Now realty majors in race to upgrade Mumbai railways

mumbai-local

By Accommodation Times Bureau

In yet another attempt to upgrade Mumbai railway stations, the government has invited realty developers for their proposal. Tata Realty, Shapoorji Pallonji, IL&FS, Reliance Infrastructure, Raheja Group and Essel Infraare among those developers that have evinced interest in modernising and upgrading major Mumbai railway stations at Bandra Terminus, Mumbai Central, Lokmanya Tilak Terminus, Borivali and Thane at an estimated cost of Rs 10,000 crore, a top railway official said. The stations will be awarded under the Swiss challenge method, where proposals are invited online and rivals can offer counter-bids.

“The Mumbai redevelopment projects are high traction ones for private builders as they will be able to access prime real estate and also the combined daily footfall at these stations is upwards of 50 lakh per day, which would make projects viable,” an official said.

The builders will get commercial exploitation rights for railway land for 45 years in lieu of redeveloping and modernising the existing stations.





Similar Articles

Leave a Reply

Top