Redevelopment of railway stations will be major boost to India’s economic growth: Preetham Mehra, CBRE India
Indian Railways is looking at redevelopment of railway stations with the primary objectives of providing world class passenger amenities, making them hubs of economic development and re-establishing them as the nerve centers of their cities.
This is envisaged to be achieved through leveraging the commercial development opportunity of land and air space surrounding the station and to create seamless travel and facilities experience to passengers with the aim to future-proof these important travel nodes. The government has been actively encouraging the participation of the private sector in this grand initiative, as it is an opportunity to reshape the urban landscape of the country.
Recently, IRSDC has released a set of codes and guidelines to transform railway stations into a Railopolis. According to the industry experts, these codes will lead to a systematic standardization of railway development, which also includes the commercial development of the chosen railway land parcels.
In an exclusive conversation with Financial Express Online, Preetham Mehra- Executive Director & Head of Government Practice, CBRE India said that with public and private sectors joining hands, there can be assurance of higher quality in the redevelopment projects. Excerpts:
Why have Indian railways been inclined to include the private sector in the redevelopment of railway stations and how is this going to elevate the nation’s infrastructure?
Indian Railways is among the world’s largest rail network serving approx. 23 million travelers every day. The Railway Land Development Authority has already identified 62 railway stations to be redeveloped a strategy aimed at utilizing the surplus land assets for commercial purpose to generate revenue and creating value to the non-performing railway assets, thereby giving a required boost to the railway economy.
Private partnerships ensure the flow of necessary investments into the public sector and more effective public resources management.