IRSDC signs MoU with SBI, SBICAP for project

NEW DELHI: Indian Railway Stations Development Corporation Ltd (IRSDC) and Rail Development Authority (RLDA) on Monday signed a Memorandum of Understanding with State Bank of India and SBI Capital Markets Ltd (SBICAP) for financing the project cost towards redevelopment and development of some identified stations.

The MoU was signed between IRSDC GM(Admn) Anil Kumar and SBI GM S Venkatraman, Vice-President SBICAP Abhinav Gupta here.

IRSDC, SBI and SBICAP will mutually work together for arriving at a broad understanding for the funding transaction on the basis of identified stations and commercial development of adjoining land parcels.

They will also try to achieve a funding mechanism which is optimal to the needs of both IRSDC and SBI.

IRSDC is a joint venture public Ltd company of IRCON International Ltd and Rail Development Authority(RLDA).

An MoU between Rail Land Development Authority (RLDA) and National Building Construction Corporation Ltd. has been signed on 30.06.2017 for redevelopment of 10 stations viz. Tirupati, Delhi Sarai Rohilla, Nellore, Madgaon, Charbagh (Lucknow), Gomtinagar, Kota, Thane New, Ernakulam Jn. and Puducherry as a part of the SMART City project launched by Ministry of Housing and Urban Affairs.

Contracts have been awarded for redevelopment of Gomtinagar and Charbagh (Lucknow) railway stations. Bids have been invited for redevelopment of Puducherry and Tirupati stations.

Station redevelopment is planned by leveraging commercial development of land & air space in and around stations, i.e. vacant railway land and air space not required by Railways for its immediate operational needs shall be leased out to interested parties for setting up commercial establishments.

The revenues realized from commercial development of stations should be sufficient to at least cover the entire cost of station redevelopment after meeting the full expenditure on real estate development and Maintenance obligations, i.e. station redevelopment project would be cost neutral to Railways.

IRSDC has been entrusted all stations by Ministry of Railways for undertaking Techno-economic feasibility studies, master plans and business plans to undertake development/redevelopment of the stations. The Company is undertaking the work of development/re-development of the existing /new railway station(s) which will consist of upgrading the level of passenger amenities by new constructions/renovations including re-development of the station buildings, platform surfaces, circulating area, etc., to better standards so as to serve the need of the passengers. It will also undertake project for development of real estate on Railway/Government land and its commercial utilization as may be required in connection with development of railway stations.