Delhi: Connaught Place to get 2.5 Million sq ft of New Commercial Real Estate Soon

Thanks to the Indian Railways, Connaught Place in Delhi is soon going to be home to 2.5 million sq ft of new commercial real estate. The Rail Land Development Authority (RLDA) has recently revealed plans to re-develop the New Delhi Railway Station, which when done would free up a premium piece of land, dead center in the middle of India’s most expensive commercial hub.

According to the vice chairman of RLDA, the total area to be developed is around 8 million sq ft out of which 2.5 million sq ft, with the selected developer, will be used to develop commercial space.  Aside from all the positives you get from a commercial development, it would also be helpful to raise the funds for the re-development of the station from the money generated through this new commercial development.

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The investment is projected to sit somewhere around Rs 7,000 crore, of which Rs 4,500 core is to be spent just on the redevelopment of station and offices related with the railway functioning. RLDA which comes under the ministry of railways is the statutory authority for the development of the land for commercial use.