Construction of residential complexes will now be allowed around railway stations as part of an ambitious redevelopment programme of the Indian Railways approved by the Union Cabinet on Wednesday, a source said.
The Cabinet approval has cleared the way for the railways to commercially develop land and air space in and around stations and also provided for a longer lease tenure of up to 99 years from the previous 45 years.
According to news agency PTI, the source said the approval for residential complexes is not a blanket one, but will be decided on a case-to-case basis.
Senior railway officials said allowing residential development along with commercial development as part of the project will enhance its commercial viability. Read more