Govt planning to conduct fin feasibility study for IP Depot renovation

New Delhi: Delhi government is planning to conduct a financial feasibility study for the long-standing proposal of the redevelopment of Indraprastha bus depot, officials said.

The Delhi State Industrial and Infrastructure Development Corporation Ltd (DSIIDC) is seeking consultancy services for the project.

The Delhi Transport Corporation (DTC) headquarters, whose building will also be rebuilt, is located adjacent to the bus depot. Constructed in 1958, the headquarters and bus depot has needed repair for a long time. The bus depot has a capacity of housing 180 buses.

The redevelopment project has been a long-standing proposal that has not achieved fruition till now, an official said.

DSIIDC has floated a notice inviting quotations for carrying out the study.

According to official documents, the redevelopment will be carried out at an estimated cost of Rs 206 crore. The building shall be constructed with ground plus 12 floors with a double basement for parking and services.

The total built-up area of the building will be 12,000 square metres while the share of the DSIIDC area is 40 per cent of the built-up area for the lease period of 30 years, officials said.

It is proposed that the DSIIDC area share will comprise levels starting from the sixth to 12th.

Talking about the study, the official said consultancy firm will be tasked with the collection, compilation, and analysis of relevant financial data relating to all costs and revenues.

It will prepare a reasonable estimation of the likely revenues and will assist the DSIIDC in identifying risks associated with the project and in the allocation of the same in an efficient and economic manner.

“The consultancy firm will also be involved in identification and quantification of estimated financial impact of the project on government resources along with development of various possible alternatives for revenue maximisation, and preparation of revenue model for the project. It will also be advising on tax-related issues arising out of the Project structuring,” the official said.

The last date for submission of the quotation is May 19. The consultancy will have to complete the study within a month after issuing of work order, he added. “However, work can be rescinded on non-compliance of instructions if any, without any notice in writing,” he said.