If everything goes as planned, the North Delhi Municipal Corporation might be able to come out of the financial mess. The cash-strapped Corporation has decided to develop nearly 2.5 lakh sqm land for commercial purpose.
This move is likely to generate revenue by using unused sites for commercial use. Moreover, as a part of this plan, the corporation is mulling to get another swanky civic centre as the North Delhi Municipal Corporation is planning to construct a similar structure over more than one lakh sqm land in Azadpur area.
The Corporation may become financially sound and even may not require financial help to meet its obligations. Though the plan is in initial stage but efforts are being made to materialise it,” said Renu K Jagdev, Additional commissioner (Revenue).
The Corporation has planned to develop a total of 10 sites located at Azadpur, Model Town, Dhaka, Minto Road, land of Idgah slaughter in Walled City, Kashmiri Gate, Karampura, etc.
The first six sites, comprising nearly 2.5 lakh sqm land, will be developed by the National Building Construction Corporation (NBCC) while remaining four, comprising over one lakh sqm, will be developed by Corporation itself. The civic agency said the NBCC is likely to construct a civic centre-type structure at Azadpur as there is a huge chunk of
vacant land.
“We have nearly 1.01 lakh sqm land at the area where a civic centre can easily come up. If we succeeded to finalise the plan, Corporation will earn atleast `100 crore per month. The other sites, which will be leased/rent out for commercial/office/residential activities, will boost revenue over hundred crores,” said another
official.
The Corporation has been planning to develop around 84,000 sqm land at Model Town, 1.01 lakh sqm at Azadpur, 31,500 sqm at Dhaka, 4,200 sqm and 13,500 at Minto Road, approximately 3,200 sqm at Walled City and one lakh sqm at Kashmiri Gate, Paharganj, Karampura, etc. As per the negotiations, the NBCC will bear entire cost of construction and will charge interest of 15 per cent of the total expenditure. The company will charge 7 per cent for Project Management Consultancy (PMC) and 1.7 per cent as marketing charges on total lease/rent consideration.
“As we have constructed one or two-storey buildings at these sites, we want to develop them for commercial activities. If things go well, North Corporation will meet its expenses from itself,” said the official.