Govt plans 20-mn sq ft realty space for redevelopment
The government has planned to unlock about 20 million sq ft of real estate space with the potential of attracting ₹50,000 crore investment. Some of the main stations include Delhi, Mumbai, Nagpur, Amritsar, Dehradun, Nellore, Tirupati and Puducherry. Habibganj railway station was redeveloped as a brownfield project under a PPP agreement. The developer has 45 years of lease rights for 17,245 sq metre of railway land. Habibganj in Madhya Pradesh and Gandhi Nagar in Gujarat are India's first railway stations to become operational under the public-private partnership scheme as the Indian Railways sets in motion its ambitious station redevelopment plan. Indian Railway Stations Development Corporation Ltd (IRSDC) said that both the stations will offer space for retail, office spaces and food & beverage set-ups. In Habibganj, the developer will monetize 170,000 sq ft of land while in Gandhi Nagar, a five-star hotel has been built on the railway tracks. These stations will become a model for future development. MD and chief executive officer of IRSDC, S K Lohia, informed that the responsibility of the station's operation, maintenance and revenue collection is with the developer for eight years. IRSDC will get a fixed percentage of station revenue as its management fee, without any expenditure for operations and management. Of the 123 stations currently available for redevelopment, the railway aims to issue tenders for 50 by March 2021.
📅Published on:
15 March 2021
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