The Railways could soon be raising as much as Rs 600 crores from leasing out some of the real estate it holds, a senior official has said.

"We plan to lease 15 plots in different metros and Tier II cities on long lease this fiscal and hope to net Rs 600 crore through this," Rail Land Development Authority, member-finance, F Mehmood, told PTI here on Wednesday.

"We have identified a land-bank of 1,900 hectares for development. This will be leased out in phases. We have appointed 15 consultants for this purpose," he said.

Most of the land available for lease is in the eastern region, he said.

Leasing its land for residential purposes is not under consideration presently, the official said but added that "if good proposals come, then we may think about it."

In the first phase, railway lands in Bandra in Mumbai, Aurangabad (Maharashtra) and Jamnagar (Gujarat) are among the plots the Railways is planning to lease out to fund its infrastructure development, he said.