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Indian Express
22-06-2025
- Business
- Indian Express
RRTS boosts land prices in Meerut, Ghaziabad; 30% to 67% growth witnessed since October 2023
Land prices and housing demand have increased along the Delhi-Ghaziabad-Meerut stretch of the Namo Bharat corridor, with data from developers and consultants showing a 30% to 67% rise in property value since it began operations in October 2023. The Namo Bharat corridor, built at a cost of ₹30,274 crore, connects Delhi to Meerut through Ghaziabad. It is the first of several Regional Rapid Transit System (RRTS) lines planned across the National Capital Region (NCR). The 82-km line is currently operational over a 55-km section. 'When the Namo Bharat project was conceptualised, one of the aims was to enable polycentric development in the NCR… We are also harnessing the potential of Transit-Oriented Development (TOD) in the region to foster vibrant, liveable communities,' Shalabh Goel, managing director of the National Capital Region Transport Corporation (NCRTC), said. The city that seems to have benefited the most is Meerut, where land rates have reportedly increased from ₹8,000-12,000 per square yard to ₹12,000-20,000. Properties within two kilometres of Namo Bharat stations have seen a 30% to 50% increase in value in the last two years, according to market estimates. Industry representatives say the rise in demand is being driven by improved access to Delhi and changes in commuter behaviour. The Meerut Development Authority has earmarked 3,273 hectares for TOD in its 2031 master plan. Of this, 2,442 hectares have already been delineated into TOD zones and special development areas. These areas will be served by both the RRTS and the local Meerut Metro. Developers said there has been growing interest in plotted housing, gated societies, and mid-rise apartments in parts of Meerut and Ghaziabad. 'Property prices in areas along the RRTS route have appreciated by 35-40%, reflecting a structural shift driven by infrastructure-led demand… Meerut is fast positioning itself as a credible alternative to legacy NCR markets,' Pritam Mishra, senior vice president at Paras Buildtech, said. 'This is not a cyclical upswing but a deep, infrastructure-driven revaluation of the market,' he added. Real estate firms said that residential development is being accompanied by commercial activity, with integrated townships, healthcare facilities and educational centres being planned within walking distance of transit nodes. According to Santosh Agarwal, executive director of Alpha Corp, a consultancy, 'The combination of affordable land, world-class infrastructure, and increasing demand for premium, sustainable developments is positioning Ghaziabad and Meerut as prime locations for commercial enterprises, tech startups, and skilled professionals.' Samir Jasuja, Founder and CEO of PropEquity, which conducts research in the field, said, 'The Delhi-Meerut RRTS will be a game-changer in the way people live and commute in Delhi-NCR. Its impact on the property prices in Ghaziabad is evident with the launch price of homes more than doubling in the last five years. In fact, branded developers have either forayed into or are scouting for land along or in the vicinity of this corridor. Bengaluru-based Prestige Group recently launched its project in Ghaziabad. At a time when the housing market across top markets is coming down from its peak, new launches and sales in Ghaziabad have lifted the Delhi-NCR housing market in Q2 2025.' Devansh Mittal is a trainee correspondent with The Indian Express. He studied political science at Ashoka University. He can be reached at ... Read More
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.
Time of India
31-05-2025
- Business
- Time of India
Meerut Transit Oriented Development: Meerut Pioneers Transit Oriented Development Zones in India, ET Infra
Advt By , ET Bureau Meerut has become the first city in India to integrate transit oriented development (TOD) zones into its 2031 Master Plan. This would incorporate urban development around a transit project, potentially unlocking new real estate opportunities in the region. Meerut Development Authority (MEDA) has earmarked about 3,273 hectares for the TOD, out of which 2,442 hectares have been delineated into seven TOD zones and two special development area (SDA) zones around the Namo Bharat and Meerut Metro corridors."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," said Vijay Kumar Singh, town planner at MEDA. "We are doing the zonal planning in consultation with NCRTC ."National Capital Region Transport Corporation (NCRTC) is implementing India's first Namo Bharat corridor between Delhi, Ghaziabad, and Meerut. Namo Bharat is India's first regional rapid transit system (RRTS) train service with the first being the Delhi-Ghaziabad-Meerut project."By harnessing potential of transit-oriented development and value capture financing, NCRTC is enhancing financial sustainability of Namo Bharat project," said Shalabh Goel, MD, NCRTC.
