It's very unlikely for the old station to be renovated. The recent growth of the city around the sanctuary has hindered the movements of birds and a new railway line and heavy construction work will not be allowed under such circumstances. This will irreversibly damage this small island of greenery in the city. The Green tribunal has already forbidden SR from doing any kind of non-forest activity on it's land there.
And besides, the line the was abandoned a long time ago due to the marshy soil there which does not offer much scope of higher speeds on tracks at an economic price. Highly unlikely that SR would go ahead with the plan now.