Mumbai: The Railway Land Development Authority (RLDA) – the arm of the Indian Railways entrusted with commercially developing railway lands – will be meeting local Members of Parliament of areas under the jurisdiction of Central and Western Railways over Thursday and Friday to discuss ways to speed up ways to monetize surplus land parcels owned by the railways.
The team, led by its Vice-Chairman Y.P.Singh, will be giving the MPs a lowdown on the steps taken so far to develop vacant plots of land and the hurdles that are coming up along the way.
There is a glut in the market and commercial development of several plots has not got off the way we would have liked. This meeting is a way to ensure that this process can be quickened, said Mr.Singh.
Despite being a state that has had a very robust construction industry and the huge potential for land parcels in Mumbai, Pune, Nashik and some other cities, the railways has so far drawn a mixed bag when it comes to land development in Maharashtra.
It was earlier highlighted how the four plots of land that the railways had earmarked for development were all lying defunct due to a multitude of problems.
This includes a 43000 square metre plot of land Bandra east, an 8900 square meter plot of land along the eastern fringe of Thane station,a 28600 square metre plot in Mulund – near the railway goods shed- and a 38600 square metre plot along the eastern boundary of Bhandup station. The Bandra plot is facing an issue of lease period. While the railways stipulate that its maximum lease would be for 45 years, the construction industry in Mumbai believes that the ideal lease would be anything above 80 years.
The Bhandup plot was rejected by the state government as the supporting infrastructure- like roads, sewarage – around the plot are not developed enough to take the load of a huge commercial complex there. The Mulund plot is also lying dormant because of the general downturn in commercial real estate in the Mulund area.