Time of India
31-05-2025
- Business
- Time of India
Transit oriented development in Meerut to unlock real estate on Namo Bharat corridor
Meerut has become the first city in India to integrate Transit Oriented Development (TOD) zones into its 2031 Master Plan. This would incorporate urban development around a transit project, potentially unlocking new real estate opportunities in the region. Meerut Development Authority (MEDA) has earmarked about 3,273 hectares for the TOD, out of which 2,442 hectares have been delineated into seven TOD zones and two special development area (SDA) zones around the Namo Bharat and Meerut Metro corridors. '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,' said Vijay Kumar Singh, town planner at MEDA. 'We are doing the zonal planning in consultation with NCRTC.' National Capital Region Transport Corporation (NCRTC) is implementing India's first Namo Bharat corridor between Delhi, Ghaziabad, and Meerut. Namo Bharat is India's first Regional Rapid Transit System (RRTS) train service with the first being the Delhi-Ghaziabad-Meerut project. '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. '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 two SDA zones—458 hectares as Meerut South SDA Zone and 373 hectares as Modipuram SDA Zone—are located on two ends of the Meerut metro section of the corridor. The Uttar Pradesh government formulated its TOD policy in 2022. Globally, cities like Stockholm, Copenhagen, Hong Kong, Singapore, and Tokyo have successfully used TOD to fund public transportation and enhance urban planning. It has, in turn, improved economic productivity and quality of life for people in these cities. Out of the entire 82 km of the Delhi-Ghaziabad-Meerut Namo Bharat corridor, 68 km falls under Ghaziabad and Meerut districts. In addition, the Namo Bharat infrastructure will also host local metro services in Meerut. The National Metro Rail Policy 2017 said urban mass transit projects should not merely be seen as urban transport projects but more as urban transformation projects. It mandated states to explore conventional and innovative non-fare box revenue (NFBR) options for the long-term financial sustainability of the projects by formulating their own policies. The housing and urban development ministry took a major step forward by introducing a value capture financing policy, providing a framework for states and union territories to harness the potential of their assets – including underutilised land – to drive infrastructure development. As per UP's TOD policy, areas within 500 meters of city mass transit systems like metro lines, and 1.5 kilometres on each side of intercity transit systems like Namo Bharatr, are considered TOD zones, where building taller, mixed-use developments will be promoted. This includes residential, commercial, and office spaces, along with public amenities. Also, base floor area ratio (FAR)—currently at 2.5—will be increased in areas under the TOD Zone to 4 in developed areas and 5 in undeveloped areas. Ghaziabad has also identified TOD zones and incorporated them in its city master plan. It is currently awaiting final approval from the state government for implementation.
Time of India
30-05-2025
- Business
- Time of India
Transit Oriented Development in Meerut to unlock real estate on Namo Bharat corridor
Live Events (You can now subscribe to our (You can now subscribe to our Economic Times WhatsApp channel Meerut has become the first city in India to integrate Transit Oriented Development (TOD) zones into its 2031 Master Plan. This would incorporate urban development around a transit project, potentially unlocking new real estate opportunities in the Development Authority (MEDA) has earmarked about 3,273 hectares for the TOD, out of which 2,442 hectares have been delineated into seven TOD zones and two special development area (SDA) zones around the Namo Bharat and Meerut Metro corridors.'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,' said Vijay Kumar Singh, town planner at MEDA. 'We are doing the zonal planning in consultation with NCRTC.'National Capital Region Transport Corporation (NCRTC) is implementing India's first Namo Bharat corridor between Delhi, Ghaziabad, and Meerut. Namo Bharat is India's first Regional Rapid Transit System (RRTS) train service with the first being the Delhi-Ghaziabad-Meerut project.'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. '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 two SDA zones—458 hectares as Meerut South SDA Zone and 373 hectares as Modipuram SDA Zone—are located on two ends of the Meerut metro section of the Uttar Pradesh government formulated its TOD policy in 2022. Globally, cities like Stockholm, Copenhagen, Hong Kong, Singapore, and Tokyo have successfully used TOD to fund public transportation and enhance urban planning. It has, in turn, improved economic productivity and quality of life for people in these of the entire 82 km of the Delhi-Ghaziabad-Meerut Namo Bharat corridor, 68 km falls under Ghaziabad and Meerut districts. In addition, the Namo Bharat infrastructure will also host local metro services in National Metro Rail Policy 2017 said urban mass transit projects should not merely be seen as urban transport projects but more as urban transformation projects. It mandated states to explore conventional and innovative non-fare box revenue (NFBR) options for the long-term financial sustainability of the projects by formulating their own housing and urban development ministry took a major step forward by introducing a value capture financing policy, providing a framework for states and union territories to harness the potential of their assets – including underutilised land – to drive infrastructure per UP's TOD policy, areas within 500 meters of city mass transit systems like metro lines, and 1.5 kilometres on each side of intercity transit systems like Namo Bharatr, are considered TOD zones, where building taller, mixed-use developments will be promoted. This includes residential, commercial, and office spaces, along with public amenities. Also, base floor area ratio (FAR)—currently at 2.5—will be increased in areas under the TOD Zone to 4 in developed areas and 5 in undeveloped has also identified TOD zones and incorporated them in its city master plan. It is currently awaiting final approval from the state government for implementation.
