Railways allows 80-yr lease plan for Bandra plot

By | January 26, 2017

In a major policy shift, the railway ministry and the Rail Land Development Authority (RLDA) have decided to allot a 43,000-sq.m Bandra plot for commercial development on a lease period of 80 years. The previous land lease period of 45 years had put a dampener on the realtors and had led to the lease tenders of this land failing four times since May 2014.

The move is expected to add value to several railway plots in the city and also give an impetus to the move by Indian Railway Stations Development Corporation Ltd (IRSDC)—a joint venture company of Ircon International Ltd (IRCON, under Ministry of Railways) and Rail Land Development Authority (RLDA)—to redevelop some of the major stations in the city by leveraging money gained from such land development.

Source: DNA