Nagpur: While Nagpur Metro ridership may not be spectacular, its stations are finding takers in the commercial space. This may help to boost ridership. A Metro official said 11 commercial spaces have either been leased or bids received for them so far.
The Institute of Engineers Metro station has launched a coaching program. Metro officials are delighted with the fact that many students use Metro to reach the class.
Naivedyam Group has also leased a shop at Lokmanya Nagar Metro station. A bid for a shop was received at Institution of Engineers, two for Rani Jhansi Square station, one for Subhash Nagar and one for Lokmanya Nagar each. Mother Dairy has purchased three shops at stations in Jai Prakash Nagar, Khapri and Airport. A further offer for a shop in Jai Prakash Nagar was issued.
The stores were rented for nine years. The rent is based on per square feet and depends on the station’s location.
The largest commercial realty project for Metro is the traffic and transport management center (TTMC) across from Yeshwant Stadium. It will have a tower on 25 floors, and two on 19 floors. There will be afoot overbridge linking the TTMC to Sitabuldi station.
Metro had floated bids to develop the project on a Public-Private Partnership (PPP) basis but did not get a good response because of a real estate slump. It has now prepared to construct a new revenue model.
MahaMetro plans to earn revenue from non-ticket sources by more than 50%. Most of this would come from commercial space leasing and commercial and residential property sales. Such ventures are years away, though. Many of them are yet to be designed. The slump in the real estate sector has hindered the agency’s plans.
While private companies are getting a good response from the co-branding of Metro stations. The last day to send bids is February 25, and afterward, the exact number will be known. Under this system, a Metro station will have the name of the private agency paying MahaMetro royalty.
