GDA agrees to increase stamp duty and EDC to fund RRTS project

Anushka Khare Posted on: 2019-06-28 09:08:43 Viewer: 969 Comments: 0 Country: India City: New Delhi

GDA agrees to increase stamp duty and EDC to fund RRTS project

Ghaziabad (Urban Transport News): In a meeting of Ghaziabad Development Authority (GDA) on Wednesday, the board has approved the proposal of National Capital Region Transport Corporation (NCRTC) for raising finds for the Delhi-Ghaziabad-Meerut RRTS project. GDA agreed to increase both in the stamp duty and external development charges (EDC) in areas like Indirapuram and Raj Nagar Extension of NCR. The information has been shared by the GDA officials that it had agreed to three of four “value-capturing” proposals received from the NCRTC which, once approved, would be implemented in areas that come under administrative control of authority.

The proposals will now be sent to state government for approval. GDA vice-chairperson Kanchan Verma informed that the NCRTC had last year suggested heads under which funds could be raised for Delhi-Ghaziabad-Meerut RRRT corridor which costs Rs 30,274 crores. Explaining the proposal Kanchan Verma said,

We have accepted the NCRTC’s proposal to hike stamp duty by 1% in areas under GDA’s jurisdiction. A suggestion to raise external development charges (EDC) has also been accepted but with modifications — the NCRTC wanted a 50% hike in EDC but we have agreed to 25%.

GDA has also accepted the another proposal to increase purchasable floor area ratio (FAR) in the RRTS influence zone. Verma said-

Normally, we allow FAR of 1.5 but an FAR of 4 in areas in and around RRTS stations has been agreed to, which means that extra floors and construction will be allowed in the influence zone to generate more revenues.

But it’s not clear how influence zone will be defined by either authority or NCRTC. The nearest station of Delhi-Ghaziabad-Meerut RRTS corridor from Indirapuram will be Sahibabad, but unlike Indirapuram, which is a GDA area, Vaishali and Vasundhara are not even though they are closer to Sahibabad. However, the proposal to charge for land-use conversion suggested by NCRTC has been rejected by the authority. Out of the total project cost of Delhi-Meerut RRTS project, the UP government will bear Rs 6,500 crores. The 82 km Delhi-Ghaziabad-Meerut RRTS corridor will connect Delhi (Sarai Kale Khan) to Meerut (Modipuram) of Uttar Pradesh.

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