The 89,032 sq. m site is suitable for the development of riverfront luxury tourism and water sports hub.
Rail Land Development Authority (RLDA), a statutory body under the Ministry of Railways, has invited online bids for engaging marketing and financial consultants for the commercial development of railway land spanning 89,032 sq. m at Salt Golah, Howrah in West Bengal, sources said.
RLDA is hoping to generate an investment of up to Rs 800 crore from the Salt Golah site, sources added.
Two more commercial sites in Liluah Area of Kolkata are also in the pipeline which will be exploited for commercial usage shortly, they said.
The consultant shall be required to carry out valuation for different lease periods ranging from 30-99 years and NPV at different rates of discount to arrive at the optimum valuation, they said.
The consultant will develop a financial model for the project, market the project and assist RLDA in managing the bidding process for the development of the project and the selection of the suitable developer to realize the objective.
The Salt Golah site consists of some old salt godowns and administrative offices in a highly dilapidated condition. It is located on a 20-metre-wide road along the Hooghly riverbank and is 1.5 km away from Howrah Station. The site is well connected through road and river transport.
The site is in the city of Howrah, on the western banks of River Hooghly. Howrah is an important transportation hub of West Bengal and is the gateway to Kolkata. Often referred to as Sheffield of the East, Howrah is home to several light engineering industries. It is accessible via rail, river, and road network.
“The river-front location of Salt Golah in Kolkata, which used to be the offices and residence of the Salt Commissioner during British times, although a wondrous site, is presently full of dilapidated buildings. RLDA plans to create a multitude of possibilities for modern tourism. The 15m wide strip can be utilised for developing water sports," said Ved Parkash Dudeja, Vice Chairman, RLDA.
"Also, the riverfront can be used for commercial ferrying activities. The development will not only put the land to better use but also boost tourism, create jobs and enhance prospects of investment in the region,” he said.
RLDA is a statutory body under the Ministry of Railways, for the development of vacant Railway land for commercial use in line with the objective to generate revenue by non-tariff measures.
Currently, the Indian Railway has approximately 43,000 hectares of vacant land across India. RLDA has over 74 sites across India for leasing and the eligible winners for each will be selected through an open and transparent bid process.Also, RLDA is currently handling 84 railway colony redevelopment projects and was successful in bidding out Guwahati Railway Colony and 62 railway station development projects which include NDLS, Tirupati, Dehradun, Nellore and Puducherry, to name a few.