A senior company official told Financial Chronicle that L&T’s construction arm would build the station and L&T Realty would own it. “The project would include development of a commercial complex. The railway station would cost around Rs 1,200-1,500 crore,” he said.
India’s largest engineering and construction company had outbid DLF and Indiabulls Realty in 2008 for the development of a commercial complex at the Seawoods railway station. The project is part of the ministry of railways’ (MoR) programme to redevelop major stations into world-class facilities under the public-private partnership. MoR plans to execute these projects in partnership with private sector firms by leveraging the real estate development potential in the air space above the station and on railway land around it.
“It is a six-stage project and we will take three to four years to execute it. We were waiting for the land to be handed over to us. We expect the last stretch to be handed over soon which would allow the work to commence,” the L&T official said.
Documents submitted by the company for environment clearance of the integrated project stated the project would comprise a railway station, retail and commercial office space. Besides, it would involve upgrading the infrastructure of the existing railway station. The total construction area of the project is around 8,10,000 square metres and the estimated cost of the whole project is Rs 3,118 crore.
“Key objectives of these projects are to provide superior services to railway passengers at the stations by converting them into urban icons and standard-bearers of the cities. The construction, maintenance and management of facilities at these stations are proposed to be done on the basis of design, build, finance and operate (DBFO) basis,” the ministry of railways said.
According to L&T’s website, Navi Mumbai is one of world’s largest planned cities with an estimated population of three million and is expected to grow to five million in five years. “With sustainable design strategies, facilities and amenities previously not available; L&T Seawoods is uniquely positioned to leverage the business, commercial and recreational needs of Navi Mumbai and Mumbai,” the company said.