9 bidders shortlisted for redevelopment of Chhatrapati Shivaji Maharaj Terminus Railway Station

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Railway Stations Development Corporation Limited (IRSDC) has shortlisted nine bidders for the redevelopment of Mumbai's Chhatrapati Shivaji Maharaj Terminus Railway Station (CSMT). "The bidders were shortlisted by IRSDC after evaluation of the RFQ (Request for Quotation) applications", as per the official release. As the next step, Request for Proposal (RFP) will be called by IRSDC from all nine shortlisted bidders. Talking about the bidding procedure, the Managing Director and CEO of IRSDC, S K Lohia said that nine firms have qualified the RFQ stage for the redevelopment of CSMT station.

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", he said. It is notable that IRSDC invited RFQ in August, 2020 after 'in principle' approval of Public-Private Partnership Appraisal Committee (PPPAC) to redevelop CSMT Railway station and transform it into an iconic city center.

On January 15, 2021, IRSDC opened the RFQ applications of CSMT Railway station and received an overwhelming response from 10 developers despite the current Covid-19 scenario and nine applications are qualified for the next stage. The name of the qualified bidders are M/s Godrej Properties Limited, M/s Anchorage Infrastructure Investments Holdings Limited, M/s Oberoi Realty Limited, M/s ISQ Asia Infrastructure Investments Pte Ltd., M/s Adani Railways Transport Limited, M/s Kalpataru Power Transmission Ltd., M/s GMR Enterprises Private Limited, M/s Moribus Holdings Pte, Ltd. and M/s BIF IV Infrastructure Holding DIFC Pvt. Ltd.

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The Applications were evaluated in accordance to the Financial Capacity, which had two criteria. First is, Minimum Net worth: Rs 821 cr at the close of preceding financial year and, second is, Minimum ACI: Rs 821 crore at the close of the preceding financial year (for AIF or Foreign Investment Fund). According to a release the construction and O&M experience capacity shall have to be met after the award of the project. 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. The features of the project are 'In principle' approval of PPPAC comprising representatives from the Ministry of Finance, Ministry of Law, Niti Aayog, Ministry of Railways, etc, as per the Guidelines for PPP projects by Government of India.

The project also extended O&M period of railway stations for providing better passenger services and amenities. It will also generate additional revenue stream by Pre-determined user charges as notified by MoR from railway station users. The project will provide up to 99 years lease rights to real estate for residential or mix-use format and 60 years for non-residential formats. The project will also permit upto 2.54 lakh sqm of Built up Area for commercial development.

The redevelopment cost of the station 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) basis. The Technical Consultant of the project is M/s AECOM. The Financial and Transaction Consultant is M/s Knight Frank. It is also notable that with a view to facilitating redeveloping Chhatrapati 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.

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