MINISTRY OF RAILWAYS RAIL LAND ... - Indian · PDF file3.8 SWOT Analysis ... The information provided in this Project Information Memorandum ... Indian Railways (IR) possesses huge

Commercial Development of Railway Land in Mahalaxmi, Mumbai in DBFOT basis

Mahalaxmi Mumbai

Railway Land Development Authority

Project Information Memorandum (PIM) 1

M I N I S T R Y O F R A I L W A Y S

R A I L L A N D D E V E L O P M E N T A U T H O R I T Y ( R L D A )

P R O J E C T I N F O R M A T I O N

M E M O R A N D U M

F O R

C O M M E R C I A L D E V E L O P M E N T O F V A C A N T R A I L W A Y L A N D A T M A H A L A X M I

Rail Land Development Authority

Near Safdarjung Railway Station , Moti Bagh-1

New Delhi-110021


Mahalaxmi Mumbai



Table of Contents

1 Introduction .......................................................................................... 5

1.1 Project Background .............................................................................................. 5

2 City Profile ............................................................................................ 5

2.1 Introduction ......................................................................................................... 5

2.2 Demographic Profile ............................................................................................ 6

3 Site Appreciation ................................................................................... 7

3.1 Site Location ......................................................................................................... 7

3.2 Connectivity ......................................................................................................... 8

3.3 CTS No. and Ownership Status .......................................................................... 10

3.4 Site and its Surrounding ..................................................................................... 12

3.5 Encroachment .................................................................................................... 16

3.6 Regulatory Details .............................................................................................. 17

3.7 Sub- Division of Land .......................................................................................... 17

3.8 SWOT Analysis.................................................................................................... 18

4 Development Trend & Demand Assessment........................................... 19

4.1 Introduction ....................................................................................................... 19

4.2 Development Trend ........................................................................................... 19

4.3 Product Mix ........................................................................................................ 21

4.4 Lease Period ....................................................................................................... 21


Mahalaxmi Mumbai



List of Tables

Table 3-1: Distance of major landmark and key features from project site ................................... 10

Table 3-2: Regulatory details for project site ................................................................................... 17

List of Figures

Figure 3-1: Location Map of Mahalaxmi Site ...................................................................................... 7

Figure 3-2: Metro Rail Route ................................................................................................................ 8

Figure 3-3: Mono Rail Route ................................................................................................................ 9

Figure 3-4: Property Card .................................................................................................................. 11

Figure 3-5: Site and Surrounding ...................................................................................................... 12

Figure 3-6: Topographic Survey Map of Mahalaxmi Site ................................................................ 15

Figure 4-1: Commercial Development around the Project Site ...................................................... 19

Figure 4-2: Hospitality Development around the Project Site ........................................................ 20

Figure 4-3: Residential Development around the Project Site ....................................................... 21


Mahalaxmi Mumbai



Disclaimer

The information provided in this Project Information Memorandum (PIM) is solely for information and

RLDA shall not be responsible for any inaccuracy in it. Each Bidder should conduct their own

investigations and analysis, and should check the accuracy, reliability and completeness of the

information in this PIM and wherever necessary obtain independent information from appropriate

sources. RLDA, their employees or any of its agencies/consultants/advisors make no representation or

warranty and shall incur no liability under any law, statute, rule or regulation as to the accuracy,

reliability or completeness of the PIM.


Mahalaxmi Mumbai



1 Introduction

1.1 Project Background

Rail Land Development Authority (RLDA) is a statutory Authority, under the Ministry of Railways, set-up

by an Amendment to the Railways Act, 1989, for development of vacant Railway Land for commercial

use for generating revenue by non-tariff measures.

Indian Railways (IR) possesses huge land bank, which is lying vacant all over India. This land bank is in

form of small plots to huge land parcels and in addition air spaces of Station buildings/Service Building

etc. Railway Board entrusts lands, which are not required for operational purposes in the near future to

RLDA for commercial development. One of such vacant land parcels located at Mahalaxmi area in

Mumbai is entrusted to RLDA for commercial utilization.

a’XYKno Capital Services Limited has been appointed by RLDA as Consultant for assisting RLDA in

carrying out an assessment of the real estate potential of the railway land in Mahalaxmi and in selecting

a developer through competitive bidding process.

