Urban Rail - India's Great Opportunity for Sustainable Urban Development

This paper provides an overview of development of urban rail systems in Indian cities and their noteworthy characteristics such as project structuring and financing. It discusses and compares the financing of existing urban rail transit systems in India, by studying the case of Delhi Metro (Public-Owned) and Rapid Metro Gurgaon (Privately-Owned). The impact of Delhi Metro on improved accessibility, exchequer savings, carbon-credits, use of solar energy and safety are also briefly discussed. The paper uses three best-known practices in urban rail, the Hong Kong Metro, New York Subway and London Underground, to highlight their evolution, project structuring and financing, as a basis of learning for newly developing urban rail projects in India and also in the developing world. The potential of land value capture, which is now seen as an essential component, to finance, sustain and expand urban rail projects provides the main focus of the paper and the biggest opportunity yet to be fully taken by urban rail in India.

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