NEW DELHI: Connectivity between Delhi and the towns of Alwar, Meerut and Panipat is set to receive a boost as the NCR states and the Centre entered into an agreement today to form the National Capital Region Transport Corporation (NCRTC).
The NCRTC will be the agency that would build three Rapid Regional Transit System (RRTS) corridors connecting Delhi- Gurgaon-Alwar, Delhi-Ghaziabad-Meerut and Delhi-Panipat at an estimated cost of Rs 72,000 crore.
Urban Development (UD) Secretary Sudhir Krishna said the RRTS corridors which are expected to be built in five years, once the construction work starts, would "completely transform the National Capital Region".
Speaking to reporters after signing of memorandum and articles of association of NCRTC, he said the Union cabinet had on July 7, approved the formation of the corporation.
He said that the new body would have a share capital of Rs 100 crore of which the UD and Railway ministries would contribute 22.5 per cent each, the NCR Planning Board 5 per cent, while Delhi, Haryana, Rajasthan and Uttar Pradesh governments would put in another 12.5 per cent each.
The funding pattern of the three rail-based corridors, however, would be chalked out separately, keeping in mind factors like the territory that a line covers in various states.
Speaking further, Krishna said that since the financing requirements of the projects are to a tune of Rs 72,000 crore, the resources of state and central governments would not be sufficient. He advocated methods like allowing additional Floor Area Ratio (FAR), levy of impact fee and loans from domestic sources for raising of finances.