Failed to buy land in Shimla, RBI scouts for rental premises

Having repeatedly failed to buy land for office and residential complex around Ridge area on Mall Road in Shimla, the RBI has lowered its requirements and started scouting for smaller rental premises in Chhota Shimla.
At present, the central bank has a sub-office in Shimla.
In order to expand its operation in Himachal Pradesh, the Reserve Bank started hunting for land for its office and residential complex in September last year.
It floated a tender for acquiring land/premises (with or without constructed structure of up to 3,000 sq metre built-up area and land area of approximately 15,000 to 20,000 sq metre) within an approximate radius of 4 km from 'Ridge' on Mall Road for its proposed office building and residential complex.

Again in February 2017, it invited 'expression of interest' for acquiring smaller piece of land as it failed to find the desired property.
The criteria was also relaxed as the tender said the properties should be located within an approximate radius of "5 km from 'Ridge' on Mall Road, Shimla/State Government Secretariat, Chotta Shimla".

After about three months, the RBI again has floated a tender for 'acquisition of premises on lease rental'.
As per the latest tender, the RBI has invited applications from the owner(s)/Power of attorney Holder(s) of the premises for acquisition of office space measuring minimum carpet area of 7,000 sq ft on lease rental basis for housing its office initially for a period of 3-5 years within a radius of 3 km from State Government Secretariat, Chotta Shimla.

Global property consultant JLL India MD (Land Service) Mayank Saksena said, "Shimla being a tourist destination, people typically will not have large office space for leasing purpose. Similarly, in land-locked city, people do not have such large land holding and single ownership to give it on sale or lease. There are also many restrictions on land usage."
The central bank, which is headquartered in Mumbai, has offices at 31 locations.