Fearing a supply glut in the housing and commercial property markets, real estate companies are pinning hopes on the booming hospitality sector.
It’s not that the trend has just set in. It has certainly gained momentum of late, with practically every developer announcing hospitality projects. Read More
The Ministry of Railways have set up Rail Land Development Authority (RLDA) by an amendment to Railways Act, 1989 (Amendment No. 47 of 2005) for commercial development of vacant railway land for generating revenue. So far 115 sites, covering a total area of 1139 hectares (approx) have been entrusted to the Authority for commercial development at different places. In addition, 26 stations located in metropolitan cities and important centers have been identified for redevelopment as world class stations through Public Private Participation (PPP) by leveraging the real-estate potential of the land around and the air space above the stations.
As per current thinking Railway land is to be given to developers for commercial development through transparent bidding process on long term lease basis for development work without any budgetary resources. The work of redevelopment of identified 26 stations into World Class Stations are planned to be undertaken through PPP basis.
No funds from Railway Budget are envisaged to be invested except to the extent of meeting requirement of viability gap funding in exceptional cases of development of stations as World Class Stations.
The 26 stations identified for redevelopment as World Class Stations through PPP are : Nagpur, Pune, Carnac Bunder (Mumbai), Howrah, Lucknow, Anand Vihar (Delhi), Bijwasan (Delhi), Amritsar, Chandigarh, New Delhi, Varanasi, Chennai, Thiruvananthapuram, Secunderabad, Tirupati, Ahmedabad, Patna, Bhubaneshwar, Mathura, Bangalore, Gaya, Jaipur, Agra, Bhopal (Habibganj), Kanpur and Guwahati.
