Indian Railways makes changes in Surat Railways Station Master Plan; set to make it more developer-friendly
The Indian Railway Stations Development Corporation Limited (IRSDC) has been entrusted the work of redevelopment of Anand Vihar, Bijwasan, Chandigarh, Gandhinagar, Habibganj (Bhopal), and Surat railway stations.
Indian Railways has been working to develop its major stations as world-class Multi Model Transport Hubs. The Indian Railway Stations Development Corporation Limited (IRSDC) has been entrusted the work of redevelopment of Anand Vihar, Bijwasan, Chandigarh, Gandhinagar, Habibganj (Bhopal), and Surat railway stations. While the work is nearing completion at Habibganj station, developments related to Surat station (Western Railway) have been pouring in from time to time.
"A truly seamless multi-model transport hub integrating all modes of transport is to be developed at Surat Railway station wherein all the three levels of Government, namely Central Government (Railways), State Government (Gujarat State Road Transport Corporation) and local government (Surat Municipal Corporation) have come together to pool their lands and also form a SPV named SITCO," the railways said today.
The railways has invited Request for Qualification cum Request for Proposal (RFQ cum RFP) for the appointment of Developer to take up the development work on invited on 17th April 2018.
After interaction with the probable bidders, now the railways has made some changes in the project Master Plan to make it more attractive and risk-free to the developers. Some of them are:
a. Increased Built-up Area (BUA) - Proposed Commercial Development BUA increased from 5.07 lakh sq.m. to 8.40 lakh sq.m.
b. BUA definition modified to exclude basement(s) or any upper floor(s) for satisfying the parking/ fire requirements as per local laws.
c. Reduced Mandatory Cost - Estimated Cost of Mandatory project has been reduced from Rs 1,008 crore to Rs 895 crore.
d. Increased Commercial Retail Area on Ground Level - Commercial Area at Ground level increased from 3,54,864 sq.m. to 7,84,596 sq.m. considering the local demand at Surat.
e. Increased Commercial Development on West Side along Ring Road - Commercial Area increased on West side by shifting the proposed Railway Quarters to Udhna.
f. Master Plan has been revised to provide the more commercial area on ground.
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g. Flexibility in Commercial Development - Only 40% of the Commercial Development Project to be completed in 8 Years from Effective Date. Balance 60% can be completed in 15 years from the Effective Date (extendable by another 5 years without levy of liquidated damages).
h. The interest rate on balance lease premium payable by the Developer has been reduced from 15% p.a. to 12% p.a.
i. Station Revenue Share payable by the Developer to SITCO has been reduced from 50% to 35%.