A top official of Indian Railway Stations Development Corporation Limited (IRSDC) said, on Saturday that, as a part of Railways’ ambitious station redevelopment programme, now residential complexes will be allowed around railway stations.
“The railway board has allowed residential development. A significant aspect of the transit-oriented policy is that overall travel impact assessment should be less. If the residential and the commercial exist in one place then people who work there, can stay there – for them it will be walking to work,” said, Sanjeev Kumar Lohia, Managing Director and Chief Executive officer of Indian Railway Stations Development Corporation Limited (IRSDC).
Indian Railway Stations Development Corporation Limited (IRSDC) is a Railways’ joint venture company.
“The residential complex is not for penthouses, but for smaller dwellings for people who are dependent on public transport rather than those who want to have personalised vehicles. That is the principle of transit-oriented development that you build densities around transit,” he said.
Lohia, further added that all the 600 stations chosen for redevelopment will have the residential elements.
Previously, under the station redevelopment scheme the lease tenure was 45 years and at present, railways will give the stations to the highest bidder for redevelopment on a 99-year lease for development, completion and subsequent operation.
Rs 1.07 lakh crore is estimated as the investment for the redevelopment and commercial development together.