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The New Delhi railway station redevelopment project has received qualifying bids from nine companies — Arabian Construction Company, Adani Railways Transport, BIF IV India Infrastructure Holding (DIFC), ISQ Asia Infrastructure Investments, Anchorage Infrastructure Investments Holdings Limited, Kalpataru Power Transmission Ltd, GMR Highways Limited, Omaxe Limited and Elpis Ventures, according to a source. The bids were received on Tuesday.
In the next stage, Rail Land Development Authority (RLDA) will float the financial bid for selected participants.
“The concession period for railway station and commercial lease is 60 years. If the bidders want to add a residential component for feasibility, it will be added for 99 years,” a railway official told BusinessLine .
The capital expenditure for this project has a mandatory cost ₹5,000 crore for station development – where the developer has to build facilities for station users; and ₹1,500 crore for developing the station estate, said the official.
To take the project forward, notification regarding user development charges is awaited from the Railway Ministry. Fixation of user development charges will bring in one layer of definitiveness regarding the revenue stream for station developer. On Monday, when asked for an update on station user charges, the Railway Ministry Chairman and CEO Suneet Sharma said that the Ministry is discussing with NITI Aayog on the user charges.
TOD concept
New Delhi Railway Station Redevelopment is the first to be undertaken on the transit-oriented development concept in Delhi-NCR, according to RLDA, which said that a capital expenditure of around $680 million is required. The project will be developed on a Design Build Finance Operate Transfer model and offers multiple revenue streams to the developer, including revenue from real estate rights. The concession period is for 60 years.
The station has a master plan area of 120 hectares, out of which 88 hectares is being planned in Phase 1. RLDA is the approving authority for the Master Plan. To expedite the approvals and clearances, an Apex Committee under the chairmanship of Lieutenant Governor of Delhi has also been constituted.
Engine of growth
“The redevelopment of the New Delhi Railway Station … will stimulate economic development of NCR. The project attracted interest from various national and international stakeholders. The project will be instrumental in augmenting the local economy, generating employment opportunities and boosting the tourism potential of Delhi-NCR, ensuring inclusive development for aspirational India,” according to Ved Parkash Dudeja, Vice Chairman, RLDA.
The station will be redeveloped into a world-class facility with two-arrival and two-departure at the concourse level and two multi-modal Transport hubs, 40-floor high-rise twin towers (with hotels, offices and retail units) and pedestrian boulevard. Pedestrian movement, cycle tracks, green tracks and non-motorised vehicle tracks integrated into the proposed development plan, as per RLDA.
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