Facing an acute financial crisis, the Delhi Metro Rail Corporation (DMRC) is focusing on property development to generate more revenue.
The DMRC has decided to come up with a commercial complex in the heart of the city near Jantar Mantar where it will rent out space for offices.
A DMRC official said that a notification from the Ministry of Urban Development on changes in the Transit Oriented Development Policy (TOD) has also paved the way for vertical growth along the Delhi Metro corridor, which will eventually help them to use more space for commercial purposes.
Under the TOD policy, a floor area ratio (FAR) of 400 has been approved.
This will enable highrises to come up in these areas and make for denser colonies. TOD colonies can come up in the ‘influence zone’ of the Metro which extends to 500 metres on both sides of the corridor.
“We have a property near Jantar Mantar where we will construct a four-floor commercial complex and rent it out to generate more revenue. Also the increase in FAR will help us to use more area for commercial activities. We have space for shops at Jhilmil, Mansarovar Park, Vaishali, Mayur Vihar phase one and Dwarka metro stations,” said a DMRC official.
DMRC says that the demand for office space in New Delhi is high and can generate good revenue.
“We will prepare a brochure for the complex and people willing to have an office there can book it in advance. The construction will start only after receiving sufficient booking,” the official added.
According to officials, TOD focuses on a more sustainable land use by minimizing travel time for citizens, promoting use of public transport, reducing pollution and congestion, creating more homogeneous neighborhoods, having work places near residences, creating public amenities within walking distances and providing a safer environment.
As per the policy, it will be mandatory to use a minimum of 30% of overall FAR for residential use, a minimum of 10% of FAR for commercial use and a minimum of 10% of FAR for community facilities.
As much as 20% of the land will have to be used for roads/circulation areas.