IRSDC’s Plan to Redevelop Railway Land Will Attract Business Opportunities

The railway stations in India are centrally located and redeveloping these stations can change the entire landscape which will attract huge investment and business opportunities.

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IRSDC's Plan to Redevelop Railway Land Will Attract Business Opportunities THE POLICY TIMES

The Indian Railway Stations Development Corporation(IRSDC) has decided to redevelop the railway land area on the principles of Transit Oriented Development. To transform the railway stations into a Railopolis, they have also released a set of codes, guidelines, and norms.

Role of The Codes in The Development of Railway Stations

The work for the redevelopment projects is being done at Chandigarh, Nagpur, Gwalior, Amritsar, Bijwasa, Anand Vihar, and CSMT. Along with that, the experts are also testing the draft codes. The codes are compiled in six parts. SK Lohia, MD, and CEO, IRSDC said, “Implementation of these codes will offer multiple benefits such as standardization of planning, implementation and maintenance process, the ease-of-doing process for encouraging public-private partnership, flexibility in asset use for sustainable development”.

Also Read: ‘Help us pay employee salaries’, Indian Railways seeks centre’s help to pay pensions

Large Scale Benefit of Investors and Developers

High-quality investors and developers from the private sector will show much interest in participating in large projects like that the New Delhi Railway Station and CST Terminal in Mumbai. This will be a great opportunity for both the investors and developers. This will represent an opportunity for the developers to create new landmarks that are master-planned. The large projects will bring in relatively low-risk investment opportunities given the volume of passenger traffic with the possibility of multiple exit options.

TPT Policy Advocacy & Recommendations

  • With the redevelopment of the railway stations, the market perceptions can be changed if a good urban design is being planned. The well-planned location will have a much positive impact on the well-being of a community.
  • The redevelopment of railway stations in India will be a crucial step for the connectivity and accessibility post-pandemic. The areas near the railway stations will become prime locations as the connectivity will become much significant for investors. This in turn will revitalize the nodes that once used to be the most important landmarks.
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IRSDC's Plan to Redevelop Railway Land Will Attract Business Opportunities
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The railway stations in India are centrally located and redeveloping these stations can change the entire landscape which will attract huge investment and business opportunities.
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THE POLICY TIMES
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