2 City Profile

2.1 Introduction

Mumbai is the capital city of the Indian state of Maharashtra. It is the most populous city in India,

second most populous metropolitan area in India, and the fifth most populous city in the world, with an

estimated city population of 18.4 million and metropolitan area population of 20.7 million as of 2011.

Mumbai is the financial, commercial and entertainment capital of India. It is also one of the world's top

ten centres of commerce in terms of global financial flow, generating 5% of India's GDP and accounting

for 25% of industrial output, 70% of maritime trade in India and 70% of capital transactions to India's

economy. The city houses important financial institutions such as the Reserve Bank of India, the

Bombay Stock Exchange, the National Stock Exchange of India, the SEBI and the corporate

headquarters of numerous Indian companies and multinational corporations. The city also houses

India's Hindi (Bollywood) and Marathi film and television industry. Mumbai's business opportunities, as


Mahalaxmi Mumbai



well as its potential to offer a higher standard of living attract migrants from all over India, making the

city a melting pot of many communities and cultures.

2.2 Demographic Profile

Mumbai with a population of 12.48 million in 2011 is the most populous city in India. The population

density is estimated to be about 20,482 persons per square kilometre. The living space is 4.5 sq metres

per person. Mumbai consists of two distinct regions: Mumbai City district and Mumbai Suburban district,

which form two separate revenue districts of Maharashtra. The city district region is also commonly

referred to as the Island City or South Mumbai. The total area of Mumbai is 603.4 sq km. Of this, the

island city spans 67.79 sq km, while the suburban district spans 370 sq km, together accounting for

437.71 sq km under the administration of Brihanmumbai Municipal Corporation (BMC). The remaining

area belongs to Defence, Mumbai Port Trust, Atomic Energy Commission and Borivali National Park,

which are out of the jurisdiction of the BMC.

As per 2011 census, Greater Mumbai, the

area under the administration of the

MCGM, has a literacy rate of 94.7%,

higher than the national average of

86.7%. The number of slum-dwellers is

estimated to be 9 million; up from 6

million in 2001 i.e. 62% of all Mumbaikers

live in informal slums.

The sex ratio was 838 (females per 1,000

males) in the island city, 857 in the

suburbs, and 848 as a whole in Greater

Mumbai, all numbers lower than the

national average of 914 females per

1,000 males. The low sex ratio is partly

because of the large number of male

migrants who come to the city to work.


Mahalaxmi Mumbai



3 Site Appreciation

The assessment of the project site has been carried out in the context of its strengths, connectivity,

surroundings, types of developments and future potential of nearby area etc.

3.1 Site Location

The project site admeasuring approximately 9893 sq.mt is located in southern Mumbai at Mahalaxmi

area opposite to Race Course on Dr. E Moses road. The proposed site is irregular in shape. The site is

approachable by two roads i.e. Dr. E Moses road (major road) and Shakti Mill lane (minor road).

Figure 3-1: Location Map of Mahalaxmi Site

MahalaxmiRace Course

Dhobi Ghat

ShantiNagar

RamdevNagar

AdarshNagar

Lotus Colony

Jijamata Nagar

Mariamma Nagar

Haji Ali Gov.Colony

ChinchpokliMonorail Station

Gadge Maharaj ChowkMonorail Station

LEGENDProject Site Major Road

Railway Line Minor Road

Mono Rail Line Station

MahalaxmiRailway Station


Mahalaxmi Mumbai



3.2 Connectivity

The project site at Mahalaxmi abuts directly to Dr. E Moses road, which connects Worli to Haji Ali area.

Dr. E Moses road, which is the major road for accessing the project site, has an ROW of about 30 m

and lies on the southern side of the site. Apart from this, Shakti mill lane with an ROW of about 10 m

lies on the western side of the designated site.

