Indian Railways has targeted ₹7,500 crore from three land parcels near metro stations in Delhi through monetization under the Transit Oriented Development (TOD) scheme. The Rail Land Development Authority (RLDA) has written to the Delhi Development Authority (DDA) to include land parcels at Kishanganj, Shakur Basti and Punjabi Bagh under the TOD policy. The 15.27 hectare land at Kishanganj was put on sale for ₹1,860 crore but in between the DDA approved the TOD policy. Because the land is close to the metro station, under the new policy, it can fetch up to ₹2,700 crore, said vice chairman of RLDA, Ved Parkash Dudeja. DDA usually allows 10% area of the land for commercial development while under the TOD it can go up to 30%, which leads to increase in land price. Demand for commercial space is more than the residential and dynamics changes allow more area for commercial use. By joining hands with the Railways, the developer will get land without any litigation as RLDA is offering about 100 acres of land at the three locations close to the metro stations in Delhi, besides land parcels at other locations in the national capital. It may be recalled that DDA has approved the TOD policy along metro stations in Dwarka Sector 18, Dwarka Sector 21, Mayur Vihar Extension, Mukundpur, Sarojini Nagar and INA.
📅Published on:
15 October 2019
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