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Time of India
13-06-2025
- Business
- Time of India
Namo Bharat corridor in Meerut to unlock real estate potential with transit-led Growth
Meerut leads India in implementing Transit Oriented Development (TOD) zones, integrating them into its 2031 Master Plan. This initiative combines urban development with transit projects, creating potential real estate prospects in the area. The Meerut Development Authority (MEDA) has allocated 3,273 hectares for TOD, with 2,442 hectares divided into seven TOD zones and two special development area (SDA) zones along the Namo Bharat and Meerut Metro routes. "While the majority of the land is privately held and we will earn revenue through FSI, we are also planning a 300-hectare township where we will auction land to private developers," Vijay Kumar Singh, town planner at MEDA told ET. "We are doing the zonal planning in consultation with NCRTC ." The National Capital Region Transport Corporation (NCRTC) is constructing India's inaugural Namo Bharat corridor connecting Delhi, Ghaziabad, and Meerut. This represents India's first Regional Rapid Transit System (RRTS) train service. "By harnessing the potential of transit-oriented development and value capture financing, NCRTC is enhancing the financial sustainability of the Namo Bharat project," said Shalabh Goel, managing director, NCRTC said according to the report. "This integrated approach is poised to redefine the future of transportation infrastructure, fostering vibrant, liveable communities and generating economic value that benefits both the region and its residents." The SDA zones comprise 458 hectares in Meerut South and 373 hectares in Modipuram, situated at opposite ends of the Meerut metro section. Uttar Pradesh established its TOD policy in 2022. International cities including Stockholm, Copenhagen, Hong Kong, Singapore, and Tokyo have effectively utilised TOD to support public transport and improve urban planning, resulting in enhanced economic productivity and living standards. The Delhi-Ghaziabad-Meerut Namo Bharat corridor spans 82 km, with 68 km in Ghaziabad and Meerut districts. The infrastructure will additionally support local metro services in Meerut. The 2017 National Metro Rail Policy emphasised viewing urban mass transit projects as transformation initiatives rather than mere transport projects. It required states to explore various revenue options for long-term financial viability. The housing and urban development ministry introduced value capture financing policy, enabling states and union territories to utilise their assets, including unused land, for infrastructure development. According to UP's TOD policy, areas within 500 metres of city mass transit systems and 1.5 kilometres alongside intercity transit systems like Namo Bharat constitute TOD zones. These zones permit taller, mixed-use developments including residential, commercial, and office spaces with public facilities. The base floor area ratio will increase from 2.5 to 4 in developed areas and 5 in undeveloped areas. Ghaziabad has identified its TOD zones and included them in its master plan, awaiting state government approval for implementation.
Economic Times
25-04-2025
- Business
- Economic Times
Ghaziabad Development Authority to acquire land for new township for Rs 2,500 crore
Agencies Representative Image Ghaziabad Development Authority (GDA) will invest Rs 2,500 crore to acquire 521 hectare land for a new township, opening up land for real estate developers. Following the opening of Delhi-Meerut regional rapid transit system (RRTS), the demand for real estate has in ceased in Ghaziabad but lack of land has kept developers away from launching new projects. According to GDA, it is a flagship scheme of the authority and will soon be taken to the board for approval. 'The land which comes from authority benefit the developers as majority of the common infrastructure is done by them. We are expecting this township to develop similar to Indirapuram. This will also give buyers the option to buy property at the right price,' said Gaurav Gupta, general secretary, CREDAI-NCR. With the Delhi-Ghaziabad-Meerut RRTS corridor becoming operational, the real estate landscape of these satellite towns will change. "Real estate development along the RRTS corridor will be the next big opportunity for the developers. There are large parcels of land ready for development has been identified in Meerut, Modinagar, duhai and Modipurm and smaller parcels have been identified in the Delhi side of the Corridor. The price has already increased by 35- 40 % in the area,' said As per Pankaj Kumar Jain VP CREDAI Ghaziabad and Director KW National Capital Region Transport Corporation (NCRTC), responsible for the Rs 30,000-crore Delhi-Meerut Regional Rapid Transit System (RRTS) project, has also invited bids to lease 45,469 square metres of commercial space across six stations along the corridor.'Ghaziabad has better potentials than its neighbours due to location and infrastructure advantage. Once a congested and heavy traffic laden Meerut road is now offering road and semi high speed rail connectivity which is no where in UP right now. Regions around RRTS will emerge as potential investment hub for residential and commercial purposes,' said Vipul Giri, President, CREDAI Ghaziabad. The NCRTC aims to transform these stations into commercial hubs to boost non-fare revenue. Cities like Hong Kong, Singapore, and Tokyo have successfully implemented TOD strategies to finance public transportation while improving urban planning. In India, the National Metro Rail Policy (2017) encourages transit agencies to adopt TOD and VCF to generate crucial revenue while creating vibrant, transit-friendly communities. International agencies like the Asian Development Bank (ADB) and the World Bank are supporting NCRTC in implementing these initiatives. Currently, Namo Bharat train services are operational across a 42-km stretch of the RRTS corridor, connecting nine stations from Sahibabad to Meerut South. The full corridor spans 82 km, running from Delhi's Sarai Kale Khan to Meerut's Modipuram. Trial runs are also underway at the Anand Vihar and New Ashok Nagar stations in the Delhi section, extending beyond Sahibabad, as part of the phased NCRTC has also identified 17.27 hectares of land in south Delhi's Jangpura area to develop and lease serviced being in close proximity to Delhi, Ghaziabad and satellite areas such as Modinagar, Muradnagar and Meerut could not attract buyer interest the way Gurgaon and Manesar did.
