The project comprises the core component of redevelopment of a railway colony spread across 9,428 sq m and commercial development of 15,161 sq m
The Rail Land Development Authority (RLDA), a statutory body under the ministry of railways, has invited online bids for the redevelopment of Vasundhara Loco Railway Colony in Varanasi.
The reserve price for commercial development is fixed at Rs 24 crore for a lease period of 45 years. The cost of mandatory redevelopment works for railway colony is Rs 34.5 crore. The developer shall also maintain the re-developed colony for a period of five years, RLDA said.
The total land area entrusted for this project is approximately 2.5 hectares, out of which about a hectare land is earmarked for redevelopment of railway colony and the balance 1.5 hectares has been offered for commercial development, RLDA officials said.
The site is situated at a prime location, in close proximity to the Divisional Railway Hospital and Varanasi Junction. The area set aside for redevelopment is proposed as a multi-story building complex with amenities such as parking space, lobby, passages, elevators, staircases, lifts.
The eligible developer offering highest lease premium shall be awarded the land parcel on lease through online open transparent bidding, they said.
The pre-bid meeting for the briefing of intending developers and for addressing their queries was held online earlier this month. The deadline for the submission of the e-bid is December 22, 2020.
“The project is situated in Varanasi that has been identified as a part of the ambitious Smart City project of the government. The project is connected to a railway station as well as to prominent landmarks via public transportation. The redevelopment of the railway colony will be first of its kind in the area, with planned development and will boost the real estate market in the vicinity,” said Ved Parkash Dudeja, vice chairman, RLDA.
The project comprises the core railway land wherein mandatory assets will be re-developed and the commercial component that will be leased for 45 years.
The approximate built-up area for commercial development is 3.2 lakh sq ft for a composite Floor Area Ratio of 1.94 which is 1.75 for commercial and 2.5 for hospitality.
Rail Land Development Authority (RLDA) is mandated with the monetization and development of vacant railway land for commercial use, in addition to the redevelopment of railway colonies and railway stations. RLDA is currently handling 84 railway colony redevelopment projects and has recently leased a railway colony in Guwahati for redevelopment.
Of the Indian railways’ land bank of approximately 43,000 hectares of vacant land across India, RLDA has over 92 greenfield commercial sites across India for leasing and the eligible developers for each will be selected through an open and transparent bid process.
RLDA is currently working on redevelopment 62 railway stations in a phased manner while its subsidiary, IRSDC has taken up another 61 stations.
In the first phase, RLDA has prioritised stations like New Delhi, Tirupati, Dehradun, Nellore, and Puducherry for redevelopment. The railway stations across India will be redeveloped on a PPP model as part of Smart City Projects launched by the government.