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SONIPAT – (131001)
DISSERTATION REPORT
DECEMBER 2018
BACHLOUR OF ARCHITECTURE (B.ARCH)
SEMESTER 09
DECLARATION
I, NAMAN PRUTHI, Roll Number, 14025006044 hereby declare that the dissertation
titled “PUBLIC PRIVATE PARTNERSHIP AND ITS IMPACTS ON LAND
VALUES” submitted by me, in partial fulfillment of the requirement of the curriculum
of Bachelor of Architecture as per the university norms, to Hindu School of Architecture,
is a record of my original work with credits given for information collected from any
other source.
NAMAN PRUTHI
14025006044
CERTIFICATE
This is to certify that the dissertation titled “PUBLIC PRIVATE PARTNERSHIP AND
ITS IMPACT ON LAND VALUES”, submitted in partial fulfillment of the requirement
of the curriculum of Bachelor of Architecture is the work of NAMAN PRUTHI., Roll
Number 14025006044, who carried out research work under our supervision in Hindu
School of Architecture, Sonipat, Haryana.
We recommend that the dissertation report be placed before the examiners for their
consideration.
Sign. Of student
ABSTRACT
These kind of project introduced by government for the establishment of the needed
project but it also help in development of adjoining area by these projects E.g.
increasing of land values of these area and migration rate due to further development
on adjoining area . The former is the benefit of adopting the PPP route is the availability
to assess capital funding from the private sector, considering that funding is getting
increasingly limited from public sector does P.P.P hello governments to overcome
their budgetary and borrowing constraints and rice finance for high-priority public
infrastructure project.
Essentially governments are able to use private finance through P.P.P to building
infrastructure project that would previously have been built by the public sector using
public sector finance. The land value is guided by the economic principle of the highest
and best use which produces the highest net return over a period of time. The property
value is function of the structural attributes, the land values and the rental values (both
of which guided by the land use and location) of the property.
GLOSSARY
III. Rental value: - It is defined as a certain value that is in proportion to the use and
time for the property is rented.
IV. Rateable value: - It is defined as the hypothetical rent for a hypothetical tenant.
It’s definition of the base as expected or notional rental value.
V. Property value: - It is in the using of both the land values plus capitalisation and
value.
ACKNOWLEDGEMENT
I would like to express my sincere gratitude to all those who have guided and helped me
until this stage of dissertation without the support of these people, it would have been
very difficult to complete this task smoothly.
First of all I would like to express my gratitude to my guide, Ar. Deepshikha Jain for
her invaluable guidance and support throughout. Also Ar. Sandeep Kaushik for his
guidance through regular discussion and their timely and invaluable help in equipping me
with all the necessary details required regarding the projects.
Even I would love to add my friends Sanyam Narang, Shivam Gummer, Rishabh Arora,
Ar. Shifali Jain for their valuable help and care.
Last but not the least, my family members who remained a constant source of
encouragement.
Naman pruthi
TABLE OF CONTENTS
CERTIFICATE ................................................................................................................. 3
ABSTRACT ...................................................................................................................... 5
GLOSSARY ...................................................................................................................... 6
ACKNOWLEDGEMENT ................................................................................................ 7
Bibliography .................................................................................................................... 51
LIST OF FIGURES
FIGURE 1 PUBLIC PRIVATE PARTNESHIP ............................................................. 14
FIGURE 2 SUPPLY AND DEMAND ........................................................................... 20
FIGURE 3 FACTORS AFFECTED ON LAND VALUES ........................................... 20
FIGURE 4 TYPICAL DEALS OF P.P.P ........................................................................ 22
FIGURE 5 IMPORTANCE OF P.P.P ............................................................................ 22
FIGURE 6 RATING OF FACTOR ................................................................................ 23
FIGURE 7 STAKE HOLDERS ...................................................................................... 24
FIGURE 8 THERMAL POWER STATION ................................................................. 26
FIGURE 9 SEAPORT .................................................................................................... 26
FIGURE 10 INDRA GANDHI INTERNATIONAL AIRPORT ................................... 27
FIGURE 11 RAILWAYS ............................................................................................... 27
FIGURE 12 UNIVERSITY OF BALTIMORE .............................................................. 29
FIGURE 13 SITE PLAN OF COMMON WEALTH GAME VILLAGE ...................... 32
FIGURE 14 HOUSING OF COMMON WEALTH HOUSING .................................... 34
FIGURE 15 VIEW OF COMMON WEALTH GAME VILLAGE ............................... 37
FIGURE 16 VIEW OF GAME VILLAGE, NEW DELHI............................................. 38
FIGURE 17DELHI GURGAON EXPRESSWAY ......................................................... 43
FIGURE 18 MAP OF DELHI GURGAON EXPRESSWAY ........................................ 43
FIGURE 19 IGI TOOL PLAZA ..................................................................................... 44
FIGURE 20 EXPRESSWAY ON DELHI GURGOAN BORDER (12 LANE) ............ 45
FIGURE 21PRESENT SCENERIO OF IGI TOOL PLAZA ......................................... 48
LIST OF TABLE
1.1 Introduction
PUBLIC PRIVATE PARTNERSHIP (P.P.P, 3P) is a cooperative arrangement
between two or more public and private sectors, typically of a long- term nature.
