‘TOD’ is the latest Buzzword in Delhi
“India needs to work towards Transit Oriented Development. Compact cities that can recycle their waste and water and most importantly have a great transportation system is the need of the hour,” said Amitabh Kant, MD, DMIC while addressing the National Real Estate Development Council (NAREDCO) conference in New Delhi.
Several reports are out stating that by 2030, the urban population will increase by 70 per cent. It is no hidden truth that the country’s population is expanding at a rapid pace. So, what is the way out ? Well, compact cities with efficient mass transport system is the key to sustainable development. Thus, Transit Oriented Development (TOD) is ‘the’ answer.
Taking a cue from this, the Delhi Development Authority (DDA) has identified two major projects in East and West Delhi for the same. Here is a snapshot.
A whole new financial district!
DDA seems to aggressively follow Mumbai Footsteps. And fortunately it’s for good! After Slum Rehabilitation policy, another step that has caught the fancies of the realty sector is the upcoming Financial District in the capital city.
Working towards a TOD along the metro corridor (200 acres), the Delhi Development Authority has embarked on an ambitious project to give the Capital its own financial district. Interestingly, this will be built on the lines of the celebrated Nariman Point in Mumbai.
The plan envisages to build a hub in the pattern of a Special Economic Zone (SEZ) but with a financial bounded area. How will this help? Well, this decision has came to light keeping in mind offshore financial institutions that DDA hopes to attract.
Spread across 25 acre, this financial hub will come up in Dwarka Sector 10. As per the current plan, the land will be either sold or leased to banks, financial institutions and stock exchanges. While the said sector will definitely get a facelift, as a multiplier effect, realty market of other sectors in Dwarka will also get a shot in the arm in the times to come. At present, the capital values in the Dwarka Sector 10 ranges anywhere between Rs 7,000-12,500 per sq.ft.
Latest Update: The Commerce Ministry and the Department of Financial Services have to give the permits to start the work.
Bridging the gap between living and commuting!
Another area where TOD is the new buzzword is Karkardooma in East Delhi. Spread across 74 acres, this will be designed based on the Gugaon’s Cyber hub, yet with state-of-art infrastructure. The project would be a mixed-use development, which is likely to have cycle lanes, dedicated crossings to access metro station along with 4800 one and two bedroom studio and service apartments and a multi-storey commercial tower.
The core of the development is the swift and easy access to the transit spots and other utility hubs. Also, one will be able to just hop skip to hospitals, parks, schools or grocery stores within no time.
The estimated cost of creating a TOD zone in Karkardooma will be about Rs 135 crore.
Latest Update: Pending approval from DDA. Once there is a green signal, work is expected to commence within a short span of four months. In addition, financial models are being worked upon for the project. The two main models that are doing the rounds include giving the contract to National Buildings Construction Corporation to build it and second is to appoint a consultant and get it done privately. The former case has stronger appeal as DDA won’t have to pay anything to NBCC and share the profits post development.
