Union Cabinet gives nod to redevelop 400 major railway stations July 17, 2015 [ Current News (Concise) ]
Union Cabinet meeting chaired by Prime Minister Narendra Modi approved the redevelopment of 400 major railway stations which accelerate the redevelopment of ‘A-1’ and ‘A’ category railway stations across the country. These major railway stations will be redeveloped under a new a unique method which is form of public procurement of ideas called the Swiss Challenge and generally are located in major cities, metros, pilgrimage centres and important tourist destinations.
- Union Cabinet will also encourage innovative ideas from interested parties without any additional extra cost from the Railways.
- A-1 category railway stations are those non-suburban stations with 50 crore rupees and above annual passenger earnings while Category A railway stations comprises non-suburban stations with 6 crore to 50 crore rupees annual passenger earnings.
- Under this initiative, major stations will be redeveloped by leveraging real estate development of land and air space in and around the stations for commercial development of real estate by the Zonal Railways.
- Government agencies are required to invite bids for a public project such as a port or railways under Swiss bank challenge.
- At present, Indian Railway’s based on earnings classify 7000 railway stations into seven categories. Under this method the bid is invited from third parties to match or exceed or improve the existing bid.
- Published on: July 21, 2015