NBCC to raise Rs 300 crore from auction of 4.5 lakh sq ft commercial space in Lucknow – ET RealEstate

NEW DELHI: State-run NBCC (India) Ltd is expected to raise Rs300 crore from a proposed auction of 453,000 sq ft of commercial space to support the redevelopment of Gomti Nagar Railway Station in Lucknow.

The project will also offer residential development of 8.5 acre, which will be leased out by Rail Land Development Authority (RLDA).

The total construction cost estimated for station development is around Rs 190 crore and the commercial development will further cost Rs 170 crore.

The railways has an approximately 38 acre land parcel at the Gomti Nagar Railway Station.

“Gomti Nagar area in Lucknow is developing rapidly as a commercial and retail hub,” said Ved Parkash Dudeja, vice chairman of RLDA. “The station is strategically located with excellent connectivity to other parts of the city. The commercial space being constructed for lease sale of 60 years is in the close vicinity of hotels and shopping complexes.”

Two commercial towers are being offered by NBCC as part of commercial development that will comprise retail outlets and parking.

Average lease price is pegged at Rs 6,625 per sq ft for Block R1 and Rs 5,900 per sq ft for Block R2.

The e-auction for commercial blocks is currently underway with the bidding closing on November 23.

A recent auction of 6,940 sq ft of land fetched Rs5.16 crore.

“The aim of the Gomti Nagar Railway Station Redevelopment Project is to equip it with state-of-the-art amenities to offer convenience to commuters besides upgrading it in line with global standards and to offer commercial space for boosting economic activities in the area. The redevelopment will boost real estate as well as the local economy,” said Dudeja.

RERA registration and approval of the design by IIT Delhi has recently been received, which will speed up the execution.

The station redevelopment involves mandatory station development comprising station buildings, air concourse, food courts, renovation of platforms and utilities.

There is a plan too for commercial development, including retail, basement parking and external development.

The redeveloped station will be equipped with amenities such as segregation of arrival and departure, basement parking, CCTV surveillance and centrally air-conditioned common spaces.

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