No takers for commercial land, Indian railways extends lease to 99 years...

    No takers for commercial land, Indian railways extends lease to 99 years

    To lease out 28 acres of land which is allocated for the commercial activities under the master plan of world class station, the Indian Railway Stations Development Corporation Limited (IRSDC) extended the lease out period for 99 acres. Earlier, the IRSDC had the lease period of 28 years for this chunk of land but in the last one year, even after floating tenders number of time no takers have turned up for the same following which it was decided to extend the time limit of the lease period for commercial land.
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    Under the master plan of the world class railway station, IRSDC proposed that they will lease out the commercial land and the revenue which is generated will be utilise for the station development projects. The railway ministry has decided that the world class station project should be developed on build operate transfer mode.

    In recent visit of the northern railway general manager additional charge T P Singh in which the discussion about the status of the world class station project took place the official of IRSDC informed him that they are going to float fresh tender of the commercial area of the station. Officials informed the GM that they are hopeful that the extension of the lease period will attract more bidders for the property.

    T P Singh said that the ministry priority is of passenger amenities but IRSDC is looking after the project in toto and soon the work will be commencing after the issues which the project have is finalise. He also asked the IRSDC to coordinate with the Ambala division on regular basis for all updates about the plan of the world class station.Last year in the month of December, IRSDC submitted a fresh plan to the railway board of housing project on 25 lakh square feet in the world class station project of the Chandigarh railway station. Chandigarh railway station owns 493.6 acres of land in the city which covers the station building area, residential and open land in the city.

    As per the plan project, the whole land is taken over by the IRSDC for developing world class station project after the final nod from the railway board.

    As per the records of the railway, there is 50 lakh square feet land available for development project near city railway station.

    Sources said that after the land for the commercial development project is cut down from 50 lakh square feet to 25 square feet, fresh plan of residential area is mooted up by the IRSDC. But, the board has not given green signal to the project.

    Info- https://realty.economictimes.

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