The Ministry of Railways (MoR) is seriously considering different avenues to improve Pakistan Railways (PR) operations and has taken a number of steps from time to time to improve this major transportation network of the country.
In line with the vision of revamping PR’s operations, the MoR has planned to delve into the real estate sector with a number of real estate development projects. However, the PR will need a private sector partnership for the execution of the proposed projects.
The Railway Estate Development & Marketing Company (Pvt) Ltd (REDAMCO) is planning a large-scale housing project on main Korangi Road near Phase I of Defence Housing Authority (DHA), Karachi.
For the proper execution of the project, REDAMCO has invited expressions of interest (EoI) from well-reputed, qualified local and international developers. The company has encouraged firms with experience of financing, developing and marketing similar projects to submit their EoI with the following details:
1) Name and address of the firm
2) Years of operation and legal status
3) General operations of the company and its experience of completing local/international projects
4) Company’s capabilities and details of experience in similar projects
5) Structure of the organisation
6) Curricula Vitae of the partners, directors and other key experts
7) Partnership deeds or articles and memoranda of association
8) Financial statements (audited) for the last 3 years
9) Bank certificates
10) National Tax Number (NTN) certificates
11) Proposed participation arrangements for joint execution of the project
12) Affidavit stating the firm has no litigation history and has not been blacklisted in the past
Interested firms can obtain EoI guidelines, requests for qualification, and project briefs from REDAMCO’s Head Office for a pay order or demand draft of Rs 10,000 (non-refundable) in the name of REDAMCO by March 20, 2015. Only shortlisted firms will be eligible to receive request for proposal documents to submit financial and technical proposals.
I personally believe that this is a favourable move by the PR in two ways. Firstly, it would go a long way towards helping the MoR bring Pakistan Railways up to scratch, and we all know what a dire need that is. And secondly, it would make for a great addition to the real estate landscape of Karachi and – possibly in the future – other major cities. If you would like to share your views on this development, the comments section below is open for you to do so.
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Pakistan Railways is supposed to run our railways not engage in real estate projects. Maybe if it was running the railways successfully, it wouldve been a good idea to hedge the business strategy. However, its been generating losses for the last 2 and a half decades. Trusting Pakistan Railways with quality, timeliness and transparency would be like trusting Narender Modi’s promise to bring reforms in Gujrat.