Hyderabad

Railways seeks private partner for real estate development

The Rail Land Development Authority (RLDA) has come up with plans for granting 99 years leasehold rights for commercial development of South Central Railway (SCR) land at Rifle Range and Chilakalguda. A Request for Proposal (RFP) notification has been issued for submission of e-bids online.

The invite is for developers to build railway infrastructure of 352 residential units and commercial office in 4.69 acres out of total 16.67 acres of net land area spread across the existing Rifle Range and Chilakalguda railway colonies.

The land area available at Rifle Range is 7.35 acres and the mandatory railway infrastructure to be built is about 3.75 lakh sq.ft including 6,200 sq.ft of club house and 20,000 sq.ft of commercial space of the 4.69 acres earmarked. It will leave 2.66 acres for the developer and the entire 9.32 acres at Chilakalguda to be developed over a period of four years, including an extra year as grace period at a minimum cost of ₹ 115 crore. The developer can make the desired product mix for minimum lease premium of ₹ 50 crore, according to CPRO Ch. Rakesh

Forty per cent of the lease premium should be paid within 60 days from the date of issuance of the offer letter. The second instalment comprising 30 % of total lease premium + 12% interest per annum on the total outstanding amount of lease premium is payable on or before the fourth anniversary from the date of payment of first instalment. Third instalment of 30 % of total lease premium +12 % interest of per annum on the total outstanding amount of lease premium is payable on or before fifth anniversary from the date of payment of first instalment.

A pre-bid meeting for interested developers has been fixed on December 20 at 11.30 a.m. at Marigold Hotel and e-tender details are available with www.tenderwizard.com/RLDA, he added.

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Printable version | Feb 25, 2020 6:55:40 PM | https://www.thehindu.com/news/cities/Hyderabad/railways-seeks-private-partner-for-real-estate-development/article30340701.ece

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