Property value along metro corridors will be revalued in Delhi
The Union Urban Development Ministry wants evaluation of properties along the metro corridors. Taking note of the appreciation in their property value, the Ministry wants the metro systems to increase their revenue generation methods and tap into the additional funds generated thereby.
The metro rail corporation has been advised to develop real estate properties in Delhi to generate their own resources for revenue.
The authority has noticed that property prices along transport corridors like the metro and even the bus corridors appreciate.
This appreciation should also be factored in for revenue mobilization and the dynamic evaluation should be reflected in the tax collections.
The extra money that will be generated from property development and by allowing more businesses along the metro corridors can be used for funding other projects.
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Source: The Hindu
metro corridor, Property development, real estate in Delhi, real estate properties in Delhi, Union urban development ministry
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