Indian Railways looks at its large land bank for real estate development
The Rail Land Development Authority has been constituted to commercialise available land with public-private participation. Plans include development of commercial complexes, development of over 100 budget hotels, and development of malls and food plazas within new stations. Commercialisation of land/space available is expected to generate hundreds of crores in revenue for the Railways.
60 sites have been taken up for property development with bids already finalised for nine sites and 17 other sites being assessed at Rs. 110 crore.
Significant progress has already been made. Tenders for budget hotels have been opened for Chandigarh, Madurai, Sealdah, Secunderabad & Vijayawada and tenders are soon to be floated for 15 other sites. 37 food plazas have already been commissioned till now with many more on the way.
By INRnews Correspondent
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