Mumbai - now it is the Railways turn to exploit land resources

First we heard about the Mumbai Port Trust's proposal to sell excess land and get cash rich. Now, the Mumbai Railway Vikas Corporation (MRVC) plans to exploit surplus land at Bandra (East) by leasing it out to the highest bidder. The 45,371 sq.mt plot is expected to generate over Rs.1000 crores in an open bid. Developers being wooed for the task are Hiranandani, Raheja, Parsvanath and DLF.

Right now, motives appear to be altruistic. A third of the proceeds have been promised for the development of the city, an equal amount for the Maharashtra Govt, while the rest are for discretionary use by the railway board.

However, this move is only the beginning of a drive to earn revenue from MRVCs real estate assets. On the anvil are plans to develop large areas of surplus land in other parts of the city at Oshiwara, Elphinstone, Parel and Carnac Bunder. The revenue generated from these sites would be in the range of Rs.1000 to Rs.2000 crores, provided the MRVC is given a favourable FSI by the government.

At the moment, the proposals await clearance from the railway ministry and the Maharashtra government. The upgradation and commercial use of railway station premises are also on the cards.


By INRnews Correspondent

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