NBCC to raise Rs 300 crore from auction of 4.5 lakh sq ft commercial space in Lucknow
NEW DELHI: To support the redevelopment of Gomti Nagar Railway Station in Lucknow State-run NBCC (India) Ltd is expected to raise Rs300 crore from a proposed auction of 453,000 sq ft of commercial space.
The following project is also offering the residential development of 8.5 acres. It will be leased out by the Rail Land Development Authority (RLDA).
The estimated construction cost for station development is approximately Rs 190 crore. Besides, that commercial development will cost Rs 170 crore.
The railways possess around 38-acre land parcels at the Gomti Nagar Railway Station.
Ved Parkash Dudeja, vice chairman of RLDA said “Gomti Nagar area in Lucknow is developing rapidly as a commercial and retail hub”. “The station has a strategic location with excellent connectivity to other parts of the city. The commercial project has been constructed for lease sale of 60 years is in the close vicinity of hotels and shopping complexes.”
In addition to that 2 commercial towers are being offered by NBCC as part of commercial development. It will comprise retail outlets and parking.
The average lease price is expected at Rs 6,625 per sq ft for Block R1 and Rs 5,900 per sq ft for Block R2.
For commercial blocks, e-auction is presently underway and the bids will close on November 23.
A recent auction of 6,940 sq ft of land fetched Rs5.16 crore.
Dudeja further said “The aim of the Gomti Nagar Railway Station Redevelopment Project is to equip it with state-of-the-art amenities to offer convenience to commuters besides upgrading it in line with global standards and to offer commercial space for boosting economic activities in the area. The redevelopment will boost real estate as well as the local economy”.
Furthermore, the RERA registration and approval of the design have been received, it will speed up the execution process.
The station redevelopment includes mandatory station development comprising station buildings, air concourse, food courts, renovation of platforms and utilities.
Also, there is a plan for commercial development, including retail, basement parking, and external development.
The redeveloped station will have amenities like segregation of arrival and departure, basement parking, CCTV surveillance, and centrally air-conditioned common spaces.
