IRSDC named Nodal Agency

The cabinet has approved redevelopment of railway stations, paving the way for large scale modernisation for a world class infrastructure.

The Railways to provide state-of-the-art amenities for passengers by allowing commercial development of its land and air space in and around stations, according to approval given on 3 Oct 2018.

The Indian Railway Stations Development Corporation Limited (IRSDC) as Nodal Agency and main Project Development Agency, will offer simplified procedures adapting various business model and for longer lease tenure of upto 99 years.

Redevelopment of major stations across the country is planned by leveraging commercial development of land and air space in and around the station.

The program will help provide state-of-the-art amenities for passengers, generate additional revenues and will be overall at least cost neutral to Ministry of Railways (MoR) over a basket of stations.

Furthermore, redevelopment of railway stations across the country will have a multiplier effect in the economy with increased job creation and improved economic growth.

IRSDC being the Nodal agency will prepare the overall strategic plan and business plans for individual or a group of stations ensuring cost neutrality of this program.

Upon approval of business plans by MoR, IRSDC or other Project Development Agencies will take up the work of station redevelopment. Railway/RLDA/IRSDC will be planning and development authority for Railway land in consultation with urban local bodies, DDA or other UTs, to transfer land on free hold basis to Railways.

This would enable Ministry of Railways to accelerate the redevelopment of major stations across the country on an overall cost neutral basis. These redevelopment efforts will lead to creation of State-of-the-art smart stations that will function as mini smart cities.

A Cabinet approval was obtained on 24 June 2015 to redevelop ‘A1’ and ‘A’ category stations by Zonal Railways through Cabinet approved procedures and for a lease period of 45 years. However, prospective bidders showed insufficient interest

During various interactions with developers, investors and other stakeholders, various issues including multiple sub leasing, simplified bid procedures among others were repeatedly raised.

Therefore, an improvised and simpler program design including these issues and under a specialized executing agency (IRSDC), incorporating suitable structural, process and parameters changes, has been adopted to revamp the station redevelopment program. fiinews.com