Lucknow’s Gomti Nagar Railway Station redevelopment project gains traction among investors

The redevelopment of the Gomti Nagar Railway Station in Lucknow is gaining traction among investors. About 10% of the commercial space has already been booked by retail players. Presently, out of two commercial towers – Block R1 and Block R2 as a single unit with a combined built-up area of 4,53,000 sq. ft. are being auctioned with some units having been already sold 15-20% above the reserve price. The station is being jointly redeveloped by Rail Land Development Authority (RLDA), in partnership with NBCC, on an EPC mode. The objective of re-development is to provide best-in-class amenities to passengers. The station redevelopment encompasses two phases i) mandatory station development comprising station buildings, air concourse, renovation of platforms and utilities and ii) commercial development, including retail, basement parking and external development and MEP services. The total construction cost for the station development is estimated to be INR 190 crores and for commercial development is INR 170 crores, including maintenance cost for two years.

“We are enthused by the overwhelming response garnered in the Gomti Nagar project. The redeveloped station will enhance the travel experience, boost tourism and real estate and have a multiplier effect on the local economy. The entire project is slated to be completed by December 2022, while the station is likely to be upgraded earlier” said Shri Ved Parkash Dudeja, Vice Chairman, RLDA.

The Railways has around 38 acres of the land parcel at the Gomti Nagar railway station, out of which eight acres is being utilised for both station redevelopment and retail and commercial development. Two commercial towers, Block R1 and Block R2 having a combined built-up area of 4,53,000 sq ft is being developed comprising retail outlets, parking, etc. The average lease price is pegged at Rs 6,625 per sq ft for Block R1 and Rs 5,900 per sq ft for Block R2. The proposed commercial development of the railway station will be leased for 60 years and is located in the vicinity of luxury apartments, high-end commercial spaces and a five- star hotel.

The redeveloped station will be endowed with state-of-the-art amenities such as segregation of arrival and departure, CCTV surveillance, centrally air-conditioned common spaces, an integrated building management system, treated water for horticulture use and much more.

Gomti Nagar Railway terminus (GTNR) is an under-construction railway station situated on Barabanki-Lucknow Suburban Railway in Lucknow, Uttar Pradesh. It has excellent connectivity to other parts of the city via the main arterial road of the city called Shaheed Path. The property has frontage on the main road of the Vibhuti Khand, Gomti Nagar that is developing rapidly as a commercial and retail hub.

To complement the redeveloped Gomti Nagar station and for efficient utilization of the office and retail space thus generated, RLDA is in advanced stages of bidding out an additional 5.5 acres of land earmarked for residential development on a 99-year lease period. The residential development will introduce a Walk to Work concept and will be most utilitarian keeping in view recent retail development in Gomti Nagar area.

RLDA and IRSDC  are currently working on 123 stations in a phased manner In the first phase, 50 stations such as New Delhi, Mumbai CST, Amritsar, Sabarmati, Gwalior Gomti Nagar, Tirupati, Dehradun, Nellore, Puducherry, Ernakulam Jn. have been prioritized for redevelopment. The railway stations across India will be redeveloped on a PPP Model as a part of the Smart City Project launched by the Government of India.

Rail Land Development Authority (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, colony redevelopment, station redevelopment and multi-functional complexes.

Currently, the Indian Railway has approximately 43,000 hectares of vacant land across India, of which RLDA has over 92 commercial (Greenfield) sites across India for leasing to the eligible developers after selection through an open and transparent e-bidding process. RLDA is currently also handling 84 railway colony redevelopment projects and has recently leased out a railway colony in Guwahati for redevelopment.