Four land parcels- SP4 (12,427 sq metre), SP5(15,027 sq. m), SP6(17,890 sq. m.) and SP7(11,347 sq. m.) span across 56,691 sqm. of land, with a total allowable Built-Up Area(BUA) of 2,32,341 sqm are available for mixed use development.
Bidders can bid for all the four land parcels or can also bid for individual land parcel, as per their choice.
“Chandigarh Railway Station will be developed into a world class transport hub to offer a superior travel experience to passengers. These vacant land parcels which are part of the Chandigarh railway station redevelopment are suitable for a mixed-use development that will accentuate real estate prospects in the vicinity. The redevelopment will also boost tourism, generate employment and have a cascading impact on the local economy,” said SK Lohia, Managing Director and Chief Executive Officer, IRSDC.
The station development project has pre oval from Union Cabinet which enables, long term lease-rights of upto 99 years for real estate and no change in land use is required Pan India for railway station redevelopment.
IRSDC will approve its master plan in consultation with local authorities and the is allowed to enter into multiple sub leases of built up area.
Alternate Investment Funds (AIF) or foreign fund are also eligible to participate.
As part of redevelopment of railway stations across India, work on 123 stations is in progress. Out of this, IRSDC is working on 61 stations and RLDA is working on 62 stations. As per current estimates, total investment needed for redevelopment of 123 stations along with real estate development is about Rs 50,000 crore.