Realty biggies to join hands to develop major railway stations

Mumbai, June 20

Indian and international realty majors are looking to join hands for developing major railway stations across the country, according to railway officials here.
Among the major railway stations on offer are New Delhi, Howrah, Chennai Central, Pune, Amritsar, Jammu, Bikaner, Jamshedpur and Kochi.
In Mumbai three railway stations–Lokmanya Tilak Terminus, Borivali, Thane and Mumbai Central will be redeveloped by private players, railway officials said here.
“In all 23 railway stations will be redeveloped in the first phase,” an official from the Western Railway said. The bidding process will begin in August and contracts will be awarded in early 2018, according
to the official. Reports say the Union Railway Ministry is likely to employ the Swiss Challenge method to obtain the best deals from the developers.

Over a period of time, 400 railway stations will be redeveloped across the country using this method.
According to railway officials, the newly redeveloped stations will offer improved passenger amenities on the lines available internationally. Investors who are expected to invest as much as Rs 1 lakh crore on improving the railway stations will be able to commercially exploit railway land as compensation for a period of 45
years.
Hotels, restaurants, multiplexes, office complexes and shopping malls are planned on railway land near the train stations.
Officials say the government of Malaysia has expressed interest in partnering with India for this project. Malaysian companies will have to tie up with Indian partners to bid for redeveloping railway stations, say officials here.
Several private companies like the Tatas, Shapoorji Pallonji, Reliance and some real estate developers have already expressed interest in participating in this project.