A Memorandum of Understanding (MoU) has been entered into between Ministry of Railways (MOR) and Ministry of Urban Development (MOUD) for integrated planning of railway stations in the cities included in the ‘SMART Cities’ and Atal Mission for Rejuvenation and Urban Transformation (AMRUT) scheme. This would lead to an integrated public transit hub around the railway stations and encourage Transit Oriented Development.
Each Smart City has incorporated a Special Purpose Vehicle (SPV) to execute the Smart City Plan. The SPV may form a joint venture company with an MOR-designated entity to implement railway station redevelopment projects in that city and in its suburbs.
Another form of joint venture could be between the MOR designated entity, the Smart City SPV and the National Building Construction Corporation Ltd. (NBCC), a Public Sector Undertaking under MOUD.
Besides above two models, MOUD and MOR may decide jointly about any other mutually agreed model if considered necessary.
Railway has also advertised its plan to offer ‘A-1’ and ‘A’ category stations for redevelopment on ‘as is where is basis’ by inviting open bids from interested parties with their designs and business ideas.