#RealtyNewsRoundUp: Railways May Unlock Prime Properties For Redevelopment
The Indian Railways may soon unlock its prime residential property across the country for redevelopment, a move that could bring in additional revenue of Rs 20,000-25,000 crore for the national transporter. The Railways owns real estate in all major cities, and has swathes of residential property in Connaught Place, Nizamuddin and Chanakyapuri in New Delhi, apart from land in the heart of Mumbai, Bengaluru, Chennai and Pune.
Municipal authorities have managed to acquire land worth over Rs 2,000 crore, located at different places in Greater Hyderabad for the two-bedroom (2-BHK) housing scheme, a flagship project of Chief Minister K Chandrasekhar Rao.
State-owned Kandla Port Trust has received environment clearance for setting up a Rs 1,176-crore smart industrial port city in Kutch, Gujarat. The proposal is to develop a smart industrial port city at two separate sites in Gandhidham which would house about 35,700 residential flats, schools and parks, and would generate over 60,000 jobs.
The Maharashtra government has shifted annual rent agreement renewal procedures within the departments to its digital platform. From November 1, government-owned properties will be rented out through online service which will essentially save time of the authorities. Henceforth, rent agreements will be carried out through e-rent service, provided on the website www.mahapwd.com.
Source: Media reports