In a first, Railways to long-lease prime plot at Mahalaxmi to private developers
3 months ago

In a first, Railways to long-lease prime plot at Mahalaxmi to private developers

Hindustan Times  

MUMBAI: Indian Railways has identified the first piece of railway land in Mumbai to be leased out for 99 years to a developer. This over-two-acre empty plot, neighbouring the infamous Shakti Mills, is located in Mahalaxmi, faces the Race Course and is parallel to the Western Railway line. “It’s an empty plot of railway land, which is covered with weeds and shrubs,” said a senior rail official. “We expect this land to be lucrative for developers especially since luxury housing is becoming increasingly popular in Mumbai.” Real estate experts said the area was already a hotspot for leading developers constructing skyscrapers with residential and commercial office spaces. The railway ministry has proposed to give over 47.5 acres of rail land at Matunga and Mahim for the Dharavi Redevelopment Project, of which 29 acres have been handed over on a 99-year lease.

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Railways may lease out land to real estate developers in Delhi, Mumbai and Bengaluru
8 months, 3 weeks ago

Railways may lease out land to real estate developers in Delhi, Mumbai and Bengaluru

Hindustan Times  

India’s largest landowner, the Indian Railways, has identified 341.93 hectares of prime land across the country which will be given out to private developers on a 90-year-lease, and from which the railways hopes to generate ₹5000 crore. In Mumbai, the railways are looking to hive off 110.46 hectares at Grant Road, Tardeo, Parel, Bandra east and west, Carnac Bunder among …

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