As the national transporter looks to raise funds, officials announced on Thursday that prime railway land near the iconic Howrah station will be offered on a 99-year lease for residential and commercial development. Officials told the media that the 88,300 sq m land parcel, which is located along the Hooghly riverbank, will be auctioned with a reserve price of Rs 448 crore. The 88,300 sq m land parcel is located along the Hooghly river bank and will be auctioned off with a reserve price of Rs 448 crore. During the pre-bid meeting, the initial feedback from local developers was positive. Bids must be submitted by the 29th of August. The Rail Land Development Authority (RLDA) is a statutory body that oversees the development of railway land under the Ministry of Railway. Its development plan includes four key mandates—commercial leasing, colony redevelopment, multi-functional complexes and station redevelopment. RLDA Vice-Chairman Ved Parkash Dudeja told the media that Howrah is in West Bengal's thriving commercial centre. Salt Golah's land is suitable for both residential and commercial development. There are also opportunities to develop water sports facilities. Golabari Ghat and Ratnakar School border the site on the north, Signal Workshop and Railway Printing Press on the south, the Hooghly River on the east, and Salkia School Road on the west. Officials said that the lessee will be given limited marketing rights and will be required to develop the site within 10 years. Around 43,000 hectares of vacant land are owned by Indian Railways across the country. RLDA is currently working on 84 railway colony redevelopment projects and has just leased three railway colonies for redevelopment in Guwahati and Secunderabad. RLDA has over 100 commercial (greenfield) sites for lease throughout India. Image Source Also read: RLDA floats tender to lease vacant land parcel in Guwahati Also read: RLDA to invite bids to lease land in Chennai