Pune Division Sets New Standard with Same-Day Finalization of E-Auction Parking Contracts for Shivajinagar, Chinchwad, and Kedgaon
Sumit Singh
Pune, 22nd June 2023: In a significant move to streamline the tendering process, the Indian Railways has implemented an innovative E-auction system for awarding earning contracts and tenders. The new online platform, which replaces the traditional manual and E-tendering systems, has proven to be a game-changer, significantly reducing the time required for tender finalization. Pune Division has recently conducted a successful E-auction for parking contracts, resulting in
substantial revenue gains for the Indian Railways.
The E-auction process allows contractors to participate in open bidding for various earning contracts through an online platform. Bidders have a window of 30 minutes to 1 hour to place their bids, after which the highest bidder is immediately allotted the tender online. The successful highest bidder receives a letter of allocation on the same day, revolutionizing the tendering process.
By replacing the previous 30-45 day tender finalization period, the E-auction system has expedited the process, resulting in tenders being finalized within a single day. This significant reduction in turnaround time has not only saved time for contractors but has also increased revenue earnings for the Indian Railways.
Pune Division recently conducted the E-auction for five parking contracts on June 21, 2023. The tenders for all five contracts were finalized on the same day, showcasing the efficiency and effectiveness of the E-auction system. These parking contracts are expected to generate substantial revenue for the Indian Railways.
Here are the details of the five parking contracts and their respective bids:
Kedgaon Parking: The highest bid received for the Kedgaon Parking contract amounted to Rs. 4.51 lakhs per annum, which is 66.18% higher than the railway’s decided reserve price. The total revenue earnings for the railways over the next three years from this contract are projected to be Rs. 13.53 lakhs.
Chinchwad Parking: For the Chinchwad Parking contract, the highest bid received was Rs. 14.51 lakhs per annum, marking a significant 30.75% increase over the railway’s reserve price. Over the course of three years, the Indian Railways is expected to earn a total of Rs. 43.53 lakhs from this contract.
Sangli Parking: The highest bid for the Sangli Parking contract amounted to Rs. 2.11 lakhs per annum, surpassing the railway’s reserve price by 35.84%. The total earnings for the Indian Railways from this contract over three years are estimated to be Rs. 6.33 lakhs.
Shivajinagar Parking: A bid of Rs. 11.11 lakhs per annum, which is 9.88% higher than the railway’s reserve price, was received for the Shivajinagar Parking contract. The railways are projected to earn a total of Rs. 33.33 lakhs over the next three years from this contract.
Kolhapur Parking: The highest bid for the Kolhapur Parking contract amounted to Rs. 10.66 lakhs per annum, a substantial 90.79% increase over the railway’s reserve price. Over a span of three years, the Indian Railways expects to earn Rs. 32 lakhs from this contract.
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