By Accommodation Times News Service
Economy will get a big boost once the development work in completed
Modernization of the Surat railway station will mean development of over 2.5 lakh sq meters land of Railways, Surat Municipal Corporation (SMC) and some privately owned land.
With SMC planning to allot 4 FSI (floor space index) to private players, more than one crore sq feet of commercial development of land is likely to take place.
Besides a multi-nodal transport hub, number of commercial facilities like five star hotels, multiplexes, malls, office complexes and business hubs are planned in the vicinity of the railway station.
“It is unthinkable to have such a huge chunk of land available for development in the centre of the city. Economy will get a big boost once the development work in completed. Realty prices will also go up,” said Velji Sheta, chairman, CREDAI, Gujarat.
“The area could become a recreational spot for local Surti population. Also, for people in transit it will be a useful time spent,” said Sheta.
The estimated cost of the modernisation of railway station is over Rs 6,000 crore and it will be impossible for local developers alone to undertake the huge work. It will require a consortium of local and national-level developers for the mega project.
“Surat has not seen such large-scale development work till date. If the entire project materialises as envisaged, it will change the face of the city,” said Suresh Patel, vice president, CREDAI, Surat.
“Instanul (Turkey), which has such multi-nodal hub, the annual foot-fall is around five lakh people,” said Milind Torwane, municipal commissioner, Surat. Higher foot-falls will only boost economy of the city, he added.
Boost to economy
Proposed land to be developed
Railway yard – 70,681
Railway colony – 61,776
Station area – 23,175
GSRTC – 88,341
SMC + private – 10,343
Total – 2, 54,315
(Area in square meters)