Regarding railway connectivity, the site is just 0.4 km from Mahalaxmi railway station which lies on the

Western Line of the Mumbai Suburban Railway (refer Figure 3-1). Trains starting from Churchgate

pass through Mahalaxmi.

The project site lies adjacent to the Metro

Line 3 (Colaba – Bandra – SEEPZ) which is

32.50 km long and fully underground with 27

stations. It connects major CBDs of Nariman

point and Bandra-Kurla Complex, Domestic

and International Airport and industrial areas

of MIDC and SEEPZ.

Proposed stations at Science Museum and

Mahalaxmi metro lies in close immediacy of

the project site at a distance of less than 1

km. Interchange facility with Western Railway

has been proposed at Mahalaxmi station and

with Monorail at Sant Ghadge Maharaj

Chowk station.

The Central Cabinet accorded approval for

the project on 27th June 2013 and

subsequently MoUD notified the project

under Metro Act on 18th Sept 2013. The

process for appointing General Consultant

(GC) and Pre-Qualification of contractor for

civil works is in progress.

Figure 3-2: Metro Rail Route

Project Site


Mahalaxmi Mumbai



Also, the project site lies in close proximity of

Mono Rail network. The Mono Rail from

Chembur – Wadala – Sant Gadge Maharaj

Chowk is a 20 Km long Monorail corridor

which is constructed as a feeder service to

the other transit system and to cater crowded

and narrow congested areas. The Phase I of

this Mono Rail network from Wadala Depot to

Chembur is already constructed and opened

to the public on February 2014. The

construction work of Phase II from Wadala to

Sant Gadge Maharaj Chowk is in advanced

stage and is expected to be completed next

year. The project site at Mahalaxmi lies in

close proximity of Mono Rail stations of

Gadge Maharaj Chowk and Chinchpokli which are at a distance of 0.75 km and 1.5 km respectively

from the project site. Figure 3-3 presents the Mono Rail route in Mumbai and the project site.

Dr. E Moses Road Shakti Mill Lane

The distances of the major landmarks and commercially important parts of the city from the site are

depicted as follows:

Figure 3-3: Mono Rail Route

Project Site


Mahalaxmi Mumbai



Table 3-1: Distance of major landmark and key features from project site

Location Approximate distance from Site

Mahalaxmi Temple 3.1 km

Haji Ali Dargah 2.0 km

Mahalaxmi Railway Station 0.4 km

Mahalaxmi Race Course Opposite to project site

Chhatrapati Shivaji International Airport 16.0 km

Worli Seaface 3.0 km

Nehru Science Center 3.3 km

Residential Zone 0.5 km

Commercial Zone (Senapati Bapat Marg) 1.0 km

Industrial Zone 0.5 km

3.3 CTS No. and Ownership Status

As per the Property card obtained from Superintendent of Mumbai City Survey & Land Records, the

Cadastral Survey no. of the project site is 43 (refer Figure 3-4). The total area of C.S. no. 43 as per

the property card is 573924.85 sq.m and the project site is a part of the entire land parcel. The site falls

under the Lower Parel division.

The entire land parcel of C.S. no. 43 is under the ownership of “The Bombay Baroda & Central

Indian Railway Company” for more than 12 years.


Mahalaxmi Mumbai



Figure 3-4: Property Card


Mahalaxmi Mumbai



3.4 Site and its Surrounding

As stated earlier, the project site bearing C.S. no. 43 is situated at Mahalaxmi area opposite to

Mahalaxmi Racecourse on Dr. E Moses road. Primarily, the site is encircled by open space,

government offices, public utility & facility and transport corridors. The immediate surroundings of the

project site consists of government printing press on the northern end of the site while Shakti mill lane is

located on the western side followed by under construction building. Railway line followed by central

dumper is situated on the eastern side whereas Dr. E moses road passes through the southern side.

Electrical sub-station is situated on the south-east direction while Mahalaxmi Racecourse is positioned

in the south-west direction of the project site.

