The Rail Land Development Authority (RLDA) has invited bids for a grant of lease for the redevelopment of 2.18 hectares of the Boulevard Road railway colony in New Delhi for 99 years.
The reserve price of the leasable land area of about 21,800 square meters is fixed at Rs 393 crores.
The railway colony is located along the Lala Hardev Sahai Marg and the GT Karnal Road near the Tis Hazari Metro Station, the ISBT Kashmere Gate and the Rani Jhansi Flyover in Delhi.
The site is 2.5 km away from the Old Delhi Railway Station and 7 km from the New Delhi Railway Station. Due to its proximity to the Ring Road, the site is also well connected to the peripheral developments in Gurgaon and Noida.
As per the Railways, the immediate influence zone of the site would extend to approximately five to seven km radius, encompassing parts of Central and North Delhi.
The Boulevard Road railway colony site will be redeveloped in accordance with the Delhi Master Plan-2021 (MPD-2021). Being in the upscale bungalow zone of New Delhi, the prescribed FSI for the subject site is 0.75 as per the Delhi Master Plan-2021.
The existing land use of the site as per the MPD-2021 is residential, which falls in Zone C.
The RLDA hopes to attract good private investors backing on the land parcel at the Boulevard Road, which has immense potential for premium segment residential development. The RLDA said that the development would enhance its prospects and offer a good return on investment to developers.
The last date of submission of the bid is January 27, 2021, and the online pre-bid meeting is scheduled to take place before that on December 17, 2020. The bid variable for the project is the upfront lease premium to be paid in five instalments in four years.
The lease shall be awarded through an online bid process, wherein the highest bid fulfilling stipulated technical and financial eligibility criteria shall be considered.
The Rail Land Development Authority (RLDA), which is a statutory body under the Railway Ministry, is currently handling 84 railway colony redevelopment projects and has recently leased out a railway colony in Guwahati for redevelopment.
The Indian Railways has approximately 43,000 hectares of vacant land across India of which the RLDA has 92 commercial (Greenfield) sites across India for leasing to the eligible developers.
The RLDA is also working on the redevelopment of 62 stations in a phased manner while its subsidiary, the Indian Railway Stations Development Corporation (IRSDC), has taken up another 61 stations. In the first phase, the RLDA has prioritized prominent stations like New Delhi, Gomti Nagar, Tirupati, Dehradun, Nellore, and Puducherry for redevelopment.
