Rail Min grants permission for commercial exploitation of its plots

Mumbai, Sep 18 (UNI) The Union Ministry of Railways has for the first time granted permission for the commercial exploitation of its plots through open bidding to raise funds for the improvement of railway services.

Speaking to mediapersons here, Mumbai Railway Vikas Corporation Ltd (MRVC) Managing Director P C Sehgal today said around 45,000 square feet of railway plot at Bandra, a western suburb, will be given on lease for a period of 60 years so as to raise urgent finance for uprgradation of the city's overstretched suburban train services.

Mr Sehgal said through the process, the MRVC could generate revenue of more than Rs 1,000 crore from the Bandra plot itself. If the process succeeds, then the other railway properties at stations like Elphinstone Road, Lower Parel and Khar Road too will be offered on lease to the interested parties.

He said the funds generated from the leased plots will be divided on a 1/3 ratio between the Ministry of Railways, Government of Maharahstra and Railway Board according to the Memorandum of Understanding (MoU) for the gradual development and upliftment of railway services in the state.

He said Oshiwara, another western suburb, will have a railway station, which would become operational immediately after the major road linking projects between Jogeshwari and Oshiwara are completed.

Mr Sehgal appreciated the state government's efforts in implementing all the railway development programmes speedly and said the issues of encroachment and expansion of railway tracks were being done on a war-footing level.

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