These partnerships focus on joint planning, coordination, and process integration in
order to obtain competitive benefits such as cost reductions and improved returns
on assets, reliability, and responsiveness to market needs. These kind of project
introduced by government for the establishment of the needed project but it also
help in development of adjoining area by these projects E.g. increasing of land
values of these area and migration rate due to further development on adjoining
area .
The aim is to understand the importance of public private partnership and its
impacts on land values .financial models and economy growth in public private
partnership and how it helps in enhancing the infrastructure of entire area and
developing of ambiance entire .
1.4 Objective:-
i Understanding the impacts of public private partnership
developments on economy through a vast literature review
ii To identify the benefits & loss faced by public private partnership
development due to types of projects.
iii To identify the financial and economic growth and what are impacts
of public private partnership projects on land values and infrastructure
and surrounding development.
1.6 Methodology :-
While there is no signal definition of PPPs ,they broadly refer to long-term, contractual
partnership between the public and private sector agencies, specifically targeted towards
financing ,designing , implementing ,and operating infrastructure facilities and services
that were traditionally provided by the public sector these collaborative ventures are built
around the expertise and capacity of the project partners and are based on a contractual
agreement ,which ensures appropriate and mutually agreed allocation of resources , risks
and return.
This approach of developing and operating public utilities and infrastructure by the
private sector under term and conditions agreeable to both the government and the private
sector is called PPP or P3or private sector participation (PSP).
economic growth , growing urban population , increasing rural urban migration , and all
round social and economic development have compounded the pressure on the existing
infrastructure , and increased the demand –supply gap in the developing world , are
experiencing increasing pressure from their citizens , civil society organizations , and the
media to provide accessible and affordable infrastructure and basic services .
i Land values: - It is defined as the value of land due to the benefit services rendered
by it.
ii Rental value: - It is defined as a certain value that is in proportion to the use and
time for the property is rented.
iii Rateable value: - It is defined as the hypothetical rent for a hypothetical tenant. It’s
definition of the base as expected or notional rental value.
iv Property value: - It is in the using of both the land values plus capitalisation and
value.
(Source: - Land and property value-analysis of environmental impact by
Mr.R.K.Vishwakarma)
Based on the hypothesis that land values differentials viz. Location, distance and the
density determine the degree to which values are affected by distance from the core
and the location of the property and also by density. Value of land is that remind by
its productive and locational advantage of one property or another and the intensity
of use. Use of land was founded to decrease from the core. Distance from the court
please relatively a great role in explaining the land values differentials then the Zonal
density.
2.5.5 Supply factor: - It is known economic principle that the decrease in supply
creates Scarcity Enhance and value. It may be chaos when the agency/Authority
Responsible for the supply are greatly constrained and supply. The constraints
experience by the agency could be because of high cost of development land ,scarcity
of developable land, the material and Infrastructure cost, minimum standard to be
met, not reflecting ground Realities of affordability, Administrative delay, and a
political Consideration.
2.5.6 Infrastructure development: - The level of infrastructure services, physically as
well as socio economic, Available in the particular area in a significant determinant
of land values. The access to basic services such as water supply, Sewerage,
Drainage, garbage removal and electricity, and social economic facilities such as
educational, medical, commercial and institutional, Is an Essential integrates of the
living environment. The quantity and quality of this is usually in direct proportion to
the level of land values in the area.
