Maharashtra plans commercial, residential development at Mumbai’s CSMT station – ET RealEstate

MUMBAI: Indian Railway Stations Development Corporation (IRSDC) is planning commercial and residential development at the iconic Chhatrapati Shivaji Maharaj Terminus railway station in south Mumbai on public-private partnership mode and is inviting bids for the same.

The selected bidder will take up the redevelopment of the railway station and commercial development of the surrounding railway land on leasehold basis up to 60 years for commercial development, the government said in a statement.

The entity will also be allowed to undertake residential development on selected plots with lease of up to 99 years, along with operation and maintenance of the station for 60 years on concession basis. Tentatively up to 2.54 lakh sq meter of built up area is allowed for commercial development.

The pre-bid conference for the same is scheduled on September 22, while the due date for application is October 22. Alternate Investment Funds (AIF) or Foreign Investment Funds (FIF) are also eligible to participate in this project.

The entire bidding procedure is a two-stage bidding process consisting of request for qualification (RFQ) and request for proposal (RFP).

The redevelopment cost of the station, which will be a mandatory cost, including the cost of financing and contingency etc. is estimated to be Rs 1,642 crore. The investment opportunity for redevelopment is on Design, Build, Finance, Operate and Transfer (DBFOT) basis, the government said.

The user charge will also be another continuous source of revenue to the concessioner that will be available just after the commercial operation date of the station.

The redevelopment has already secured in-principle approval of Public Private Partnership Appraisal Committee (PPPAC) comprising representatives from Ministry of Finance, Ministry of Law, Niti Aayog, Ministry of Railways etc.

The eligibility criteria for the bidder in terms of financial capacity at the qualification stage and the net worth should be Rs 821 crore at the close of preceding financial year.

The entire bidding procedure is a two-stage bidding process consisting of RFQ and Request for Proposal (RFP).

For the said developments, no change in land use or prior environmental clearance from the Ministry of Environment and Forest is required. IRSDC will be a single window for approval of master-plan and building plans in consultation with local authorities.

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