Added on : 2018-10-04 17:58:10
In a cabinet meeting on Wednesday, the government cleared a proposal for granting infrastructure developers long leases of up to 99 years for land and airspace in and around railway stations for station redevelopment. Firms like Tata Realty, Reliance Infrastructure and Larsen and Toubro have been asking for long leases of land and airspace to undertake station redevelopment, an ambitious project of the Modi government. Under this project, the Centre wants to redevelop and modernise 400 A- and A1-class stations in the country.
The Cabinet has approved multiple subleasing and simplified bid procedures. It also approved the creation of the Indian Railway Stations Development Corporation. The body will be the nodal and main development agency for the project, under which the government plans to develop the stations as world-class transit hubs equipped with modern amenities.