In good news for builders in Mumbai, the Indian Railways is considering the proposal of the redevelopment of its residential colonies spread across the city. This proposal will open up 240 acres of land for development, which is a bonanza for the builders.
According to Mumbai Mirror, the Indian Railway is opening up its residential colonies for development in order to raise funds for its upcoming projects in the city. This proposal will raise around Rs 50,000 crore, which is needed for an array of projects in Mumbai, including the CST-Panvel elevated corridor, new AC trains, fifth and sixth lines between Borivali and Virar, and third and fourth lines between Kalyan and Badlapur.
The proposal was moved by Shiv Sena MP Rahul Shewale and it has already been tabled before the Convention Committee of the Indian Railways. The Western Railway has its residential quarters ll across the Mumbai Metropolitan region from south Mumbai to distant suburbs and Central Railway has residential colonies in Parel, Matunga, Mumbai Central, Bandra, Andheri, Borivali and Virar.