The Uttar Pradesh Urban Development Ministry has recently granted approval for a 750-acre township in Paratpur, Meerut. Spearheaded by the Meerut Development Authority, this project is located near the Delhi-Meerut rapid rail transit system, with an estimated land cost of Rs. 2,000 crore. The government has pledged 50% of this amount as a long-term, interest-free loan. This visionary project aligns with the impending completion of the Rapid Rail Transit System (RRTS) by 2025, aiming to optimize residential, commercial, and recreational spaces near transportation hubs. It will significantly ease daily commutes to Delhi, Noida, and Gurgaon, while also enhancing property values and expediting infrastructure development along the rail corridor.
The Uttar Pradesh Urban Development Ministry has given its approval for the planning and development of a cutting-edge township spanning 750 acres in Paratpur, Meerut. The Meerut Development Authority is spearheading this endeavour, strategically located near the Delhi-Meerut rapid rail transit system. The project carries an estimated land cost of Rs. 2,000 crore, with the government committing to provide 50% of this amount as a long-term, interest-free loan. This township promises to invigorate the infrastructure and overall growth in the surrounding region, offering substantial relief to commuters heading to Delhi, Noida, or Gurgaon.
This visionary project aligns with the impending completion of the Rapid Rail Transit System (RRTS) by 2025, a key component in the Meerut Development Authority's plan, sanctioned by the Uttar Pradesh Urban Development Ministry. The development will unfold in two phases, with the required land funding of Rs. 2,000 crore.
The central objective revolves around optimizing residential, commercial, and recreational spaces in close proximity to public transportation hubs within the city. Stretching from Paratpur to Mohiuddinpur, encompassing Bhudbaral, Paratpur, and Chhajjupur-Ikla, this township will significantly alleviate the daily commute burden for residents traveling to Delhi, Noida, or Gurgaon.
Under the Mukhyamantri Shehri Vistar Yojana, efforts are underway to optimize areas surrounding the rail transit hubs, while the government pledges support for projects that bring economic advantages to the state. The launch of this new township will also facilitate the sale of additional floor area ratios, elevating the value of nearby properties. Moreover, it will expedite the development of infrastructure along the rail corridor, even before the RRTS is fully operational.
The initial phase of the project, funded with Rs. 500 crores, has secured approval during a cabinet meeting in Lucknow. Value Capturing Finance (VCF) is the financial strategy employed by the government to fund infrastructure projects while recouping economic benefits from property. This initiative will further boost property values in the vicinity.
The state-of-the-art township near the Delhi-Meerut RRTS is poised to enhance Meerut's transportation infrastructure significantly, while also prioritizing urban planning and financial sustainability to create a vibrant urban environment. A portion of the profits will be shared with the National Capital Regional Transport Corporation (NCRTC), entrusted with developing the RRTS infrastructure. The government's full endorsement and funding of this township project aim to ensure an improved quality of life for Meerut's residents.
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