The area entrusted for re-development is proposed as a multi-story building complex with parking space, which could be a hotel or a commercial tower. The eligible developer offering highest lease premium will be awarded the land parcel on lease through online bidding.
The reserve price for commercial development is fixed at Rs 24 crore for a lease period of 45 years.
“The project is situated in Varanasi that has been identified as the part of the ambitious Smart City project of the Government of India. 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 this area, with planned development and will boost real estate market in the vicinity,” said Ved Parkash Dudeja, Vice Chairman, RLDA.
The total land area entrusted for this project is about 2.5 hectare, out of which about one hectare is earmarked for redevelopment of railway colony and the balance 1.5 hectare land has been offered for commercial development.
The developer shall also maintain the re-developed colony for a period of five years.
The pre-bid meeting for briefing of intending developers and for addressing their queries was held online on November 6 and deadline for the submission of the e-bid is 22nd December 2020.
“Situated on the bank of the River Ganga, Varanasi is regarded as the holiest among Hindu religion hubs. It has played a pivotal role in the development of Jainism and Buddhism. The city witnesses a huge footfall of devotees every year who come to bathe in the sacred waters of the holy river Ganga,” RLDA said in a statement.
Rail Land Development Authority (RLDA) is a statutory body under the Ministry of Railways, mandated with the monetization and development of vacant railway land for commercial use, in addition to redevelopment of railway colonies and stations.
RLDA is currently handling 84 railway colony redevelopment projects and has recently leased out 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 bid process.