International and Indian real estate biggies are looking to collaborate for the revamp and development of prominent railway stations across India as per railway sources. Among the major stations to be covered are Howrah, New Delhi, Pune, Chennai Central, Jamshedpur, Amritsar, Bikaner, Jammu and Kochi.
Three railway stations will undergo redevelopment by private real estate players in Mumbai, namely the Lokmanya Tilak Terminus, Borivali, Thane and Mumbai Central stations as per railway officials. 23 railway stations across the country will undergo redevelopment in the first phase of the project according to Western Railway officials. The bidding process will commence in August with contracts being awarded by early 2018 as per reports. The Union Railway Ministry may consider employing the Swiss Challenge Method for getting the best possible deals from these developers.
The total blueprint here is to have 400 railway stations redeveloped across India by using this method. The redeveloped stations will offer better amenities for passengers that are at par with global railway stations. Investors who are likely to pump in a whopping 1 lakh crore for improving railway stations will be able to commercially tap railway land as compensation for a 45 year period. Office complexes, hotels, multiplexes, restaurants and shopping malls are also being planned on railway land near the stations.
According to officials, the Malaysian Government has already expressed interest in tying up with the Indian authorities for this ambitious project. Malaysian companies will have to enter into joint ventures with Indian partners in order to bid for the redevelopment of railway stations. Several leading companies like Shapoorji Pallonji, Tata Housing, Reliance and many other real estate developers have expressed their interest in participating in this mega project.