Being in the upscale bungalow zone of New Delhi, the prescribed floor space index (FSI) for the site is 0.75 according to the Delhi MPD, it added.
The leasable land area is 21,800 sqm with the reserve price fixed as Rs 393 crore, it said.
“The land parcel at Boulevard Road has immense potential for premium segment residential development. The site is strategically located with accessibility to prominent landmarks such as railway stations, Tis Hazari Metro Station, ISBT Kashmere Gate, among others,” said Ved Parkash Dudeja, Vice-Chairman, Rail Land Development Authority.
“The development will enhance its prospects and offer a good return on investment to developers,” he added.
The Railway Colony is located along Lala Hardev Sahai Marg/GT Karnal Road near Tis Hazari Metro Station, ISBT Kashmere Gate and Rani Jhansi Flyover, New Delhi.
The site is only 2.5 km away from the Old Delhi Railway Station and 7 km from the New Delhi Railway Station.
Due to its proximity to the Ring Road, the site is also well connected to the peripheral developments in Gurgaon and Noida. The immediate influence zone of the site would extend to approximately five to seven km radius, encompassing parts of central and north Delhi.
The last date of submission of the bid is January 27, 2021. The online pre-bid meeting is slated to take place on December 17, 2020.
The award of lease shall be through a transparent online bid process, wherein the highest bid fulfilling stipulated technical and financial eligibility criteria shall be considered.
The RLDA is a statutory body under the Ministry of Railways for the development of railway land. It has four key mandates as a part of its development plan, namely leasing of commercial sites/residential sites, colony redevelopment, station redevelopment and multi-functional complexes.
The RLDA is currently handling 84 railway colony redevelopment projects and has recently leased out a railway colony in Guwahati for redevelopment.
The Indian Railways has approximately 43,000 hectares of vacant land across India of which RLDA has 92 commercial (greenfield) sites across India for leasing to the eligible developers.
It is also working on the redevelopment of 62 stations in a phased manner while its subsidiary, Indian Railway Stations Development Corporation has taken up another 61 stations.
In the first phase, RLDA has prioritised prominent stations like New Delhi, Gomti Nagar, Tirupati, Dehradun, Nellore, and Puducherry for redevelopment.
The railway stations across India will be redeveloped on a public-private partnership model as a part of the Smart City Projects launched by the central government.