Chhatrapati Shivaji Maharaj Terminus redevelopment: 10 firms submit qualifying bids

GMR Enterprises, Kalpataru Power Transmission, Adani Railways Transport among bidders

Ten firms,including GMR Enterprises, ISQ Asia Infrastructure Investments, Kalpataru Power Transmission, Anchorage Infrastructure Investments Holdings, Adani Railways Transport, Brookfield Infrastructure Fund, have submitted qualifying bids for redeveloping Chhatrapati Shivaji Maharaj Terminus (CSMT), Mumbai. Other bidders are Moribus Holdings, Godrej Properties, Keystone Realtors and Oberoi Realty, said a IRSDC statement.

Indian Railway Stations Development Corporation Ltd (IRSDC) invited Request for Qualification (RFQ) for redevelopment of CSMT on public private partnership basis on August 20, 2020, after ‘in principle’ approval of the Public Private Partnership Appraisal Committee (PPPAC), the release added.

The redevelopment cost of the station (mandatory cost) including the cost of financing and contingency is ₹1,642 crore. The project will be undertaken by the developer on DBFOT (Design, Build, Finance, Operate and Transfer) basis.

The release said the response has been the best participation in recent times in terms of number of applications, when compared to projects of Delhi Airport, Mumbai Airport, Navi Mumbai Airport, Goa Mopa Airport, Jewar Airport and other airports at Jaipur, Ahmedabad, Lucknow, Guwahati, Mangaluru, Thiruvananthapuram or other railway stations.

The project allows extended operation and maintenance period of railway stations: for providing better passenger services and amenities, railway stations shall be on license with the developer for 60 years.

The bidder gets to collect user fee from passengers as decided by the Railway Ministry, apart from making money by leasing commercial and residential space. About 2.54 lakh sqm of built-up area (tentative) is allowed for commercial development.

The bidder will get long term lease-rights for real estate: upto 99 years for residential or mix use format and 60 years for non-residential formats, the release said.

 

Source: Thehindubusinessline