of the bid for NDLS is November 6, 2020.
“The New Delhi Railway Station has a rich cultural legacy and historical significance. This project will transform it into a world-class and one-stop destination for transport, retail, entertainment needs to offer convenience, world-class amenities, and curated experiences to commuters,” RLDA said in a statement.
“CSMT is a historic and UNESCO World Heritage site located in the heart of Mumbai. The CSMT railway station will function as a city center rail mall wherein addition to a passenger’s transportation needs, his daily needs are also filled, like- Retail, F&B, entertainment, souvenir shopping,” IRSDC said in a statement. The CSMT project cost is of Rs 1,642 crore and the cost of real estate is Rs 1433 crore. The total real estate built-up area is 25 lakh sq ft at CSMT, WadiBunder, and Byculla.
NDLS is a flagship redevelopment project that is expected to incur a capital expenditure of around Rs 6500 crore. The objective of the project is to position the New Delhi Railway Station as a multi-modal hub by upgrading infrastructure.
“The project would also include a significant commercial component entailing a mix of retail, office, and hospitality developments such as 5-star hotels, budget hotels, and serviced apartments on approximately 30 acres of land,” RLDA said.
Private players will redevelop an area of 5 lakh square meters at the New Delhi station and another 2.6 lakh square meters surrounding it for commercial purposes.
On lines of NDLS, the redevelopment of CSMT, Mumbai also include the
integration of various modes of transport to make it a multi-modal transport hub. According to IRSDC, the pre-bid meeting received a good response from the industry, and developers and fund houses are also interested in this investment opportunity. Besides developers and architects, fund houses such as Anchorage Infrastructure Investment Holdings Ltd and Brookfield and consultancy firms such as JLL, Boston Consultancy Group, KPMG, PwC India, and EY also attended the pre-bid meeting.