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04 October
2018
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Railways(The Total Investment & Insurance Solutions)
Paving
the way for large-scale modernization of railway stations, the Union Cabinet on
Wednesday approved Railways' station redevelopment plans so as to commercially
develop space in and around stations, Union Law Minister Ravi Shankar Prasad
said on Wednesday.
The
Cabinet, under the chairmanship of Prime Minister Narendra Modi, also provided
for a longer lease tenure of up to 99 years from the previous 45 years.
According
to Prasad, the name of the agency would be Indian Railway Stations Development
Corp Ltd (IRSDC). Calling the Cabinet decision a progressive move, Prasad said:
"IRSDC shall be the nodal agency for the development of railway stations
across the country."
Developing
railway facilities will not only benefit the commuters but also help the Indian
Railways make use of its unused or under-used properties.
"It
was a decisions based on the feedbacks collected from the government's earlier
railway modernisation attempts," Prasad said.
The
Minister said redevelopment of major stations across the country is planned by
leveraging commercial development of land and air space in and around the
station, saying "this program will help provide state-of-the-art amenities
for passengers, generate additional revenues and will be overall at least cost
neutral to Ministry of Railways over a basket of stations."
"Furthermore,
redevelopment of railway stations across the country will have a multiplier
effect in the economy with increased job creation and improved economic
growth."
"IRSDC
being the nodal agency will prepare the overall strategic plan and business
plans for individual or a group of stations ensuring cost neutrality of this
programme. Upon approval of business plans by Ministry of Railways, IRSDC or
other project development agencies will take up the work of station
redevelopment," Prasad said.
He said
that Railway/RLDA/IRSDC will be planning and development authority for Railway
land in consultation with urban local bodies, DDA or other Union Territories,
to transfer land on free-hold basis to Railways. This would enable Ministry of
Railways to accelerate the redevelopment of major stations across the country
on an overall cost neutral basis. These redevelopment efforts will lead to
creation of state-of-the-art smart stations that will function as mini smart
cities.
"Railway
passengers and Industry shall be benefited at large. Passengers will now get
amenities at par with international railway terminals and a large number of
local job creation is expected as a positive external outcome of this
program," he added.
A
Cabinet approval was obtained on June 24, 2015 to redevelop ‘A1' and ‘A'
category stations by Zonal Railways through Cabinet approved procedures and for
a lease period of 45 years. However, insufficient interest was visible amongst
the prospective bidders. The Total
Investment & Insurance Solutions
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