AbstractRail infrastructure projects are complex and capital intensive and involve an array of stakeholders. As a result, proper risk management in these projects is crucial for their successful completion. In developing countries such as India, most rail projects experience delays and cost overruns. The present study was conducted in the Indian construction industry to identify the risk factors associated with dedicated freight corridor and mass rapid-transit metro rail construction projects. A total of 31 risk attributes were identified through a literature review. Subsequently, a questionnaire survey was conducted, and responses of 80 experts were collected. The responses were then analyzed using descriptive statistics (relative importance index and analysis of variance) and factor analysis. In total, eight critical risks factors were established from the identified attributes: lack of skill and competency, lack of project resources, political interventions and disputes, poor subcontractor management, poor-quality bid document, scope creep, contractual issues, and client delays. The research findings are expected to help stakeholders understand the critical risks involved in railway construction projects and would allow them to manage their existing resources more strategically.