TIL Desk/Business/New Delhi/ The Ministry of Railways is set to approach the Cabinet in January to overhaul the Rs 1-lakh-crore station redevelopment plan that would increase the lease period for a developer to 99 years.
The move, which would give the real estate sector a boost, would also give more financial independence to Indian Railway Stations Development Corporation (IRSDC) and the Rail Land Development Authority (RLDA), including powers to raise money from the markets for station redevelopment.
“The ministry is floating a Cabinet note for inter-ministerial consultation to take the opinion of the finance and law ministries. “We expect the policy to be cleared by the second half of January,” said a source close to the development.
The government had gone ahead with the decision to overhaul the station redevelopment policy despite lukewarm response from industry for a tender floated for 23 stations.
Industry majors such as the Tata group, Shapoorji Pallonji group, GMR, the Essel group and L&T had raised their concerns over the terms of the policy with Railway Minister Piyush Goyal in October.