2.5.7 Location and transport linkages: - The Property Located in the area of high
level of infrastructure facilities or the one located in or adjacent to the area of
economical Intensive activities such as market or industrial have higher values.
Transport linkages are also important since they govern the mobility and ease of
movement to and from the area. Clearly defined hierarchy of roads, efficient public
transportation, and lack of congestion are some of the desired transportation
attributes of any residential area. Residential land values are also observed to be in
direct proportion to the hierarchical order/Right of Way of the Abutting Road.
2.5.8 Social factors: - These are basically a result of the regular changes in the political
and social order and have little or no relevance to the demand and supply factors. The
political pressure for regularizing and unauthorised Colony leads to increase in land
values. Similarly at times the political set up maybe cause.
The following factors are found to be most common and most viable.
1. Political influence
2. Financial risks
3. Land acquisition
4. Delay in project approvals
5. Market competition
The other factors vary according to nature of project, region, local support etc. some
of the factors are found to be common in BOT, BOOT, PPP.
ii A commission or government entity may also be set up to oversee the ppp process to
act as a watch dog.
On the process. The European commission suggests that this entity would make sure
the partnership Maximizes social benefits, maintains transparency, engages in a
competitive bidding arrangement, is Held accountable for the project schedule and
costs, and promotes efficiencies throughout the process. (2003).
The extent to which the GOI envisages a significant role to PPP in improving
the level and quality of economic and social infrastructure services is
increasingly evident from the growing reliance on the PPP model in the recent
past.
3.6.1 ROADS :-Major constraints in a highway PPP project usually include the
acquisition of right of way, construction, environmental, operation and
maintenance (O&M), traffic, collection of tolls, competing roads, forex (in cases
involving foreign currency financing) and force majeure.
Of these, constraint related to time and cost over runs during the construction phase
as well as traffic volume and user fees (tolls) are of particular significance from the
standpoint of private operators, as they are normally expected to absorb these risks.
3.6.2. POWER:-Nearly 60% of India‘s population in rural areas does not have
access to electricity. TATA Power is considering 4–5 options for addressing rural
electrification needs in a sustainable manner. For sustainable operations and
supply of power in rural areas, transparent and targeted subsidy delivery
mechanisms need to be developed so as to ensure the financial viability of the
distribution business.
More than any other sector, the power sector suffers from a wholly inadequate and
non-credible regulatory regime at both the central and state government levels.
3.6.3. PORTS:-The ports sector in India has seen substantial entry by the private
sector. The introduction of the private sector has resulted in greater efficiencies
as well as competition for services. According to an estimate, by 2011–12, India
requires to step up its ports capacity to 800 million tonnes, which requires
additional investment of about US$11 billion.
Figure 9 SEAPORT
3.6.4. AIRPORTS:-The rapid growth in airline services began several years ago,
with the result that the infrastructure in the metro and major non-metro airports
is under considerable strain. The recent Delhi and Mumbai airport deals had
created a very high visibility internationally for the
Government‘s airport reform process. The development of sectoral regulatory
frameworks is required along with striking a balance between competition and
regulation so as to meet consumer demands and expand infrastructure.
Figure 11 RAILWAYS
The agreement was a 65‐year ground lease with the developer with a one-time 10‐year
extension. The land ownership is maintained by The University of Baltimore. The
development team chosen was a joint venture development team that contributed a
total of 10% equity in the project
Stakeholders included the public and private entities, the University staff and
students, the neighbouring residents and Maryland Institute of Art, Baltimore City,
the cultural venues including the Lyric and Meyerhof Symphony Hall.
The risk analysis done by the developer revealed risks at each level of the development
process. There were many risks that were transferred from the public owner to the
private developer.
In this public‐private partnership, the public entity was involved but primarily provided
the oversight for the project. The developer ran the day‐to‐day development, design,
construction, finance, and operation. The University of Baltimore had a contact that
worked directly with the developer throughout the process and provided significant
support for the project’s success.
The profit sharing was another benefit the City received from the development team
providing a return with limited initial direct investment into the cost of the project.
The public entity provided the use of the land and the private developer organized and
provided the financing for the project in full.
