The developer will be allowed to build 5,00,000 sq ft on lease hold rights basis for a period upto 99 years.
The station development tenders have already been awarded on ‘Engineering, Procurement and Construction’ (EPC) mode and at present the development work is in progress.
“The development of land parcel will offer provision for facilities like residential complex, hotel, retail, office spaces, commercial complex and markets, which makes it attractive for real estate developers. It also offers huge economic benefits in terms of increased employment, reduced environmental pollution and overall improvement in living standard of people in the catchment area,” said SK Lohia, Managing Director and Chief Executive Officer, IRSDC.
The development work at Bijwasan Railway Station is being done on the basis of ‘Transit Oriented Development’ (TOD) principles for compact, energy efficient and passenger friendly amenities.
A ‘Memorandum of Understanding’ (MOU) with Delhi Development Authority was signed in December 2019 for redevelopment of Bijwasan Railway Station.
The developer will get 1.8 hectare land to develop 5.4 lakh sq ft it mix use development and no environmental clearance will be required to the start of the project.