Gurugram: GMRL to seek land along metro corridor for commercial space
The Gurugram Metro Rail Ltd (GMRL) has decided to seek parcels of land along the metro alignment for commercial development of property to ensure financial viability of the project. As per a GMRL official aware of the matter, the corporation has also decided to seek a share in the (transit oriented development) TOD benefits arising out of the metro project. As per the GMRL, the metro corporation has not been allocated any land for property development presently but it was crucial to develop commerical projects along the alignment to improve and ensure the financial viability of the project through multiple revenue streams. (Parveen Kumar/HT photo)
As per the GMRL, the metro corporation has not been allocated any land for property development presently but it was crucial to develop commerical projects along the alignment to improve and ensure the financial viability of the project through multiple revenue streams. 'It has been decided that GMRL will reach out to the Haryana government and request for allocation of suitable land parcels along the metro corridor for property development and commercial utilisation to support the long-term sustainability of the project. It has also been decided to seek a share in the transit-orented development (TOD) benefits, arising from increased land value and development potential along the metro corridor,' said the GMRL official.
Earlier in March this year, the metro corporation had held a detailed meeting with real estate developers and consultants to seek their views point regarding commercial development of properties and to understand how transit oriented developed had worked out for existing real estate projects in the city.
During the meeting, the metro authorities had sought inputs on how to maximise the alternative revenue sources of Gurugram metro theough property development opportunities at stations, station naming rights, advertising or land based fiscal tools such as land value capture. 'We also wanted to know from the developers regarding the TOD projects in Gurugram by the stakeholders and how they have enhanced project/ property value by catalysing the TOD Zone and enhanced revenue generation,' a senior GMRL official said.
GMRL is the special purpose vehicle of the Haryana government which is executing the Gurugram metro extension project form Millennium City Centre metro station to Cyber Hub. The ₹ 5,452 crore metro project will cover a total distance of 28.5 kilometres and have 27 elevated stations.
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