IRSDC shortlists nine bidders for CSMT redevelopment project

For the redevelopment of Chhatrapati Shivaji Maharaj Terminus railway station in Mumbai, nine bidders have been shortlisted by Indian Railway Stations Development Corporation (IRSDC). The selection has been done on the basis of evaluation of the RFQ (Request for Quotation) Applications submitted by the bidders. The nine selected bidders are Godrej Properties, Oberoi Realty, Anchorage Infrastructure Investments Holdings, Adani Railways Transport, ISQ Asia Infrastructure Investments, Kalpataru Power Transmission, Moribus Holdings, GMR Enterprises and BIF IV Infrastructure Holding DIFC. According to IRSDC, as the next step, RFP (Request for Proposal) will be called shortly from these shortlisted bidders.

Following are some key salient features of the project:

1. In principle approval of PPPAC (Public Private Partnership Appraisal Committee) comprising representatives from the Finance Ministry, Law Ministry, Niti Aayog, Railway Ministry, etc. as per the Guidelines for PPP projects by the Indian Government
2. Extended Operation and Maintenance period of railway stations: For providing better services and amenities to passengers, stations shall be on the license with Concessionaire for a period of 60 years
3. Additional revenue stream: Airport-like pre-determined user charges (as notified by the Railway Ministry) from station users
4. Long Term lease-rights for real estate: Up to a period of 99 years for residential or mix-use format and a period of 60 years for non-residential formats
5. Built-up Area of up to 2.54 lakh sqm is allowed for commercial development
6. The corporation will be a single-window for approval of the master plan as well as building plans in consultation with local authorities in terms of power conferred under Section 11 of the Railway Act, 1989
7. The cost of station redevelopment including the cost of financing as well as contingency etc. is Rs 1642 crore. The investment opportunity for redevelopment is on the basis of Design, Build, Finance, Operate and Transfer (DBFOT)
8. AECOM is the Technical Consultant of the station redevelopment project and Knight Frank is the Financial and Transaction Consultant
9. With a view to facilitating redeveloping CSMT and other stations in Mumbai metropolis, a decision has been approved by the government to constitute a “High Level Committee” under the chairmanship of the Chief Secretary