Near about, 19 Indian railway stations will be redeveloped to world-class standards as the Indian Railways secured Rs 2,600 crore fund from its financing firm Indian Railways Finance Corporation.
Nodal body for station redevelopment programme, Indian Railway Stations Development Corporation (IRSDC), will overlook the project, reported.
IRSDC will redevelop the 19 identified station on its own in engineering, procurement as well as construction mode, the report stated citing a senior railway ministry official.
The business daily quoted an official in the report saying, “Private players can come in later and bid for the commercial area that would be made available at the stations. It will be similar to the National Building Construction Corporation model of reconstruction.”
Apart from credit from Indian Railways Finance Corporation, other PSUs such as RITES, RLDA and IRCON will also provide equity support to IRSDC for this redevelopment project. It may be noted that IRFC is Indian Railways’ financier which raises money through market borrowings.
Officials told that real estate was not sure about the redevelopment of platforms, station buildings etc, but, private companies were willing to bid for commercial properties inside the station are within the complex.
Therefore, the redevelopment model will ensure that investment by IRSDC will generate good returns.
Worth mentioning here is that this station redevelopment programme is part of government’s promise of modernising around 400 railway stations. The redevelopment work is likely to begin by end of this year and a list of commercially useful stations is being prepared.>