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March 20, 2008 14:38 IST
Railway's much awaited commercial development plan for surplus land is set to go under hammer in the second week of April.
In Delhi's Sarai Rohilla, one of the 10 sites selected for commercial development in the first phase on public-private partnership basis, the first railway property will be handed over to a private developer on April 11.
While eight bidders are in the race for getting about 25 acres of prime railway land in Sarai Rohilla, the reserve price is fixed at Rs 675 crore (Rs 6.75 billion) for the bidding.
The bidding will be opened in second week of April and the highest bidder will be entrusted with the responsibility of developing a group housing complex complete with all modern facilities including shopping complex and health services, said a senior railway official.
Besides the reserve price, the developer has to renovate 750 railway quarters near the site as part of the development agreement.
The report of the feasibility study for commercial development of the 10 sites spread over 265 acres of land has been submitted to the Rail Land Development Authority.
The 10 sites are located in Delhi, Kanpur, Gwalior, Vizag, Kolkata, and Bangalore.
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