Railways to lease out lands to fund infrastructure

Mumbai, Apr 7: The Indian Railways is mulling the possibility of leasing out its real estate assest in order to raise as much as Rs 600 crore this fiscal to fund infrastructure development.

"We plan to lease 15 plots in different metros and Tier 11 cities on long lease this fiscal and hope to net Rs 600 crore through this.

"We have identified a land-bank of 1,900 hectares for development. This will be leased out in phases. We have appointed 15 consultants for this purpose," Rail Land Development Authority, Member-Finance, F Mehmood informed adding that most of the land available in the eastern region.

Railways is planning to lease out lands in Bandra in Mumbai, Aurangabad (Maharashtra) and Jamnagar (Gujarat) in the first phase.

He also said that leasing out land for residential purposes is not being considered. However, if there are "good proposals", the official said that the Railways would consider it.

OneIndia News