Indian Railways have taken up commercial development of railway land and air space as one of the non-tariff measures to generate revenues.
Sixty two sites with commercial potential have been identified and market feasilibility study undertaken. Market survey has been completed in 46 cases.
Action has been initiated on the completed market surveys and bids finalized for seven sites. So far, Rs. 4 crore has been realized from property development.
In this connection, the Ministry of Railways intends to constitute a Rail Land Development Authority through amendment in the Railways Act, 1989 to undertake all tasks relating to property development.
(Release ID :1334)