750-acre township to come up near Delhi-Meerut RRTS – ET Infra

MEERUT: The Uttar Pradesh urban development ministry has approved Meerut Development Authority‘s plan to develop the first-of-its-kind 750-acre state-of-the-art township at Partapur, from where the Delhi-Meerut rapid rail transit system will enter Meerut city.

With less than two years remaining for the country’s first high-speed RRTS to become operational, the proposed township will help develop the infrastructure around the rail corridor that will not only make the RRTS commercially sustainable, but also facilitate transit-oriented development (TOD) which is now a global standard in several developing and developed countries around the world, officials said. “The cost of land acquisition will be around Rs 2,000 crore, out of which the UP government will give 50% as interest-free long-term loan,” said vice chairman of MDA, Abhishek Pandey.

The state government has asked us to work on the project in two phases. And it has already approved the first instalment of Rs 500 crores, which will be put in the cabinet meeting in Lucknow for the final disbursement,” Pandey further added. The NCRTC (National Capital Regional Transport Corporation), the nodal agency entrusted with the task of developing the RRTS infrastructure, will also have a slice of the profit, besides MDA. Chief public relations officer of NCRTC, Puneet Vats, said, “NCRTC is actively working with the development authorities of Meerut and Ghaziabad to develop the identified influence zones along the Delhi-Ghaziabad-Meerut RRTS corridor as per the newly approved TOD policy by the UP government.” The development under Mukhyamantri Shehri Vistar Yojana is an ambitious project that will conform to TOD and value capture financing (VCF) policies, officials added. Under TOD, rail-transit catchment areas are developed to maximise the amount of residential, business and leisure space within walking distance of public transport use. VCF is a method used by governments and private entities to fund infrastructure and development projects by recouping a portion of the increased property value or economic benefits resulting from the project’s implementation to help finance the project. This will also significantly enhance the value of nearby properties. “Land value financing is an innovative way to generate revenue for the RRTS project. Launch of a new township allows us to bring value capture tools such as the sale of additional floor area ratio (FAR) into the picture”, said divisional commissioner Meerut and chairperson MDA, J Selva Kumari.

  • Published On Sep 21, 2023 at 11:41 AM IST

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