Indian Railway station redevelopment program that is aimed at uplifting over 4000 stations has started taking its shape. Our Honorable Railway Minister Suresh Prabhu revealed the very first step of this Redevelopment Program where tenders are being released for first 23 stations out of 400.
Railway Station Redevelopment Program
According to developers, this program would need an investment of over Rs 1 lakh crore. Indian Railways is further promised to generate Rs 10,000 crore that would use in other programs designed for modernization of the country.
To this, Mr. A.K.Mittal, Chairman of Indian Railways board said that is one of the biggest projects that has planned in India.
It is great news for the real estate Industry because most of the business of real estate comes from the places connected to Indian railways. The chances of attracting audience become higher at those locations. The railway station is used by most of the commuters so it is one of the premier sources of generating revenue from a commercial estate.
Now the biggest challenge that our Shri Suresh Prabhu finds is how to use this money and provide an utmost comfort level to the passengers as well.
List Of Railways Stations That Would Become A Part Of Redevelopment Initial Phase
- Bandra Terminus
- Bangalore Cantt
- Chennai Central
- Jammu Tawi
- Lokmanya Tilak
- Mumbai Central
- Udaipur City
Modernization Of Indian Railways
According to the latest news, Railway Minister further said that commuters expressed their deepest interest in the modernization of the Indian Railways. This is one of the fastest growing news that has even reached commuters across the globe.
This project is not just a blind one, and it has been given thoughts after considerations from many organizations very enthusiastic about this modernization plan like
- Pension funds,
- Agencies like World Bank, and much more
This is an Indian Railways redevelopment program so its financial model has been designed in such a way that the government doesn’t have to incur any financial support and developer would simply rebuild the already existing railway stations.
Developers would take the whole sole responsibility of these stations for at least 15 years and keep maintenance on the top. In return, the government would give developers 45yeras of right on the property that would be developed on those stations. By properties, we mean commercial properties like shops, malls, hotels, restaurants, etc.
The government is planning to award the development contract to private developers following Swiss Challenge method. Under this method, developers would bid online and fight for winning the bid in their favor.
- Self-ticketing counters
- Digital Signage
- Luggage checking and screening machines etc.
This is a move taken by Indian Railways to modernize their Railway traveling plan for the travelers. Hope this would provide more comfort level to the commuters.