Noida not far,Metro ready with chic station,mall at Akshardham

The mall project is expected to cost approximately Rs 160 crore,and the Delhi Metro Rail Corporation (DMRC) has awarded the project to Parsvnath Developers on a Build-Operate-Transfer (BOT) basis for a lease period of 30 years.  

“Work on the station and mall is nearly complete and will be ready by July,” Pradeep Jain,chairman of Parsvnath Developers,confirmed.

“The station and mall is spread over approximately 3,65,000 square feet and will have an exterior finish of glass and Dholpur stone,” Neetal Narang,a spokesperson for Parsvnath Developers,said. The mall will have food courts,ATMs and shopping outlets.

Narang said: “Talks are on with retail brands and food chains like Bikanerwala and Haldiram. There will also be a multi-cuisine open food court.”

DMRC sees such property development projects as an important revenue-generating avenue to cover construction costs. Delhi Metro spokesperson Anuj Dayal said. “The footprint area of the station will have all amenities for the commuters.”

Dayal said Metro’s phase-II is estimated to cost Rs 20,000 crore. “Delhi Metro has to bear the costs,” he said. “A huge amount is loaned to meet the expenses,and low ticket fares alone cannot pay off the debt. Most metro rail systems worldwide run into losses because the cost of construction is much higher than the revenue they are able to generate through ticket fares.”

Parsvnath has entered into concession agreements to develop shopping malls on 13 Metro stations on a BOT basis. Of these,seven have already been executed and six are under construction,company officials said.