Indian Railways plans to invite bids from real estate developers to set up commercial complexes on its vacant land, as part of efforts to increase revenue. In a written reply to Parliament, minister of state for railways R Velu also said private investment would be sought to modernise 26 major stations. The ministry has set up Rail Land Development Authority for commercial development of vacant railway land for generating revenue. "As per current thinking, railway land is to be given to developers for commercial development through transparent bidding process on long term lease basis for development work without any budgetary resources," he said.
Courtesy: ET dtd.25-04-2008