An official told the media that the redeveloped station would offer state-of-the-art amenities to passengers and improve their travel experience. The nine bidders were shortlisted after the IRSDC evaluated the Request for Quotation (RFQ) applications submitted by the bidder.

As indicated by the Railway officials, quotations have been invited by IRSDC in August after 'in-principle' approval of the Public-Private Partnership Appraisal Committee (PPPAC) to redevelop CSMT railway station and change it into an iconic city centre.

The ISRDC received a response from ten developers on January 15, and after evaluation, it shortlisted nine applications that would be qualified for the next stage.

The official told the media that the redevelopment cost of the station, which is a mandatory cost, including the cost of contingency and financing, is Rs 1,642 crore. The investment opportunity for redevelopment is on Design, Build, Finance, Operate and Transfer (DBFOT) basis.

A built-up area of up to 2.54 lakh sq m is permitted for commercial development.

The project will be taken over by a private bidder, who would fund and undertake the development. The developer would be permitted to recover his investment through commercial development of the surrounding railway land for 60 years.

The officials told the media that while restoring its heritage charm, the plan is to make CSMT a world-class station. There would be new commercial spaces developed in the revamped station—including shops, malls, and eateries—which the operator would monetise.