IR to redevelop CSMT on HAM model

IR has decided to implement the redevelopment of the Chhatrapati Shi­vaji Maharaj Terminus (CSMT) project on the hybrid annuity model (HAM). The same has been approved by NITI Aayog and is awaiting approval from the MoR. The project was earlier expected to be leased out for 99 years, but now IR will hand over the station within 27 years. Besides, the private contractor will fund 60 per cent of the project cost while IR will fund 40 per cent of the cost over a period of 35-40 years. The CSMT redevelopment project in Maharashtra is expected to entail an investment of Rs 13.5 billion. CSMT handles around 1,300 local and long distance trains carrying over a million passengers. The project will be developed on the HAM mo­del. The plan includes the conservation of heritage buildings, revamp of areas in and around CSMT station, convergence of different modes of transportation and design of facilities for passengers.