New Delhi: State-run real estate company NBCC (India) is likely to invest Rs 5000 crore to redevelop 10 railway stations. Railway ministry plan to redevelop 100 stations into world-class terminals in partnership with corporations is set to get a big start with NBCC picking up 10 stations for revamp.
“We’ll be redeveloping 10 stations and the monetisation would be done through commercial exploitation of the land that railway provides,” said Anoop Kumar Mittal, Chairman at National Buildings Construction Corporation (NBCC).
The stations which NBCC has identified are Varanasi, Jaipur, Kota, Sarai Rohilla (Delhi), Thane, Margao (Goa), Bhubaneswar, Lucknow, Tirupati and Puducherry. NBCC will construct commercial and residential spaces on the station land earmarked for development.
NBCC (India) a PSU of Urban Development Ministry, is one of the few Public Sector companies engaged in the business of project management consultancy services for civil construction projects (PMC), civil infrastructure for power sector and real estate development.
Corporations participating in this initiative in the first phase would redevelop core infrastructure such as platform, lounges, ticketing counters, parking and other passenger amenities, besides building separate arrival and departure terminals on the lines of airports, a railway board official said.
Against this, they would get commercial exploitation rights of these stations’ land bank for 45 years. They can build or lease land to hotels, malls, multiplexes and corporates, the official said.
“We’ll soon start the work on the detailed projects reports of these stations,” Mittal told.
The railways earlier in January mulled a plan to offer two stations to National Buildings Construction Corporation for conversion into the country’s “most-modern” rail premises as part of a redevelopment plan for redevelopment of Gomtinagar station in Lucknow and Bhubaneswar station in Odisha.
The plan envisages vertical development of rail premises with the construction of shopping malls, eateries, parking lot, office complex and other commercial ventures, he said. The redevelopment plan is to be implemented on a turnkey basis. NBCC would prepare a business model for leveraging the real estate development of the ten stations.
Mittal said the real estate prospects differ from station to station. “One can leverage the real estate to develop modern facilities at stations. Once we get a concrete offer, we will decide how to go about it,” he said.