New Delhi:
Imagine reaching Delhi from Meerut in just 62 minutes and from Panipat in 74 minutes.
Travel time is set to shrink with the creation of a National Capital Region Transport Corporation (NCRTC) that will build regional rapid transit system (RRTS) corridors connecting the capital with Meerut, Alwar and Panipat.
The NCR states signed an agreement on Thursday with ministries of Urban Development and Railways and the NCR Planning Board for the creation of the NCRTC.
Officials told PTI that as per the proposal for the three RRTS corridors, Delhi-Alwar is the longest at 180 km and would traverse 19 stations in a travel time of 117 minutes.
The corridor from Delhi to Panipat is 111 km and 12 stations long and the travel time is 74 minutes. The 90-km-long Delhi-Meerut route has 17 stations and a proposed travel time of 62 minutes.
Speaking to reporters after signing memorandum and articles of association of NCRTC, Urban Development Secretary Sudhir Krishna said the RRTS corridors were expected to be built within a timeline of five years once the construction work starts and would "completely transform the NCR".
He said that the union cabinet had on July 7, approved the formation of the NCRTC which would have a share capital of Rs 100 crore.
The Urban Development and Railway ministries would contribute 22.5 per cent each to the share capital while the NCR Planning Board would add 5 per cent. The NCR states of Delhi, Haryana, Rajasthan and Uttar Pradesh would put in another 12.5 per cent each, he said.
Krishna said that the three rail-based corridors would cost an estimated Rs 72,000 crore but funding pattern of each line would be chalked out separately, keeping in mind factors like the territory that a line covers in various states.
He said since the financing requirements of the projects are huge the resources of state and central governments would not be sufficient. He advocated methods like allowing additional Floor Area Ratio (FAR), levy of impact fee and loans from domestic sources for raising of finances.