Figure 3-5: Site and Surrounding

MahalaxmiRacecourse

Project Site

LodhaBellissimo

Shakti Mills

Slum Cluster

ArthurRoadJail

Industries

Underconstruction

Building

Underconstruction

Building

Residential

Commercial


Mahalaxmi Mumbai



View of Sub-Station View of Mahalaxmi Racecourse

View of Under-Construction Building on western side View of Shakti Mills on northern side

View of Residential development (Lodha Bellissimo and

Under-Construction Building) View of Mahalaxmi Railway Station


Mahalaxmi Mumbai



View of main approach road (Dr. E Moses road) View of side approach road (Shakti Mills Lane)

Major developments around the site are as follows:

North Government printing press followed by Shakti mills compound and industrial development

South Dr. E Moses road, electrical sub-station and railway line

East Railway line followed by central dumper and residential development (both slums and high

end residential apartments)

West Shakti mills road followed by under construction building and commercial development

Inside the site: The side admeasuring 9893 sq. m approximately is irregular in shape. As per the

topographic survey conducted for the site, about 133.3 m length of the site faces the major road i.e. Dr.

E Moses road while about 32.3 m length of the site faces the minor road i.e. Shakti Mill lane. Presently,

there are about 21 trees of varying girth inside the site. There are also minor structures like DSK office

(G+1 structure), 2 godowns and a weigh bridge. All of these structures are in dilapidated condition and

presently not in use. The site is fenced by boundary wall from all the sides.

Infrastructure: The site is one of the very few vacant land parcels in an otherwise developed area.

Physical infrastructure like power, water, sewerage and solid waste management facilities are available

in the area.


Mahalaxmi Mumbai



Figure 3-6: Topographic Survey Map of Mahalaxmi Site


Mahalaxmi Mumbai



The following photographs depicts the present features of the project site.

Entrance Gate from the northern side Vegetation inside the site

View of DSK office Defunct structures inside the site

View of Banyan tree inside the site Big trees inside the site

3.5 Encroachment

As per the reconnaissance survey and topographic survey of the project site, it is understood that the

site is free from any kind of encroachments.


Mahalaxmi Mumbai



3.6 Regulatory Details

The key regulatory details for the project site at Mahalaxmi is summarized and presented in Table 3-2

below:

Table 3-2: Regulatory details for project site

S. No. Particulars Status

1 City Survey No. 43

2 Cadastral Survey No. F.P.NO.614 TPS IV

3 Land Ownership The General Manager Western Railway

4 Current Land Use Special Industrial Zone (I-3 zone)

5 Permissible FSI (as per current land use)

1

6 Other permissible land use (with prior permission of Commissioner)

Residential Zone (R-1 Zone) or Residential Zone with shop line (R-2 Zone) or Local Commercial Zone (C-1 Zone)

7 Permissible FSI (for commercial)

General – 1.33 For buildings of Government and semi-government offices and public sector undertakings – 3.99 For 5 Star Hotel - 5

8 Additional FSI 20% Fungible FSI (premium @ 100% of the Stamp Duty Ready Reckoner Rate for Commercial development)

9 Ready Reckoner rate (as per 2015) Rs. 139700 (rate of open land per sq.m for FSI 1)

The permission of land use change from existing “Industrial” to proposed “Commercial” is in process

and will be obtained by RLDA before signing of Agreement.

3.7 Sub- Division of Land

The RLDA will arrange sub-division of project land before signing of Agreement, which is in process.


Commercial Development of Railway Land at Mahalaxmi

3.8 SWOT Analysis

Following are the strengths, weaknesses and opportunities of the proposed site for commercial

development:

a) Strengths

Located in close proximity of transport corridors like western line of the Mumbai suburban railway,

mono rail and Dr. E Moses road

Situated close to renowned places like Mahalaxmi temple, Haji Ali dargah, Nehru center etc

In close proximity of premium recreational activity places like Mahalaxmi Racecourse and

Wellingdon Golf club

Approachable through all parts of the city and abutting 30 m wide Dr. E Moses road

Walkable distance from Mahalaxmi railway station of the Mumbai suburban railway and Mono Rail

stations of Gadge Maharaj Chowk (0.75 km) and Chinchpokli (1.5 km)

Property size of about 2.45 acres along with excellent frontage of approximately 133 metres is ideal

for commercial development

Land use of the property can be converted from Industrial to commercial

Free from any kind of encroachment

Site possesses good potential for commercial development because of its location advantage.

