Our association with the railway station is fundamentally rooted in our childhood experience. It encompasses all the nostalgia embedded in going to our ancestral place and vacations during school breaks to the romantic notion of discovering a country and finding ourselves as vividly as Gandhiji's train journey through India. From DDLJ to Yeh Jawaani Hai Deewani, trains and railway stations are at the heart of our experience as Indians.

But nostalgia is not enough. There is a desperate need to bring railway stations to the 21st century and meet the high and increasing aspirations of Indians throughout various socio-economic classes. Recent steps by the Ministry of Railways have been very encouraging and will help achieve this vision. Among them, designating IRSDC as a nodal agency is a great step because it allows the creation of an organization with specialized skills unique to railway stations.

A lot of thought has gone into creating a standard for a model railway station. Here are a few thoughts emphasizing certain softer aspects to help transform a good railway station redevelopment effort into a great and economically successful one.

Integrating the Local Area

Railway stations are situated literally at the heart of the city. The areas around the railway station are wholesale markets, historic residential areas, and traditional retail. These areas have not seen the opportunity afforded by commercial investment, retail, and entertainment opportunities.

Unlike airports, railway stations are integral to the area's economy. Having a modern transportation hub should increase the area's commercial and employment viability. All the great railway stations around the world see high property prices because of the commercial opportunity afforded by a transportation hub and are seen as central to revitalizing an area.

One positive change in the last few years has been the connectivity with metro systems to major railway stations. This needs to be developed further by making the railway station pedestrian friendly. Simple steps like ensuring that the local area can easily and unobtrusively access the railway station by walking to it and accessing its services would go a long way.

The Whole is Greater Than the Sum of Parts

A railway station is not a checklist of escalators, retiring rooms, sitting areas, bathrooms, and food courts. It should aspire to something more than a metro station, where a user is hardly present for more than five minutes and efficiency is the chief criterion.

Railway stations are far greater than this. They represent the city, state, and in some cases, the country, to a wider audience. They should necessarily be a source of civic pride. Railway stations, unlike roads, cannot be expanded at will by acquiring additional land and have to be designed for a long life.

Good design is top-down led. Good design should not mean expensive materials, but rather a well-thought-out flow integrating first and foremost the needs of train passengers while also considering the local citizen. The developer and the architect design for a "feel" and make creative decisions based on cost constraints and business models.

Seamless Integration Across Passenger Segments

In a country with rapid economic growth and a young population, aspirational travel and disposable income will increase rapidly. With social mobility on the rise, people are aspiring to new experiences. People do not want to be pigeonholed and restricted because of their class of travel.

Having separate women's waiting areas, II Class waiting areas, AC waiting areas, and paid resting rooms seems archaic for our time. Instead, there should be large common air-conditioned waiting areas with modern food, beverage, and retail options catering to all price points. Resting rooms should be replaced by paid executive lounges or by utilizing the large number of budget hotels available around major railway stations.

At the same time, areas should be designed to appeal to different consumer segments. Some passengers prefer a quiet terminal-like environment without announcements, while others appreciate and require announcements. These differences must be accommodated without restricting freedom of movement.

Significant and affordable food options should be available for lower-income passengers through initiatives like Jan Aahar and other low-cost offerings. Railway stations should also provide space for NGOs and Railways to offer social services such as medical assistance and discounted medicines.

Financing the Transformation

But how do we finance these improvements?

Without going deeply into various PPP structures, the larger point is to expand our idea of what a railway station is from a financial perspective. Railway stations should be viewed as an asset class similar to roads and airports. They possess both:

• Financial value: what developers and investors are willing to pay for it.

• Capital value: the cost of redeveloping it.

The gap between these two values represents the funding required for redevelopment. This gap can be bridged through mechanisms such as Viability Gap Funding (VGF) or by utilizing proceeds from additional railway land through cross-subsidization.

The gap is not fixed. The financial value of a railway station can increase if:

• The cost of capital decreases (for example, through infrastructure equity investors instead of real estate equity investors).

• There is a consistent deal flow.

• The inherent value of the asset increases through longer concession periods and greater flexibility.

These factors would reduce, or even eliminate, the need for subsidies while enabling higher returns to be shared with the Railways.

Conclusion

Remaking railway stations is a once-in-a-generation opportunity. Getting it right will help transform them into the centerpieces of communities and create a whole new generation of stories, ensuring that the Railways remain both the emotional and physical lifeline of the country.