First Phase of Redevelopment of Safdarjung Railway Station by 2019
IRCON will carry out design, construction and marketing of the project. The Phase-I of the project will come up on the Moti Bagh side of the station and is targeted for completion by January 2019.
File photo of the Safdarjung railway station. (Getty Images)
New Delhi: The first phase of redevelopment of Safdarjung railway station here is expected to be complete by January 2019, the Railway Ministry said on Thursday.
Indian Railway Construction Company Limited (IRCON), a public sector undertaking (PSU) and the Rail Land Development Authority (RLDA), a statutory authority under the Ministry of Railways, on Thursday signed a memorandum of understanding to implement the project.
"IRCON will carry out design, construction and marketing of the project. The Phase-I of the project will come up on the Moti Bagh side of the station and is targeted for completion by January 2019," a statement from the ministry said.
They are expected to leverage the commercial potential of the railway land around the station as well as the air space above it.
The station is proposed to be developed on a self-financing model for which finance will be raised through marketing of the commercial built-up area that will be developed on the surplus railway land and air space as part of the station development project.
The land and the constructed buildings will continue to remain under the ownership and control of the RLDA and only the commercial built-up area will be leased for up to 45 years by RLDA, the statement said.