The Noida Metro Rail Corporation (NMRC) has issued an expression of interest (EOI) for the commercial development of three plots totalling 44,151 square metres near the Okhla Bird Sanctuary metro station. The EOI aims to attract experienced firms and institutions skilled in commercial real estate, covering areas like project management and financing. The plots, designated for commercial use under the Noida Master Plan and Building Byelaws 2010, are available for lease for up to 60 years. Developers are expected to create buildings designed to last at least 100 years.
The Noida Metro Rail Corporation (NMRC) has recently issued an expression of interest (EOI) for the commercial development of three plots encompassing a total of 44,151 square metres near the Okhla Bird Sanctuary metro station. These plots, situated in proximity to prominent high-rise buildings such as Supertech's Supernova and esteemed educational institutions like Amity University, are now available for development.
Currently, NMRC operates the Aqua Line, which extends 29.7 kilometres from Sector 51 to Depot Station in Greater Noida. Since its inauguration earlier this week in January 2019, the line has seen a significant rise in daily ridership, increasing from 18,000 passengers in 2019 to 55,000 passengers in 2024.
The corporation has announced that it owns properties adjacent to the Okhla Bird Sanctuary metro station. In the expression of interest (EOI) document, NMRC highlighted the importance of sustainable project operations through innovative revenue strategies and effective project structuring. The document noted that globally, many transportation systems have adopted innovative methods to finance projects through commercial property development. NMRC plans to choose a suitable developer, concessionaire, or licensee for the development of Plot FC 04 in Sector 94 near Okhla Bird Sanctuary Metro Station, utilising a public-private partnership model via an open bidding process.
Officials have stated that the EOI process is intended to attract experienced firms, developers, and institutions with a proven track record in commercial real estate development. This includes expertise in areas such as project management, financing, marketing, design, leasing, and management. According to the Noida Master Plan and Noida Building Byelaws 2010, the plots are designated for commercial use and come with a lease period of up to 60 years from the date of execution. Developers are expected to design buildings with a lifespan of 100 years or more.
The Noida Metro Rail Corporation's latest EOI initiative marks a significant step towards leveraging commercial real estate development to enhance the area's infrastructure. By inviting experienced developers and firms to participate, NMRC aims to ensure that the projects are managed sustainably and innovatively. The long lease period and emphasis on durability underscore a commitment to long-term growth and development in the region. This approach not only promises to boost local commercial opportunities but also aligns with broader urban planning goals, paving the way for a more integrated and dynamic urban environment.
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