Parsvnath, Indiabulls join hands to bid for Rly land

Parsvnath Developers and Indiabulls Real Estate have come together to bid for 10 prime locations being offered by the Indian Railways for commercial development across various cities.

The two companies have already submitted the request for qualification (RFQ) for all the 10 plots offered by Rail Land Development Authority (RLDA) in the first phase.

According to sources, Parsvnath and IBREL have entered into an understanding for the submission and bidding for the land offered by the Railway Ministry through RLDA and under the agreement, the RFQ for 10 locations have been submitted.

The objective under the agreement would be to design, develop, finance and to market the developed property, they said.

The 10 sites, which have been selected for commercial development in the first phase, are located in Delhi, Kanpur, Gwalior, Visakhapatnam, Kolkata, and Bangalore. When contacted, a spokesperson at Parsvnath confirmed the development, but declined to share any further detail.

According to sources, both the companies have decided to join hands to bid for railway plots as IBREL is strong financially, while Parsvnath Developers has project execution capabilities.

There is about 700 acres of railway land in 107 sites across the country that has been shortlisted by the railway ministry for commercial development on a public-private partnership basis.

The report of the feasibility study for commercial development of the 10 sites spread over 265 acres has been submitted to the RLDAa.

The study conducted by IL&FS has recommended construction of group housing societies, integrated townships and marketing complexes in these places. RLDA, a statutory authority under the Railways Ministry, was set up by an amendment to the Railways Act, 1989, for the development of vacant railway land for commercial use.

Parsvnath, which has a pan-India presence with projects spread over 49 cities and 17 states, has a saleable area of of 209.75 million sq ft. Of the total land bank, Parsvnath has already started construction on over 75 million sq ft of area.

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PRIME LOT

About 700 acres of railway land in 107 sites has been shortlisted by the railway ministry for commercial development on a PPP basis

The 10 sites in the first phase are located in Delhi, Kanpur, Gwalior, Visakhapatnam, Kolkata, and Bangalore