The Union Cabinet chaired by Prime Minister Narendra Modi on October 3, 2018 approved the redevelopment of railway stations through simplified procedures by adopting various business models and issuance of longer lease tenure of up to 99 years.
The Indian Railway Stations Development Corporation Limited (IRSDC) will be the nodal agency and the main project development agency of the project. The development paves the way for large-scale modernisation and will ensure world-class rail infrastructure.
1. The redevelopment of major stations across the country is being planned by leveraging the commercial development of land and airspace in and around the station.
2. The program will help provide state-of-the-art amenities to the passengers, generate additional revenue and be overall cost neutral to the Railway Ministry.
3. As the Nodal agency, the IRSDC will prepare the overall strategic plan and business plans for individual or a group of stations ensuring cost neutrality of the program.
4. Upon approval of business plans by the Railway Ministry, IRSDC or other project development agencies will take up the work of station redevelopment.
5. The Railway, Rail Land Development Authority and IRSDC will be the 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.
6. This would enable the Ministry of Railways to accelerate the redevelopment of major stations across the country on an overall cost-neutral basis.
7. These redevelopment efforts will lead to the creation of smart stations that will function as mini smart cities.