Review of Value Capture Financing on ‘Beneficiaries Pay’ principle in capital intensive Urban & Regional Rapid Transit Systems in India.
The existing transit agencies and government are facing a financial deficit and struggling to meet the required finances to deliver mass transit systems. There is a need for innovation in funding mechanism of mass rapid transit systems (MRTS). MRTS increase the desirability of the catchment area that stimulates changes in land value. The monitory changes in land value can be captured to fund mass transit systems. Land Value Capture (LVC) tools target the beneficiaries of the transit system (private landowner, business, and government). MoHUA has taken proactive steps and issued a Value Capture Finance Policy Framework in 2017. However, cities have been unable to implement this regulation to capture the increase in land value. The study looks at reviewing the existing funding mechanism of MRTS and implementation of the VCF policy framework through case studies. The research is part a larger study that looks at review and assessment of the barriers for value capture financing on ‘beneficiaries pay’ principle in capital intensive urban & regional rapid transit systems. The student will work full time on the research project physically from The Urban Lab office in Ahmedabad.