MoU signed to Create NCRTC to Construct the Regional Rapid Transport System
MoU signed for setting up of New Corporation for Regional Rapid Transport System to smoothen travel in extended NCR.
A Memorandum of Understanding (MoU) was signed on 1 August 2013 to set up a new company, named the National Capital Region Transport Corporation (NCRTC) to construct the Regional Rapid Transport System (RRTS).
The Union Ministry of Railways, Union Ministry of Urban Development and the National Capital Region Planning Board (NCRPB) and the state Governments of Delhi, Haryana, Rajasthan, Uttar Pradesh agreed for the creation of a company the National Capital Region Transport Corporation (NCRTC). RRTS is the high Speed rail network to connect the cities of National Capital Region. The Union Cabinet cleared the creation of NCRTC on 11 July 2013
NCRTC will implement individual RRTS corridors either through separate Special Purpose Vehicles (SPVs) or on Public Private Partnership (PPP) mode.
The NCRTC will also design, develop, implement, finance, operate and maintain the Regional Rapid Transport System (RRTS) in the National Capital Region to provide comfortable and fast transit to NCR towns, and meet the high growth in transport demand.
• The Corporation will have a initial capital of 100 crore rupees on a 50:50 ownership pattern with 50 per cent owned by the Centre and 50 per cent by the State Governments.
• Union Ministry of Urban Development and Ministry of Railways will have 22.5 percent equity each in the project, with 5percent equity of NCRPB and four State Governments will have equity of 12.5 percent each.
NCRPB had envisioned setting up of eight rapid transport corridors connecting NCR to nearby areas in its functional plan of 2023.
Regional Rapid Transport System (RRTS)
The RRTS will be built on the lines of Delhi Metro in order develop the Northern plains and reduce the congestion in Delhi and making travel easier for people in cities and towns within a 100-200 km radius of Delhi to commute to and from the NCR.
In the first phase, the RRTS will cover
• A 111 km stretch between Delhi-Soniapat-Panipat with an estimated cost of 18755 crore rupees
• A 180 km stretch between Delhi-Gurgaon-Alwar at an estimated cost of 32141 crore rupees.
• A 90 km stretch between Delhi-Ghaziabad-Meerut at an estimated cost of 21274 crore rupees.
The total length of the three corridors will be 381 km and estimated cost of will be 72000 crore Rupees and The first phase RRTS is expected to completed in five years from the time of land acquired.
A total of 48 stations will be built on these corridors, with an expected ridership between four to seven lakh.
The government would raise the fund for the developing RRTS through innovative financing mechanism like property development along the transit corridors and stations, and through increased property tax collections and increased floor area ratios.
The rapid transport system is expected to boost real estate and other development prospects in the expanding NCR region.