Railway Land Development Authority plans to lease Amravati railway land for Rs 25million | Nagpur News
One of the 16 sites currently being auctioned includes the commercial operation of the rail land at Amravati station from which the RLDA expects to generate Rs 25 crore.
Other sites include redevelopment of Lucknow Station, Ramgarh Tal settlement (Gorakhpur), land plots at Gomti Nagar (Lucknow), Moula Ali Flyover (Secunderabad), Boulevard Road settlement (Delhi) and land in Salt Golah (Howrah).
“The plots are strategically located in major cities across India and have the potential for residential and commercial development. RLDA will lease these lands to potential developers who will be mandated to develop these sites in accordance with local regulations, ”said Ved Parkash Dudeja, vice president of RLDA.
Dudeja added, “These sites offer huge growth opportunities for investors and developers. Once completed, these sites will lead to economic development, job creation and improved real estate prospects of the respective regions.
Taking the catastrophic effect of the pandemic in its wake, RLDA is targeting 2,000 crore in revenue for Indian railways in 2021-2022. It will be a jump from Rs352 crore the year before, Dudeja said.
The Rail Land Development Authority is a statutory authority under the Ministry of Railways responsible for the development of railway land for commercial purposes. It has four key mandates within the framework of its development plan: the rental of commercial sites, the redevelopment of settlements, the redevelopment of stations and multifunctional complexes.
Indian Railways owns approximately 43,000 hectares of vacant land across India. The RLDA currently manages 84 (new) commercial sites and 84 railway settlement redevelopment projects across the country for rental and eligible developers for each will be selected through an open bidding process.
The RLDA is also mandated for station redevelopment and is currently working on 60 stations in a phased manner, while its subsidiary, Indian Railway Stations Development (IRSDC) has taken on another 63 stations in India.