NMRC offers plots near Okhla Bird Sanctuary station

19 Sep 2024 CW Team

The Noida Metro Rail Corporation (NMRC) has issued an expression of interest (EOI) for the commercial development of three plots totalling 44,151 sqm near the Okhla Bird Sanctuary metro station. These plots, situated near high-rise buildings such as Supertech's Supernova and educational institutions like Amity University, are available for development.

Currently, NMRC operates the Aqua Line, which extends 29.7 km from Sector 51 to Depot Station in Greater Noida. Since its launch in January 2019, the line has seen a significant increase in daily ridership, rising from 18,000 passengers in 2019 to 55,000 in 2024.

The corporation stated that it owns properties adjacent to the Okhla Bird Sanctuary metro station. In the EOI document, NMRC highlighted the necessity for sustainable project operation through innovative revenue strategies and project structuring. The document noted that many transport systems worldwide have implemented innovative financing methods for projects via commercial property development. NMRC plans to select a suitable developer, concessionaire, or licensee for the development of Plot FC 04 in Sector 94 near the Okhla Bird Sanctuary Metro Station through a public-private partnership model via an open bidding process.

According to officials, the EOI process is designed to attract experienced firms, developers, and institutions with a proven track record in commercial real estate development, encompassing project management, financing, marketing, design, leasing, and management. The plots are designated for commercial use according to the Noida Master Plan and the Noida Building Byelaws 2010, with a lease period of up to 60 years from the execution date. Developers are expected to design buildings that will last for 100 years or more.

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