The growing requirement for infrastructure financing has led to increased focus on
asset monetisation as a strategic policy tool. Indian Railways, with its extensive
land bank and strategic urban presence, represents a significant opportunity for
generating non-fare revenue through structured land monetisation. The National
Monetisation Pipeline (NMP 2.0) provides a formal framework for this process.
This study examines the financial and institutional framework of land monetisation
within Indian Railways using a case study approach. The analysis integrates policy
review, financial evaluation, and institutional assessment to understand the
effectiveness of different monetisation models.
The findings indicate that while financial models such as revenue sharing and
hybrid structures offer potential for long-term value capture, their effectiveness is
constrained by institutional fragmentation, regulatory complexity, and valuation
misalignment. The study highlights that monetisation outcomes are determined by
the interaction between financial structuring and institutional capacity rather than
asset availability alone.
A key insight is that hybrid monetisation models, combining upfront revenue with
long-term income streams, provide a balanced approach to value optimisation. The
study also emphasises the need for integrated institutional frameworks, improved
valuation methodologies, and streamlined approval processes.
The research concludes that land monetisation can evolve into a sustainable
revenue mechanism for Indian Railways, provided that financial innovation is
supported by institutional reform and effective governance.
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Abstract
Chapter information
| Chapter title | Financial and Institutional Framework for Land Monetisation by Indian Railways Under National Monetisation Pipeline (NMP 2.0) |
|---|---|
| Author(s) | Ramanand Bhagat, GM/Accounts, Indian Railways | Abhinanda Bhattacharya, Assistant Professor Sharda University |
| Book title | Confluence of Perspectives: Essays in Leadership, Management and Society Vol.1 |
| Editor(s) | Abhinanda Bhattacharya | Dr. Ruchi Jain Garg |
| Book Doi | https://doi.org/10.67103/IRG.COP1.2026.9788168516410 |
| DOI | https://doi.org/10.67103/IRG.COP1.2026.9788168516410.5 |
| Publication date | July 17, 2026 |
| Access | Restricted access |
How to cite
Ramanand Bhagat, GM/Accounts, Indian Railways | Abhinanda Bhattacharya, Assistant Professor Sharda University. 2026. Financial and Institutional Framework for Land Monetisation by Indian Railways Under National Monetisation Pipeline (NMP 2.0). In: Abhinanda Bhattacharya | Dr. Ruchi Jain Garg (eds). Confluence of Perspectives: Essays in Leadership, Management and Society Vol.1. Book Doi https://doi.org/10.67103/IRG.COP1.2026.9788168516410. https://doi.org/10.67103/IRG.COP1.2026.9788168516410.5