Sweetener offered to Varanasi Transport Nagar project investors

To attract investors to the Rs 240-crore Varanasi Transport Nagar project,the state government has decided to offer a sweetener 20 per cent land of the project area will be earmarked for commercial activities.

To attract investors to the Rs 240-crore Varanasi Transport Nagar project,the state government has decided to offer a sweetener 20 per cent land of the project area will be earmarked for commercial activities.

To this end,the Housing and Urban Planning Department has stated that the investor could develop offices,storeroom,loading and unloading facilities on this land.

In the pre-bid conference held recently,prospective bidders had raised queries about the area of land permissible for use of different purposes, said Principal Secretary of UP Housing and Urban Planning department Arun Kumar Sinha. Twenty per cent area will be earmarked for commercial purpose so that the developer could recover the investment during the lease period, added Sinha.

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The Varanasi Transport Nagar is proposed to be developed around 10 kilometres away from the city (between National Highway 2 (Allahabad-Varanasi Road) and Ram Nagar bypass) on approximately 40 hectares.

The infrastructure project is proposed to be implemented on Public-Private Partnership format through Design,Build,Finance,Operate and Transfer (DBFOT) model.

The other medium for the developer to recover the

investment would be parking fees from the truckers,maintenance charges and user charges for the provision and management of infrastructure facilities and services.

The state government will provide land for the project free-of-cost on a token lease rent and the concession period will be 50 years.

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