In a bid to increase its revenue, the Indian Railways has decided to tap the biggest asset, property to cover up the financial deficit of Rs. 32,067 of the financial year 2015-2016.
- Although increasing the rail fare is a big challenge, the Railways has planned to make commercial use of land or property available to the Indian Railways. The Railways also planned to establish commercial complexes at railway stations across India along with Mumbai Central and redecorate its stations with modern facilities to attract developers, investors willing to buy official/retail space.
- This redesign will take place like the structure of Vashi station which was jointly constructed by Railways and CIDCO through a revenue sharing model. Eleven stations those fall under the Mumbai region have been chosen for this upgradation so far. On the Central line, there are CST, Dadar, Kurla LTT, Thane, Kalyan and Parvel. On the Western line, there are Mumbai Central. Dadar, Bandra Terminus, Andheri and Borivali.
- According to industry sources, railways authorities from London, Washington, Tokyo and Melbourne submitted proposals on how these stations could be redeveloped. Ideally, the railway authorities are looking for buildings with minimum 12-15 storey. The railways are expected to get the floor space index (FSI) of a minimum 4 to 5. Simultaneously, the Mumbai Metropolitan Regional Development Authority (MMRDA) is planning for transit-oriented development for Metro Rail in which an area within the 500 mtere radius of the stations will have a much higher FSI.
(Source: Mid Day)