Connaught Place in Delhi may soon get 2.5 million sq ft of new commercial real estate

NEW DELHI: The iconic Connaught Place in Delhi will soon have 2.5 million sq ft of new commercial real estate, courtesy the Indian Railways, reports Faizan Haidar. The Rail Land Development Authority (RLDA) plans to redevelop the New Delhi Railway Station, which will free up the sprawling piece of land in the middle of India’s most expensive commercial hub.

RLDA, under the railways ministry, is the statutory authority for development of vacant railway land for commerical use.

The entire area which will be developed is around 8 million sq ft, of which the selected developer will be allowed to exploit 2.5 million sq ft for commercial purpose,” said Ved Parkash Dudeja, vice chairman of RLDA.

“The project will be funded through money generated by commercial development.” RLDA expects a total investment of Rs 7,000 crore, of which Rs 4,500 crore will be mandatorily spent on the redevelopment of station and offices related with the railway functioning.