The National Capital Region Transport Corporation (NCRTC) has invited bids to engage a Project Management Unit (PMU) for property development along the Delhi-Ghaziabad-Meerut Namo Bharat corridor. This initiative aims to monetize land parcels, generate non-fare box revenue, and create commercial, residential, and service hubs around Namo Bharat stations.
In a statement, NCRTC said Namo Bharat Stations cater to thousands of commuters daily. This initiative will help develop them not just as a stop of a commuter journey but as vibrant commercial centres driving sustainable economic growth. The identified plots will be developed into retail spaces such as malls, Retail-Dining-Entertainment (RDE) hubs, integrated parking units with offices, rental housing, studio apartments, hospitals, and theme parks. These developments will provide a range of residential, commercial, institutional, recreational, and entertainment services, benefiting both commuters and the wider community.
The identified land parcels for development include large plots in Ghaziabad, Duhai Depot, Bhaisali (Meerut), and Modipuram Depot. The Ghaziabad plot spans about 2.4 hectares, while the plots in Duhai Depot, Bhaisali, and Modipuram cover about 31, 9.7, and 31 hectares, respectively.
Also Read: 10 hidden Credit Card perks you probably didn’t know about
Additionally, smaller parcels are available at Sarai Kale Khan, New Ashok Nagar, Anand Vihar, Guldhar, Duhai, Muradnagar, Modinagar South and North, Meerut South, Shatabdi Nagar, and Modipuram, collectively covering about 16 hectares. These strategically-located sites will be developed into dynamic dense urban spaces, enhancing both connectivity and economic activity along the corridor.
The PMU will play a crucial role in ensuring the successful implementation of the property development plan. The selected consultant will be responsible for strategic planning, market research, transaction advisory, project management support and knowledge transfer. Key responsibilities will include conducting real estate market studies, demand assessments, and financial modeling to optimize land utilization. The PMU will also prepare business plans and bid documents, facilitate the selection of developers, and oversee stakeholder coordination, contract execution, and project progress. At the conclusion of the project, the consultant will provide documentation and handover reports to ensure seamless knowledge continuity. The last date of submission for this is 20th March, 2025.
The development strategy will be aligned with Transit-Oriented Development (TOD) principles and existing regulatory frameworks. TOD focuses on creation of high-density mixed land use development in the influence zone of transit stations, i.e. within the walking distance of transit station or along the corridor.
» Read More
