New Delhi, Dec 13: In an attempt to improve the financial health of railways ministry is planning to introduce private players through commercial development of rail land across the country.
According to senior official from Railway Ministry there are many areas near railway stations, workshops, colonies which are lying unused and as per plan, these sites would be commercially developed.
He further added that, railways has formed Rail Land Development Authority (RLDA) to commercially utilize these sites. He further stated that around 49 sites have been identified by the railways measuring 497.21 hectares. He estimated that the extent of revenue likely to be earned from these sites will be Rs 7000 cr to Rs 8000 cr.
At present developer for only one site, Vishakhapatnam has been selected. This site will earn revenue of Rs 12.10 cr for a lease period of 30 years.
Railway is also planning to redevelop stations by leveraging the commercial development on rail land and air space where 28 major stations have been identified.