Railways plan to build malls, offices on rail land for income

Following the announcement made by Union Finance Minister Arun Jaitley to redevelop railway stations, the rail authorities have begun working on the same. During Union Railway Minister Piyush Goyal's visit to Mumbai on January 31, he asked senior Railway officials to study the possibility of utilising rail land commercially, said the officials. According to sources, Goyal asked the officials to study the rail land available around Elphinstone Road and Parel stations.

"The minister has asked us to look at railway colonies, demolish dilapidated ones and redevelop them in a way that commercial offices can also come up. Rather than depending too much on the budget, we can look at self-financing prospects," said a senior rail official. The officials have been asked to collate data on rail land available in Mumbai and how much floor space index (FSI) it can generate so that air-space can also be utilised.

Stations like Parel, Elphinstone Road, Bandra, Bandra Terminus, Wadala, Mumbai Central and Khar have been shortlisted initially. Most of these see heavy footfalls. A concept plan is being made wherein officials are contemplating the construction of 5-star hotels, shopping malls, skyscrapers with offices and residential space. 

The report will be presented soon. The builders will get commercial exploitation rights for railway land for 45 years in lieu of redeveloping and modernising the existing stations.