DEA grants infrastructure status to Station Redevelopment Programme

The Department of Economic Affairs (DEA), under the Ministry of Finance, has granted infrastructure status to the Railway Station Redevelopment Programme. The proposal was submitted by the Ministry of Railways (MoR) with the view to obtain long-term financial support from banks and other financial institutions.

Meanwhile, the Railway Board has granted in-principle approval for modifying three clauses in the bidding process under the programme. As per the approval, the board has allowed the leasing of railway land for a period of 99 years, as against the earlier period of 45 years. It has also allowed developers to construct residential complexes and give multiple subleases as against the existing norm of only one sublease.

Further, Indian Railways (IR) is also considering handing over revenue from and operations of platform tickets and parcel businesses of stations to developers with the view to provide lucrative opportunities to the private investors for participating in the Station Redevelopment Programme. If approved, this will provide additional business for the developers apart from land development.