Mumbai: Heritage committee gives nod for CSMT revamp

After the requisite approval from the MHCC, the documents will be sent to Public Private Partnership Approval Committee (PPPAC) after which a fresh Request For Quotation (RFP) cum Request For Proposal (RFP) will be invited, said an official. The railways had earlier planned to redevelop the CSMT on a Public Private Partnership model but it was dropped in favour of the hybrid annuity model which is a mix of Engineering, Procurement and Construction (EPC) and Build Operate and Transfer (BOT) models wherein the station would be leased out to developer for 27 years.

In the hybrid annuity model, the railways will be investing 40% of the total cost of project which is approximately Rs 1,350 crore and the developer will invest the remaining 60%. Unlike earlier, the railways will have to repay the developer’s investment in the next 27 years in order to get back the possession of station from the developer.

According to the officials, earlier RFQ and RFP were invited and a total of nine companies including Adani, Godrej and Oberoi had submitted the proposal. However, the Indian Railway Stations Development Corporation Ltd (IRSDC), which was earlier carrying out the redevelopment of railways stations, was dissolved into the Rail Land Development Authority. This led to the cancellation of the whole process and a few changes were done in the design and planning.