DMRC to transfer sub-lease of plot at Malviya Nagar Metro station

In a bid to generate revenue, the Delhi Metro is all set to transfer sub-lease rights of integrated plot at Malviya Nagar Metro station for a period of 50 years. With this initiative the Delhi Metro Rail Corporation (DMRC) will generate sustainable revenue which will help in financing Delhi Metro projects.

Earlier on March 2009, the Ministry of Urban Development issued an order permitting DMRC to carry out Property Development in lands allotted for Delhi MRTS Project. The National Monument Authority (NMA) has also issued “grant of permission” for construction in respect of property development at Malviya Nagar Metro station, in the regulated area of ‘Qila Rai Pithora’.

DMRC has been allotted a land by DDA measuring 12,219 sqm (approximately) at Malviya Nagar for Phase-II. Apart from Metro rail accessibility, the site is very close to Saket City Center Mall, DLF, Select City Walk Mall, Saket District Court and residential areas of Pushp Vihar, Malviya Nagar, Saket, Hauz Khas, Shekh Sarai, and multi-speciality hospitals. All these factors make this site attractive due to its potential for property development.

The site is being offered on an “as is where is basis”. As per the master plan, the designated land use of the plot was “public and semi-public”. To enable DMRC to raise revenue through property development activity, the Delhi Development Authority has issued NOC for property development earlier.

Meanwhile, the DMRC said: “Operational structures existing in the area, if any, will not be disturbed by lessee. Lessee will provide safe access passage for station commuters at all times. During the construction activities the lessee will strictly follow the guidelines issued by DMRC and DMRC’s manuals on safety, health and environment, safety, health and occupational hazards on construction sites.