Union Cabinet approved the redevelopment of Railway Stations by Indian Railway Stations Development Corporation Limited (IRSDC) as Nodal Agency & its main Project Development Agency.
The Railway Stations redevelopment project will be undertaken through simplified procedures adapting various business model and for longer lease tenure of up to 99 years. It will help provide state-of-the-art amenities for passengers, generate additional revenues and will be overall at least cost neutral to Ministry of Railways (MoR) over a basket of stations.
Also, redevelopment of railway stations across the country will have a multiplier effect in the economy with increased job creation and improved economic growth.
IRSDC being the Nodal agency will prepare the overall strategic plan and business plans for individual or a group of stations ensuring cost neutrality of this program. As per the approval of business plans by MoR, IRSDC will take up the work of station redevelopment.
Railway/RLDA/IRSDC will be planning and development authority for Railway land in consultation with urban local bodies, DDA or other UTs, to transfer land on a freehold basis to Railways.
It would enable the Railway Ministry to accelerate the redevelopment of major stations across the country on an overall cost-neutral basis. Also, the Railway passengers and Industry will be benefited.