New Delhi: The Union Cabinet on Thursday approved the proposal to form a company — National Capital Region Transport Corporation Limited (NCRTCL) — to construct rail corridors in regions around the National Capital Region (NCR).
The 381-km rail corridor will include Delhi-Sonipat-Panipat, Delhi-Gurgaon-Alwar and Delhi-Ghaziabad-Meerut. The announcement is expected to prop up real estate development along the corridors.
The proposed company, which will implement the project with an estimated cost of Rs 72,170 crore (according to 2011 cost estimates), will have an initial capital Rs 100 crore. It may form three subsidiaries for implementing each corridor.
However, the official release added that the actual cost, financing plan, route alignments, real estate development, financing through transit-oriented development will be firmed up in the detailed project reports, which are under finalisation.
According to the release, the Cabinet approved the constitution of NCRTC with an initial seed capital of Rs 100 crore as per the Company Act, 1956 to “design, develop, implement, finance, operate and maintain the regional rail rapid transit system in National Capital Region”.
The seed capital will be borne by seven Government agencies, in a manner that 50 per cent funding will be from Central Government agencies and 50 per cent from State Government agencies. The equity structure will be: Ministry of Urban Development (22.5 per cent), Ministry of Railways (22.5 per cent), National Capital Region Planning Board (5 per cent), Government of NCT Delhi (12.5 per cent), Haryana (12.5 per cent), Uttar Pradesh (12.5 per cent), Rajasthan (12.5 per cent).
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