Railways is also looking to unlock some of its prime residential properties for redevelopment across the country. The move could bring an additional revenue of Rs 20,000-25,000 crore.
Indian Railways is mulling an ambitious plan to build elevated rail corridors above the existing rail tracks in cities like Mumbai, Delhi and Bengaluru with an intention to improve safety and decongest networks, according to a report by The Times of India.
The plan is being mooted along in partnership with state governments and central agencies.
According to the report, preliminary estimates peg the Mumbai project at Rs 25,000 crore. Railways is also expecting to complete the project in the next three to five years.
In Mumbai, the elevated rail track will be built above the existing Mumbai suburban railway tracks.
"For Mumbai, DFCC (Dedicated Freight Corridor Corporation) has already given a preliminary report, now we will put formal teams in place. For Bengaluru, I have told the railways... they are looking into this," Railway Minister Piyush Goyal told the newspaper.
A study for Delhi has been commissioned as well, the railway minister added.
Goyal also said that the Railways is open to partnering with the Delhi Metro Rail Corporation (DMRC) for the Delhi project.
The elevated tracks will be equipped with elevators and escalators to help differently-abled passengers and will to curb trespassing, making the suburban system travel safe.
The plan includes construction of shopping malls and commercial spaces. Goyal said that he has already discussed raising of the Floor Space Index (FSI) with Maharashtra Chief Minister Devendra Fadnavis, for the project.
The Western Railway has already planned an elevated corridor in Mumbai between Oval Maidan and Virar. The proposed rapid transit corridor will run along the same alignment as the Western Line of the Mumbai Suburban Railway.
Besides, the government's plan includes reviving Delhi's 35-km ring railway by constructing elevated tracks and redeveloping stations.
Railways looking to unlock residential properties
The Indian Railways is also looking to unlock some of its prime residential properties for redevelopment across the country. The move could bring an additional revenue of Rs 20,000-25,000 crore for the railways, according to a report by The Economic Times.
The Railways currently owns large chunks of prime residential land in all major cities. Some of the places include Delhi's Connaught Place, Nizamuddin and Chanakyapuri. Similar land parcels are present in the heart of Mumbai, Bengaluru, Chennai and Pune.
The total railway land is over 40,000 hectares, of which almost 950 hectares have been encroached upon. It is planning to grant a 99-year lease to developers for these land parcels.All 17 Zonal Offices have been asked to compile details of residential land which can be redeveloped.Are you happy with your current monthly income? Do you know you can double it without working extra hours or asking for a raise? Rahul Shah, one of the India's leading expert on wealth building, has created a strategy which makes it possible... in just a short few years. You can know his secrets in his FREE video series airing between 12th to 17th December. You can reserve your free seat here.