IRSDC keen to redevelop Chatrapati Shivaji Maharaj Terminus Railway Station (CSMT)

Indian Railway Stations Development Corporation Ltd. (IRSDC) has shortlisted nine bidders for the redevelopment project

Indian Railway Stations Development Corporation Ltd. (IRSDC) invited RFQ (Request for Qualification) in August 2020 after ‘in principle’ approval of Public Private Partnership Appraisal Committee (PPPAC) to redevelop CSMT Railway station and transform it into iconic city center. On 15^th January 2021, IRSDC opened the RFQ applications of CSMT Railway station and received overwhelming response from 10 developers despite the current COVID19 scenario. IRSDC evaluated and shortlisted the applications received and out of the 10 applications, 9 applications are ‘Qualified’ for the next stage.

M/s Godrej Properties Limited, M/s Anchorage Infrastructure Investments Holdings Limited, M/s Oberoi Realty Limited, M/s ISQ Asia Infrastructure Investments Pvt. Ltd., M/s Adani Railways Transport Limited, M/s Kalpataru Power Transmission Ltd., M/s GMR Enterprises Private Limited, M/s Moribus Holdings Pvt. Ltd. and M/s BIF IV Infrastructure Holding DIFC Pvt. Ltd. are the nine shortlisted bidders.

The Applications were evaluated in accordance to the Financial Capacity, which had the following criteria :-

1. Minimum Net worth: Rs 821 cr at the close of preceding financial year OR,
2. Minimum ACI: Rs 821 cr at the close of the preceding financial year (for AIF or Foreign Investment Fund).

The construction and O&M experience capacity shall have to be met after the award of project but before the Appointed Date. The entire bidding procedure is a two-stage bidding process consisting of RFQ and Request for Proposal (RFP). The selected bidder at the RFP stage shall take up the redevelopment of the CSMT Railway station The Request for Proposal (RFP) for CSMT is under preparation and will be called shortly from the shortlisted applicants.

“Nine firms have qualified the RFQ stage for the redevelopment of CSMT station. As the next steps, IRSDC will float a Request for Proposal (RFP) soon to the qualified bidders. CSMT railway station redevelopment is one of our most ambitious projects and we at IRSDC are committed to transform the CSMT railway station into a state-of-the-art transport hub” said SK Lohia, Managing Director & CEO – IRSDC

The Key salient features of the project are:

1. In principle approval of PPPAC comprising representatives from Ministry of Finance, Ministry of Law, Niti Aayog, Ministry of Railways etc., as per the Guidelines for PPP projects by Govt. of India;
2. Extended O&M period of railway stations: For providing better passenger services and amenities, railway stations shall be on license with Concessionaire for 60 years;
3. Additional revenue stream: pre-determined user charges (as notified by MoR) from railway station users as in practice in airports etc;
4. Long Term lease-rights for real estate: Up to 99 years for residential or mix use format & 60 years for non-residential formats.
5. Up to54 lakh sqm of Built-up Area is permitted for commercial development.
6. IRSDC will be a single window for approval of master plan and building plans in consultation with local authorities in terms of power conferred under Section 11 of Railway Act, 1989;
7. The redevelopment cost of the station (mandatory cost) including the cost of financing and contingency etc. is Rs. 1642 crore. The investment opportunity for redevelopment is on DBFOT (Design, Build, Finance, Operate and Transfer)
8. The Technical Consultant of the project is M/s AECOM. The Financial and Transaction Consultant is M/s Knight Frank.
9. With a view to facilitate redeveloping Chatrapati Shivaji Maharaj Terminus – Mumbai and other railway stations in Mumbai metropolis, a decision to constitute a “High Level Committee” under the chairmanship of the Chief Secretary has been approved by the Government.

For more info visit: www.irsdc.in

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