NEW DELHI: The Cabinet on Wednesday has cleared the way for the railways to commercially develop land and air space in and around stations by approving its station redevelopment plans, according to a statement.
It has also provided for a longer lease tenure of up to 99 years from the previous 45 years.
“The Indian Railway Stations Development Corporation (IRSDC) will be the nodal agency for the development of stations which will leverage commercial development of land and air space in and around the stations.
“This programme will help provide state-of-the-art amenities for passengers, generate additional revenues and will be overall at least cost neutral to the railways over a basket of stations,” a statement said.
IRSDC will prepare the overall strategic plan and business plans for individual or a group of stations ensuring cost neutrality of this programme. (AGENCIES)
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