Railway Board receives Cheque for Rs.937 Crores from RLDA towards Dividend

New Delhi:  In a function held at Rail Bhawan on 11.02.2014, Minister of Railways Shri Mallikarjun Kharge received a cheque for Rs. 937 crores from Shri Y.P. Singh, Vice Chairman, Rail Land Development Authority (RLDA). Minister of State Shri Kotla Jaya Surya Prakash Reddy, Chairman, Railway Board Shri Arunendra Kumar, Member Engineering, Railway Board and Chairman RLDA Shri Subodh Jain and other Railway Board Members and senior officers of RLDA were among those present on the occasion. Since its inception in 2007, against an expenditure of Rs. 58 crores, Rail Land Development Authority has earned Rs. 1326 crores. Rail Land Development Authority has achieved a remarkable feat of earning and transferring record amount of Rs. 937 crores during 2013-14 and is moving steadily towards emerging as India’s leading Public Land Development Authority.

Rail Land Development Authority (RLDA) was constituted as an autonomous body for Railways for undertaking commercial development of vacant railway land not required in the near future for railway operations. The Authority was formed through an Act of Parliament through Railways (Amendment) Act, 2005 which authorized Ministry of Railways to constitute Rail Land Development Authority and also empowered railways to undertake commercial development of its land. Earnings are generated by commercial development of vacant land and construction of Multi Functional Complexes at various railway stations located all over the country by RLDA. During the financial year 2013-14, record earnings of Rs. 937 crores is being transferred by Rail Land Development Authority to various zones of Indian Railways.

Over the years, Railway Board has entrusted several special projects to RLDA. These include development of 163 Multi Functional Complexes (MFCs), redevelopment of 5 Railway Stations and 14 Railway Colonies. RLDA has also entered into joint development arrangements with IRCON, RITES and RVNL for development of MFCs. Three sites at Thane, Bhandup and Mulund have been entrusted for development to MRVC. Indian Railways Station Development Corporation (IRSDC) a joint venture, between RLDA and IRCON has been constituted for redevelopment of Railway Stations.