Contractors for stations, rail land redevelopment to get lease for 99 years: Goyal
The Indian Railways has decided to provide a 99-yearlong lease to contractors who will invest in the station and rail land redevelopment programme, Railway Minister Piyush Goyal said on Wednesday.
Goyal said the move will bring in more private investment in the sector through which railways will be able to monetise its assets.
The minister also said that the National Building Construction Corporation (NBCC) had already started the work on preparing the plan for redeveloping 10 railway stations and the standards that were set by the NBCC will be followed for other projects as well. NBCC is redeveloping Delhi Sarai Rohilla, Lucknow, Gomtinagar, Kota, Tirupati, Nellore, Ernakulam, Puducherry, Madgaon and Thane New Stations.
Under the station redevelopment programme, any company that invests in modernising railway stations will get rail land for commercial exploitation for a period of 99 years. The companies can use that land for building malls, multiplexes, hotels and other commercial centres and earn a revenue from there. The railways is also working on a plan to redevelop its residential colonies on the NBCC model.
A high-powered committee headed by the Railway Board secretary has been constituted to restructure Rail Land Development Authority (RLDA) as well as related processes with a view to fast track redevelopment of stations and monetization of vacant railway land parcels. The committee’s report is expected by next week and will be implemented quickly thereafter.