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

MINISTRY OF RAILWAYS RAIL LAND DEVELOPMEN T AUTHORITY (RLDA)

PROJECT INFORMATION MEMORANDUM FOR

COMMERCIAL DEVELOPME NT OF VACANT RAILWAY LAND AT MAHA LAXMI

Rail Land Development Authority Near Safdarjung Railway Station , Moti Bagh-1 New -110021

Project Information Memorandum (PIM) 1

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

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

Project Information Memorandum (PIM) 2

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

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

Project Information Memorandum (PIM) 3

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

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.

Project Information Memorandum (PIM) 4

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

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 . 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 . 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 , the , 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

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Mahalaxmi Commercial Development of Railway Land in Mahalaxmi, Mumbai in DBFOT basis Mumbai Railway Land Development Authority 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: 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 . 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, , 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.

Project Information Memorandum (PIM) 6

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

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).

Jijamata Nagar

Mariamma Nagar

Adarsh Nagar

Lotus Colony Chinchpokli Monorail Station Ramdev Nagar Mahalaxmi Race Course Shanti Nagar Mahalaxmi Dhobi Railway Station Ghat

Gadge Maharaj Chowk Haji Ali Gov. Monorail Station Colony LEGEND Project Site Major Road Railway Line Minor Road Mono Rail Line Station Figure 3-1: Location Map of Mahalaxmi Site

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

3.2 Connectivity

The project site at Mahalaxmi abuts directly to Dr. E Moses road, which connects 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 (refer Figure 3-1). Trains starting from Churchgate pass through Mahalaxmi.

The project site lies adjacent to the Metro ( – – SEEPZ) which is 32.50 km long and fully underground with 27 stations. It connects major CBDs of 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 Project Site 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 Figure 3-2: Metro Rail Route (GC) and Pre-Qualification of contractor for civil works is in progress.

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

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 Project this Mono Rail network from Wadala Depot to Site 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 Figure 3-3: Mono Rail Route 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:

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

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 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.

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

Figure 3-4: Property Card

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

3.4 Site and its Surrounding

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

Industries

Commercial Lodha Under Bellissimo construction Shakti Mills Building

Under construction Building Mahalaxmi Racecourse Residential

Project Site Arthur Road Jail Slum Cluster

Figure 3-5: Site and Surrounding

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

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 View of Mahalaxmi Railway Station Under-Construction Building)

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

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

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

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

Figure 3-6: Topographic Survey Map of Mahalaxmi Site

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

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.

Project Information Memorandum (PIM) 16

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

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) Permissible FSI (as per current land 5 1 use) Residential Zone (R-1 Zone) or Residential Zone Other permissible land use (with prior 6 with shop line (R-2 Zone) or Local Commercial permission of Commissioner) Zone (C-1 Zone) General – 1.33 For buildings of Government and semi-government 7 Permissible FSI (for commercial) offices and public sector undertakings – 3.99 For 5 Star Hotel - 5 20% Fungible FSI (premium @ 100% of the Stamp 8 Additional FSI 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.

Project Information Memorandum (PIM) 17

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, , 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

Project Information Memorandum (PIM) 18

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

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, 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.

9 7 8 5 4 6

2 3 1 Project Site

Figure 4-1: Commercial Development around the Project Site

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

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.

3

1 2

4 Project Site

5

6 9 7 8 10 13 15 11 14 12

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.

Project Information Memorandum (PIM) 20

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

3 4

2 1

5 6 7

Project Site

8 9 10 11 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.

Project Information Memorandum (PIM) 21