Indian Railways, hailed as India's largest landowner, is embarking on an ambitious endeavor to harness its extensive land holdings for commercial development. With plans to lease prime land parcels across the country, Indian Railways aims to not only generate significant revenue but also revitalize urban landscapes. Let's delve into the details of this transformative initiative, with a spotlight on the proposed plans for Mumbai and Delhi.
Against the backdrop of evolving urban dynamics and infrastructure demands, Indian Railways recognizes the latent potential of its vast land assets. With approximately 43,000 hectares of surplus land, the Railway Land Development Authority (RLDA) has set in motion plans to lease out these parcels to private developers for a duration of 90 years. The objective? To generate an estimated ₹5000 crore in revenue while catalyzing urban rejuvenation and economic growth.
Mumbai: A Beacon of Opportunity
In Mumbai, renowned for its bustling streets and iconic landmarks, Indian Railways has identified strategic locations ripe for redevelopment. Key areas such as Grant Road, Tardeo, Parel, and Bandra East and West have been earmarked for private development ventures. Notably, plans for a towering skyscraper at Parel symbolize the ambition to redefine the city's skyline and optimize land utilization.
Moreover, as part of the ₹23,000 crore Dharavi Redevelopment Project (DRP), 19.22 hectares of railway land at Mahim, Matunga, and Dadar have already been transferred on a 99-year lease. The proposed skyscraper at Parel, labeled as the 'airspace development of Parel Workshop,' underscores Indian Railways' commitment to innovative urban solutions.
Delhi: Transformative Initiatives in the Capital
In the national capital, Indian Railways envisions a paradigm shift in urban development through strategic land utilization. Plans include the exploitation of 2.2 hectares of land at Chanakyapuri for a five-star hotel and the development of commercial establishments near New Delhi station spanning 11.01 hectares. These ventures aim to enhance Delhi's hospitality and commercial landscape while unlocking the value of railway-owned land.
Furthermore, across northern cities such as Kanpur, Gwalior, Lucknow, Bareilly, and Ajmer, Indian Railways proposes to lease approximately 91.34 hectares for residential projects. These endeavors not only cater to housing needs but also foster integrated urban development in alignment with broader planning objectives.
Strategic Partnerships and Sustainable Development
Through strategic partnerships with private developers, Indian Railways seeks to inject innovation, capital, and expertise into urban development projects. The provision of flexible lease terms, sub-leasing facilities, and refund mechanisms underscores the Railway Board's commitment to fostering a conducive investment environment. Additionally, incentives such as Floor Space Index (FSI) variations enhance project attractiveness, facilitating urban revitalization and infrastructure augmentation.
News Articles
Other Real Estate News Articles