Rail Land Development Authority Plans Tenders Worth Rs 10,000 Crore This Fiscal To Monetise Land

Rail Land Development Authority Plans Tenders Worth Rs 10,000 Crore This Fiscal To Monetise LandIndian Railways. (Representative Image)(NOAH SEELAM/AFP/GettyImages)

In a bid to monetise the land with railways, the Rail Land Development Authority (RLDA) plans to award tenders worth Rs 10,000 crore in 2020-21, reports The Economic Times.

“In the coming days we will be coming up with more land parcels across mega-cities of the country, and this will provide an opportunity to developers to partner with the RLDA,” said RLDA vice chairman Ved Parkash Dudeja, as per the report.

It must be noted that RLDA owns land in some of the prime locations across major cities including Chennai, Bengaluru and Hyderabad.

If reports are to be believed, the authority is planning to extract value from 74 commercial sites, including six hectares in posh Mumbai areas such as Bandra, Mahalaxmi and near the Lokmanya Tilak Terminus in Kurla in phases.

Earlier this week, the RLDA leased 10.76 hectares of land with a development potential of 2.66 million square feet in Delhi’s Ashok Vihar to Godrej Properties for Rs 1,359 crore.

“The sale of the land will give more confidence to private players and help monetise land parcels across major cities,” added Dudeja.

Moreover, in the next fiscal tender would be invited for modernisation of 55 railways stations across the country and redevelopment of railways colonies by the authority. So far in the current fiscal, it has it has awarded tenders worth Rs 1,600 crore so far and expects to close the fiscal with a total collection of Rs 1,850 crore.