Mumbai, Jun 1 (IANS): The Indian Railway Stations Development Corporation (IRSDC) has shortlisted 9 bidders for the proposed redevelopment of the 133-year old Chhatrapati Shivaji Maharaj Terminus (CSMT), a UNESCO World Heritage site, an official said on Tuesday.

The development comes after the IRSDC invited Requests for Qualification (RFQ) in August 2020, to transform the CSMT building and railway station into an iconic city centre of Mumbai, IRSDC Managing Director and CEO S.K. Lohia said.

Of the 10 applications received, the IRSDC evaluated and has shortlisted 9 for the next stage in accordance with their financial capacity, for the project estimated to cost Rs 1,642 crore on DBFOT basis.

They include: Godrej Properties Ltd, Anchorage Infrastructure Investments Holdings Ltd, Oberoi Realty Ltd, ISQ Asia Infrastructure Investments Pvt Ltd, Adani Railways Transport Ltd, Kalpataru Power Transmission Ltd, GMR Enterprises Pvt Ltd., Moribus Holdings Pvt Ltd, BIF IV Infrastructure Holding DIFC Pvt Ltd.

Keystone Realtors Pvt Ltd was out of reckoning.

The financial conditions included minimum net worth of Rs 821 crore at the close of the previous fiscal or minimum ACI of Rs 821 crore at the close of the preceding financial year for AIF or Foreign Investment Fund.

After the two-stage bidding process consisting of RFQ and the soon to be called Request for Proposal (RFP) for the shortlisted bidders is completed, the selected bidder would be awarded the CMST redevelopment project.

"The IRSDC is committed to transform the CSMT railway station into a state-of-the-art transport hub and we shall soon float a RFP for the qualified bidders," said Lohia.

The project has secured in-principle approval of various Central ministries as per the norms, for providing better passenger services and amenities, the railway stations shall be on the licence with the concessionaire for 60 years, and there will be additional revenue stream by way of pre-determined user charges from the users as practiced at airports.

Besides, there will be long-term lease-rights for real estate with upto 99 years for residential or mix-use and 60 years for non-residential formats, upto 2.54 lakh square metres of built-up-area permitted for commercial development.

The ISRDC said that the redevelopment of railways stations is a priority agenda of the Central government to transform the railway station areas into a 'Railopolis' or a 'mini-smart city' with mixed use development where one can live, work, play and ride, thus, attracting huge investments and business opportunities.