Tag Archive: Railways Property for redevelopment

Railways may unlock prime residential property soon

NEW DELHI: The Indian Railways may soon unlock its prime residential property across the country for redevelopment, a move that could bring in additional revenue of Rs 20,000-25,000 crore for the national transporter. The Railways owns real estate in all major cities and has swathes of residential property in Connaught Place, Nizamuddin and Chanakyapuri in New Delhi, apart from land in the heart of Mumbai, Bengaluru, Chennai and Pune. The plan is to grant 99-year leases to developer making compelling offers for such land, a senior Railway Board official said. The ministry has asked all 17 zonal offices to compile details of residential land that can be redeveloped and offered to investors. The Railways has over 40,000 hectares of land, of which almost 950 hectares has been encroached upon. Work on the plan to unlock railway real estate…
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