Indian Railway Stations Development Corporation & Its Work

Indian Railway Stations Development Corporation & Its Work

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IRSDC (Indian Railway Station Development Corporation), a special purpose vehicle of the Govt of India.

Purpose

To develop new stations and redevelop existing Indian railway stations. The core purpose of IRSDC is to build world class railway stations. The redevelopment effort is being administered as a Public Private Partnership People Project (PPPP Project). 400 Stations are taken out for the redevelopment efforts. These railway stations are to be built to have an iconic structure.

Financials of IRDSC

Authorized Share Capital INR 100 Crores
Paid up Share Capital INR 40 Crores
Revenue (2014-15) INR 29.26 Million
Net Profit (2014-15) INR 19.77 Million

Indian Railway Stations Development Corporation is a joint Venture of IRCON and RLDA with a 51:49 equity shareholding ratio.

IRSDC’s Ongoing Projects

• Anand Vihar Railway Station
• Bijwasan Railway Station
• Habibganj Railway Station
• Chandigarh Railway Station
• Shivaji Nagar Railway Station
• Surat Railway Station
• Mohali Railway Station
• Gandhinagar Railway Station

It has been announced in the Rail Budget 2015-16 to offer stations for the redevelopment on as is where is basis by inviting open bids from interested parties with their designs and business ideas providing for amenities and other requirements of the Railways.

The overall cost of redevelopment is to be borne by leveraging commercial development of vacant separable land and air space in and around the station. Through this process, A1 and A category stations are proposed to be offered for the redevelopment initially.

 

It is the world’s largest transit oriented development program ever executed. Tenders are being floated for 23 stations out of the 400 stations selected for the redevelopment in the 1st Phase which include:

• Chennai Central     • Ranchi    • Udaipur City    • Indore    • Yesvantpur    • Bengaluru Cantt    • Visakhapatnam    • Howrah    • Kamakhya
• Faridabad    • Jammu Tawi    • Secunderabad    • Vijayawada    • Kozhikode    • Bhopal

 

The 1st phase is expected to be INR 6000 to INR 9000 Crores approx in size.

The Key Facts of Station Redevelopment Program

• It is the biggest non fare revenue generating program that is being undertaken by the Indian Railways
• The vacant railway land in and around the stations will be leveraged to develop world-class stations.
• The developers will rebuild the railway stations and maintain it for 15 years and no expenditure will be incurred by the Government.
• The developers would in return be granted 45 years leasing rights for the commercial properties which could be hotels, malls, hospitals, etc.
• The program will be executed in a PPP (Public-Private-Partnership) model through a fair bidding system.

This program is estimated to attract an investment of upto INR 1 Lakh Crore from the developers. Further, it will help railways to generate INR 10,000 Crore as Surplus which can further be invested in other modernization programs.

The project considers modernizing and upgrading the passenger amenities which includes:

• Congestion free non-conflicting entry and exit to the premises of the stations.
• Arrival and Departure of passengers to be segregated.
• Iconic structures with state of art facilities.
• Other modes of public/private transport such as bus, metro etc will be integrated.
• Facilities like catering, small retail, washrooms, cloak rooms, drinking water, ATM, pharmacy and internet will be available at the concourse.
• User-friendly international signage understandable by all the passengers of different sections.
• Further the facilities like retail, shopping, hospitality, food courts etc.
• Apart from the above Helipad and Medical facilities will also be there.
• Green Buildings with optimum use of natural ventilation & lighting.

Most of the pension funds of the world and a multilateral agency like World Bank are very keen to participate in this project.

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