Jaipur Metro Rail Corporation (JMRC) has begun an exercise to create a dedicated Metro fund for future expansions and maintenance of existence infrastructure, by selling its land. According to JMRC officials, the corporation has appointed Jaipur Development Authority (JDA) to auction its prime land.
E-auction for the scheme named as ‘Metro Enclave’ has already started and will continue till June 26. A senior official said, “JMRC’s approximately 1.5-lakh sqm land near B2 Bypass is under the process of being auctioned. The amount received will be deposited in the dedicated Metro fund. The JDA will auction the land on behalf of JMRC. The amount will be transferred to JMRC’s account that will be used for expansion of projects,” said a JMRC official.
However, land auction is not the only source of money for the dedicated fund. “For the Metro dedicated fund, the corporation had proposed to levy entry tax on heavy vehicles and providing premium floor area ratio (FAR) along the Metro corridor, apart from selling land” An official source at JMRC said.
“These three heads are discussed at the higher level. However, the government was hesitant to levy entry tax on heavy vehicles as it might invite huge protests. The proposal is being considered again. Once approval is given, a notification will be released and a committee will be constituted to monitor the funds.” As per the (JMRC) assessment, the project is staring at an annual operational loss of Rs 41 crore for the next five years.