The proposal for Mansarovar is being worked out for now. It’s being considered for development of a shopping mall or similar commercial project, says a senior JMRC official
Making a move towards increasing its non-fare revenue, Jaipur Metro has been considering development of its properties at Mansarovar and Lal Kothi under public-private partnership. A committee has been constituted for the purpose and bids are expected to be invited soon this year. “The proposal for Mansarovar is being worked out for now. It’s being considered for development of a shopping mall or similar commercial project,” says a senior JMRC official.
JMRC marked a 14,000 square metre land adjacent to its stabling yard at Mansarovar for the first of its PPP-based real estate venture. Draft report of the committee constituted for the purpose has been circulated among the committee members inviting suggestions and opinion. Another land plot of 19,205 square metres at Lal Kothi is also under consideration of the committee.
The officials though expect the projects to generate non-fare revenue for the metro, they are unable to comment on the expected targets. The cost of these properties is estimated to run in hundreds of crore rupees and the metro will have to look for a compatible private partner. The task gets further tough as real estate market remains under pressure. “A consultancy firm is thus being sought to provide assistance for these and other projects of JMRC,” adds the officer.
The JMRC has been working on improvement of its non-fare revenue to meet the viability gap.
The non-fare revenue in the last fiscal year was around Rs 4 crore, the metro, however, expects to increase it by four folds this year. Where advertisement and lease of retail spaces at metro stations remain major contributors for now, addition of real estate projects are expected to generate much more for the metro in coming years.
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