Jaipur Metro to rent out space at 9 stations.

The Jaipur Metro revenue earning model seems to be finally on the track. After securing an income of approximately Rs 11 crore from leasing out space for advertisement in financial year 2018-19, the Jaipur Metro Rail Corporation (JMRC) is making an effort to rent out space at nine metro stations to open retail shops and mega stores in phase-wise manner.

Source: urban news digest

The corporation is expecting to earn Rs 8 crore per annum after leasing big and small spaces for retail outlets. JMRC, director, corporate affairs, Rajesh Kumar Agarwal said, “Tenders for Mansarovar and New Aatish Market have been invited. For the same, a pre-bid meeting will be organised on April 19. The tender to lease out space at stations will be invited in phase-wise manner. This would give JMRC a boost to earn additional revenue.”

The JMRC has fixed lease rates between Rs 700 and Rs 2,500 per sqm for space to set up retail shops. The minimum lease period will be for seven years and the maximum 20 years. JMRC is hoping to earn Rs 72 lakh per month from this move, after all the stations are successfully provided on rent.

Source: The Hindu

The JMRC has earmarked bigger spaces for lease at three stations – Ram Nagar, Civil Lines and Railway Station. According to officials, even banks can open branches at these stations. Sources at the department said the highest lease rate of Rs 2,500 per sqm has been fixed for space at Railway Station, followed by Ram Nagar at Rs 1,500. The rate for Civil Lines station is Rs 1,000 per sqm. “The JMRC had earlier invited the tenders for three stations, however, for two stations no bidder participated as there was a slump in real estate market. For Chandpole, one bidder participated. This is the reasons tenders will be invited again. This time we are hoping the stations would attract more bidders,” said a JMRC officials.
Sources at the department said, the JMRC is continuously making efforts to earn additional non-operational revenue, since the income from the sale of tickets is insufficient for the Metro’s operation and maintenance. “Over the past two financial years, JMRC has earned a revenue of Rs 19 crore and suffered an operational loss of Rs 46 crore. Out of this, Rs 45 crore was provided to JMRC by the state government through the Rajasthan Transport Infrastructure Development Fund,” added a source.

 

News Courtesy: The Times Of India

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