Nagpur metro TOD brings only Rs 15 crore in 21 months

Nagpur metro TOD brings only Rs 15 crore in 21 months
19/03/2019 , by , in News/Views

Against the anticipated Rs 1,000 crore in two years, the Metro Rail transit oriented development (TOD) has fetched only Rs 15.02 crore in the last 21 months. The NIT, NMC and MahaMetro had expected that revenue from TOD would be Rs 10,000 crore in 20 years.

Across the city, floor space index (FSI) for residential is 1-1.25 and 2.5 for commercial. The TOD policy, which came into affect in June 2017, allowed more than 4 FSI and various other relaxations in building plans. This was to encourage construction of high rises which would have raised extra revenue to help MahaMetro repay loans and bear some cost of operations.

Like in foreign countries, TOD was introduced to raise revenue from non-ticketing sources and also facilitate a hike in the number residents in the area who would use the Metro Rail. The planning authorities — NMC and NIT — were to get 50% and the balance to Metro Rail.

TOD could only be used on existing plots in 500 metres on either side of Metro Rail corridors (43.11 kms). Relaxations were permitted in side, rear, front margins, open balconies in side margins etc.

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