Indian Railways plans
to lease land parcels spread above 3,700 acre (1,500 hectare) in the next 2 to
3 years to earn more than Rs. 5,500 crore.
Mr. A.K Gupta, Member of real estate &
urban planning, RLDA (Rail Land Development Authority) said, "We have
identified About 50 cities where railways has surplus land parcels that can be
leased out to boost non-tariff revenues"
The move comes
shortly after the Mr. Vijay Kelkar panel on fiscal consolidation recommended
that various government entities should monetise surplus land parcels.
The RLDA, set up by
the ministry of railways for undertaking commercial development of surplus
land, has identified about 135 sites across the country covering nearly 1,500
hectare, which is not required for operational purpose in the near future.
Of these, the RLDA is
likely to invite bids for about 50 land
parcels soon based on the feasibility studies and potential assessment that is
being undertaken. These plots are spread over cities including Bangalore,
Chennai, Raipur, Siliguri, Visakhapatnam & Vijaywada.
The RLDA has so far
fixed developers for 5 sites, including one each in Bangalore, Gwalior, Gaya,
Sarai Rohilla in Delhi and Vijaywada in Andhra Pradesh, and it is expected to
generate revenue of Rs. 1,714 crore through this. The land is leased for a
period of 30 to 45 years, except for the Sarai Rohilla site, which has been
leased for 90 years for residential development.
The authority has
been following a lease premium model, under which the premium is paid by the
selected developer either upfront or / spread over a period of time. It is now
also looking at revenue sharing model for future projects if the returns
through this model look more favourable.
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