Rail station development plan to get a makeover

Rail Ministry wants to increase developer's lease period to 99 years

The Ministry of Railways is set to approach the Cabinet in January to overhaul the Rs 1-lakh-crore station redevelopment plan that would increase the lease period for a developer to 99 years. The move, which would give the real estate sector a boost, would also give more financial independence to Indian Railway Stations Development Corporation (IRSDC) and the Rail Land Development Authority (RLDA), including powers to raise money from the markets for station redevelopment.

“The ministry is floating a Cabinet note for inter-ministerial consultation to take the opinion of the finance and law ministries. We expect the policy to be cleared