Redevelopment of the Chhatrapati Shivaji Maharaj Terminus is likely to start this year with 10 companies successfully submitting applications to bid for the Rs.1,642 crore project.
GMR Enterprises, ISQ Asia Infrastructure Investments, Kalpataru Power Transmission, Anchorage Infrastructure Investments Holdings, Adani Railways Transport, Brookfield Infrastructure Fund IV, Moribus Holdings, Godrej Properties, Keystone Realtors and Oberoi Realty have qualified to submit financial bids in the next three to four months.
The project envisages providing an airport-like experience to passengers at the iconic railway station, besides opening up a space for commercial and residential units in south Mumbai.
The Unesco world heritage site will not be disturbed. The project is expected to be completed in four years.
“This has been the best participation in recent times in terms of the number of applications compared with projects related to airports and railways,” said S K Lohia, MD & CEO of Indian Railway Stations Development Corporation, which invited requests for qualification under PPP basis in August.
Railway officials said the user fee or station redevelopment fee would be notified before inviting financial bids for the project. “Without the collection of user fee, which will be an assured source of income, the project won’t be financially viable. The government has made it public that the charges will be notified and it won’t pinch the passengers,” said an official.
Sources said the proposal has been finalised and would be placed before the Cabinet soon. Delhi, Mumbai, Chandigarh, Nagpur and Tirupati are some the stations in the first list where the charges would be levied.
“Such a good response of top 10 players bidding for the project shows how major railway stations have huge potential to become the hub for economic activities. We also expect a good number of bidders for the New Delhi railway station project,” said the official.
To make the CSMT project attractive, the railways has allowed up to 99 years lease for residential or mixed-use format and 60 years for non-residential formats. Around 2.5 lakh square metre space between CSMT and Byculla will be available for commercial development. Of this, 1.4 lakh sq m will be available at CSMT, 80,000 sq m at Byculla and another 30,000 sq m at Wadi Bunder, sources added.
There is a plan for a “railopolis”, which will provide a mall-like experience at P D’Mello Road side entry and will be integrated with a suburban platform, an underground parking and an elevated deck to pick up and drop passengers. The Rs.1,642 crore project will include segregation of arrival and departure areas, a disabled-friendly station, better services, an energy-efficient building, and restoring the precincts to the 1930 stature. Lohia said, “Financial bids will be floated in the next three to four months and within seven months for now we will be able to select the successful bidder.”