The railways has moved a Cabinet note proposing that the Delhi Development Authority (DDA) transfer its land back on a freehold basis so that it can redevelop the Anand Vihar and Bijwasan stations without any glitches, a senior official said today.
A freehold estate in land (as opposed to a leasehold) is where the owner of the land has no time limit to his period of ownership. Lease lengths vary and most common are 45 and 99 years.
It has been proposed that DDA or other union territory shall transfer any central government land to the Railways on a freehold basis, with a minimum conversion charge as payment. The Railways will be free to use the land for both commercial and residential purposes. This will be provided without any change in land use patterns, the official said, adding that this would help quicken the process of development.
The Indian Railway Station Redevelopment Corporation Managing Director and CEO S K Lohia confirmed the development and said currently land is given on lease to railways and thus it cannot be monetised. "So, the change from leasehold to freehold was imperative for station redevelopment."