Rail land will be auctioned to fund projects

MUMBAI: The Mumbai Railway Vikas Corporation (MRVC) has got the nod of the Railway Board to commercially exploit the area around station premises.

The corporation has decided to float bids for the vacant 4.5 hectares near the Bandra (east) railway station. It expects to earn Rs750 crore by commercially exploiting the plot.

The plot is in the Bandra-Kurla Complex. “The 4.5 hectare land falls under the jurisdiction of MMRDA (Mumbai Metropolitan Region Development Authority).

Hence, while developing the plot we will have to follow their guidelines. Mostly offices will be constructed on the premises,” said Prabhat Sahai, MRVC spokesperson.

Railways wants to commercially exploit the land it owns, as it wants funds for projects in the suburban sections. “The Railways requires huge funds for execution of such projects, which do not come under the Mumbai Urban Transport Project (MUTP),” said a MVRC official.

The MRVC is also exploring the feasibility of commercially exploiting surplus land available at Carnac Bunder, Elphinstone Road and Oshiwara railway stations.

“The study on developing these lands is on. It could be used for premium retail outlets or office premises,” Sahai said.

This is part of the long-term project envisaged by the railways to give a face-lift to its stations. “At Oshiwara, the railways will construct the station and the commercial complex simultaneously. However, if need arises the station will be constructed before the complex,” an official said