Delhi Metro Rail Corporation (DMRC) Ltd has drawn up plans to generate Rs 2,000 crore by developing properties along the metro railway project with investments from the private sector.
DMRC has already set up a separate property development cell to execute the project. The Delhi Metro Rail Project, sanctioned in 1996, envisages to realise 100 per cent of the project cost through property development.
"We will generate Rs 500 crore through property development during the construction period itself. Over a period of 30 years, property development will provide Rs 2,000 crore to DMRC. The corporation plans optimum utilisation of station buildings as well as land held by the corporation along with stations," DMRC managing director E Sreedharan told Business Standard.
The 8.3-km stretch of the Shahadra-Tis Hazari section, which will be the first to be completed in 2002, has six stations: Shahadra, Seelampur, Gautampur, Shastri Park, ISBT and Tis Hazari. In addition, DMRC is planning to construct 1,500 residential flats on 150,000 square meters of plot area available at Shastri Park Depot.
According to DMRC advisor and the in charge for property development cell R M Raina, the Delhi Development Authority (DDA) had permitted DMRC to develop property up to 100 per cent floor area ratio (FAR) with 25 per cent ground coverage, including platform.
Also, commercial complexes will be developed under elevated corridors, wherever they are built. The first phase of the project, which is currently under implementation, consists of 55.3 km of track length with 45 stations. It is scheduled for completion in March 2005.
All stations may not have the required plot size to develop shopping mall or commercial offices. The stations at the Inter-State Bus Terminus (ISBT) and Tis Hazari have maximum potential for property development in the first phase of the project.
ISBT will be one of the busiest stations attracting 1.5 lakh people every day. Tis Hazari would become important spot for property development due to the court. DMRC will get premium the space in such stations, Raina said.
According to Sreedharan, space inside the station will be given to private entrepreneurs on lease for shops, advertisement kiosks, restaurants, among others. The land held by DMRC along the station for parking will be utilised realistically to create extra space for commercial purposes.
Independent building blocks would be constructed in the available land for office space, which could be either auctioned or leased, said Sreedharan. DMRC is talking to concerned agencies, including DDA, for the same.
