The Indian Railway Construction Company Limited (IRCON), a public sector undertaking (PSU) and the Rail Land Development Authority (RLDA), a statutory authority under the Ministry of Railways, today signed a memorandum of understanding to implement the project.
"IRCON will carry out design, construction and marketing of the project. The Phase-I of the project will come up on the Moti Bagh side of the station and is targeted for completion by January 2019," a statement from the ministry said.
The station is proposed to be developed on a self- financing model for which finance will be raised through marketing of the commercial built-up area that will be developed on the surplus railway land and air space as part of the station development project.
The land and the constructed buildings will continue to remain under the ownership and control of the RLDA and only the commercial built-up area will be leased for upto 45 years by RLDA, the statement said.
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