Prime business establishments, offices, residential apartments and high end recreational places

are situated in Mahalaxmi area

b) Weaknesses

No major weakness perceived for the site

c) Opportunities

Huge demand for commercial development around the project area

The connectivity and the location advantage provide scope for development any sizable

commercial project including varied product mix

Site possesses advantage of one of the important commercial hub & the favourite place to reside

for the rich and the upper-middle class in Mumbai

The site is located at an important junction in part of Mumbai due to which there is plenty of

demand assessment and viability for different product mix

d) Threats

No major threat is envisaged for the property


Mahalaxmi Mumbai



4 Development Trend & Demand Assessment

4.1 Introduction

The area around the project site is marked with residential development, commercial development

(offices), old industrial development and prominent recreational activities like Mahalaxmi Race Course,

Wellingdon Golf club, Nehru Science Centre etc. The slum areas around the project site are gradually

being developed into high rise residential development.

4.2 Development Trend

Commercial Development: Many prominent office-building complexes are located near the project site

like Peninsula Corporate Park, Peninsula Business Park, Trade World, Lodha Supremus, Marathon

NextGen Innova, Shah & Nahar Industrial Estate etc (refer Figure 4-1). All of these buildings are

located on the northern side of the project site and situated on Dr. E .Moses road, Ganapatrao Kadam

marg, Senapati Bapat Marg and Shakti Mill Lane. The lease rental varies from Rs. 80 to Rs. 200 per

sq.ft per month depending on the location of the building, condition of building and amenities provided.

Figure 4-1: Commercial Development around the Project Site

1

23

4

87

9

56

Project Site


Mahalaxmi Mumbai



Hospitality Development: Being centrally located in Mumbai city and close to Mahalaxmi railway

station and prominent commercial / recreational places, the project site has many hotels and

restaurants in near vicinity. Some of the prominent 5 star hotels include Four Season Hotel, Palladium

Hotel and ITC Grand Central, all of which are situated within a distance of about 1 to 3 km from project

site. Apart from this, there are many other starred category hotels and budget hotels as presented in

Figure 4-2.

Figure 4-2: Hospitality Development around the Project Site

Residential Development: Many prominent residential buildings are located near the project site like

Lodha Bellissimo, Lodha Primero, Lokhandwala Residency, Marathon NextGen Era, Raheja Atlantis,

Planet Godrej, Raheja Vivarea etc (refer Figure 4-3). The residential development is spread all around

the project sites ard are mainly situated on Dr. E .Moses road, Ganapatrao Kadam marg, Senapati

Bapat Marg, N.M.Joshi marg and Jacob circle. The market price varies between Rs. 31000 to Rs.

56000 per sq. ft while the lease rental varies from Rs. 65 to Rs. 155 per sq. ft per month depending on

the location of the building, condition of building and amenities provided.

1 2

3

4

5

6

7 89

1011

1213

1415

Project Site


Mahalaxmi Mumbai



Figure 4-3: Residential Development around the Project Site

4.3 Product Mix

As per the study of the project site and surrounding market, consultant suggested various options for

development such as star category hotel, shopping centre and corporate office space.

4.4 Lease Period

The Lease period for the project is 45 years and the right of first right of refusal after 45 years of lease

period.

1

Project Site

2

3 4

5 6 7

8

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Documents

MINISTRY OF RAILWAYS RAIL LAND ... - Indian · PDF file3.8 SWOT Analysis ... The information provided in this Project Information Memorandum ... Indian Railways (IR) possesses huge