Decides to lease its lands in Delhi, Mumbai, and Bengaluru.
Plans to conduct an auction of its lands in twin cities.
Indian Railways, which owns large land parcels, is toying with the idea of giving them on lease to real estate developers. Therefore, it identified 341.9 hectares of prime land in Delhi, Mumbai, and Bengaluru to lease out to real estate developers for a period of 90 years to earn at least Rs 5000 crore in revenue.
Further, it also identified some of its lands in Secunderabad, Hyderabad, Chennai, Amritsar, Gwalior, Lucknow, and Kanpur to bring them under the auctioner’s hammer.
The Indian Railways has at least 443 hectares of vacant land, according to a report compiled by the Railway Land Development Authority. The report indicated that the land is not necessary for the development of railway projects and advised commercial development of the land to enable the railways to earn additional income. The money so realised can be utilised for providing additional amenities in railway stations, for the manufacture of railway coaches, the construction of railway stations, and other purposes, according to a railway official who wished to remain anonymous.
The official said that the money can be used to buy state-of-the-art Vande Bharat Express trains, develop new railway tracks, and double the existing railway tracks.
