The Indian Railways has recently decided to unlock its prime residential properties across the country for redevelopment, a move that will generate whopping revenue of Rs.25,000 crore. The Railway own real estate assets in all major cities and has stretches of residential property in Connaught Place, Nizamuddin, and Chanakyapuri in New Delhi, apart from land in the heart of Mumbai, Bengaluru, Chennai, and Pune cities. The plan is to grant 99 year leases to developers making compelling offers for such land, said Railway Board sources, elaborating that the ministry has asked all 17 zonal offices to compile details of residential land that can be redeveloped and offered to investors. Railways, through builders, can redevelop the area by constructing multi-storey buildings and towers and is looking at the National Building Construction Corporation (NBCC) model whereby it redevelops government colonies by making high-rise buildings and commercial complexes and leases part of the property to private parties, setting aside some units for government use. The Railway Land Development Authority will be the nodal agency for all land redevelopment projects, whereas the Indian Railway Station Redevelopment Corp. will oversee the redevelopment of railway stations.
📅Published on:
27 October 2017
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