Positive benefits were obtained by the University, the community, the developer, and the
investors. The project improved the urban fabric of the area between Mount Vernon and
Bolton Hill. It utilized and maximized the land use to achieve include many residential
units, parking, and retail. The developer also voluntarily incorporated electronic car
charging stations in the parking garage and achieved LEED certification from the U.S.
Green Building Council which shows the developer’s commitment to include innovations
in the green initiatives. The project has earned many industry awards for the design,
innovative financing, and development.
PROJECT DESCRIPTION
The village development Authority DDA has been assigned the role of development of
the Commonwealth game village, 2010. DDA has decided to develop a residential
facilities in the village. The residential facilities would be used by the organising
committee of commonwealth games, 2010. The developer for the project is Emaar MFG.
green /recreational area with a proposed golf course next door with a view of river
Yamuna. The apartments are required to be used for accommodation of about 8000
international participants during the games largely on our twin sharing basis.
2. Project development controls
3. land area - 11 hectares
4. Maximum Floor area ratio FAR- 200
5. Maximum ground coverage 33. 3%
6. Maximum height subject to clearance from AAI/fire department And other statutory
body further ,the height should not exceed the heights of highest home of the
Akshardham temple (43)
7. Parking minimum 2 Equivalent car space(ECS)/100 m² floor area, With minimum
space standards as follows
8. Open -23 m² Per ECS
9. Ground floor covered 28 m² per ECS
10. Basement 32 m² per ECS
11. Multilevel with ramps 30 m² per ECS
12. Automated multilevel with lifts 16 m² with ECS
13. Density provision of density norms shall not be applicable if approval from the
concerned authority is obtained by DDA
The Project Developer shall develop the following facility integrated with other services
of the residential facility.
PPP ARRANGEMENT
Then entire residential facilities needs to be developed and made available for the
Commonwealth Games 2010.
The residential facilities on the project site including all the open areas (“Residential
facility”) shall be used by OC During the Commonwealth Games, 2010 for a period
of around seven months (“game period”).The game period will comprise four-month
period prior to the games, the period of games and two month post games. Expect as
The Delhi development authority was created in 1957 under the provision of the Delhi
development act “To promote and secure the development of Delhi “. DDA has played a
vital role in the older-yet-rapid development Of Delhi. The city has become the residence
of twice for more than 11 million people and this number continues to increase. The
connector of DDA, as ratified by the act of 1957, list the objectives of the authority as:
i. To formulate a master plan for covering the present and future growth of Delhi and
to promote and secure the development of Delhi according to the plan covering all
the possible activities.
ii. To acquire, hold, manage and dispose of land and other property.
iii. To carrying out building, engineering, mining and other operations and, to provide
services and amenities.
i DDA will you a letter of intent to the successful bidder. If for any reason, Didi is
unable to sign the project development agreement with the successful bidder, the
bidder will the next highest financial bid you may, at the option of DDA, be declared
successful, in case he matches the financial bid of the highest financial bidder.
ii DDA shall transfer the land underneath the 50% of the developed residential
apartments (i.e. 50% of the dwelling units only Excluding all other facilities, for
example commercial, institutional )to be identified for transfer to the project
developers, for onward transfer to the individual buyers by the project Developer in
accordance with the terms, conditions and convenants contained in this RFP
document, the project development agreement and the conveyance deed to be
executed by DDA after completion of the project and post the game Period.
iii DDA shall allocate the project developers 50% share of the residential apartment on
the basis of lottery drawn by the monitoring committee in the presence of
Representative of DDA. And a project to leper within nine months from the date of
signing of project development agreement,
iv DDA process proposes to hold a pre-bid conference on the date specified to discuss
the issue related to the project with the bidders. DDA at it sole discretion May also
hold further discussions with the builders to finalise the technical/commercial
parameters and other related issues for the project, before submission of the
proposals, which would be common for all the bidders.
v DDA at discretion, May response to Queries submitted by the pre-bid conference
attendees after the date of the pre-bid conference. Such responses shall be posted on
the DDA website.
vi DDA will promptly Release all bid securities In the event DDA decides to terminate
the bidding Proceedings or abandon the project within seven days of such a
notification. For any delay beyond the Aforementioned Period of seven days, DDA
shall be liable to pay interest at the rate of 7% per annum.
vii DDA shall reject any proposal, which does not include the bit security.
viii Monitoring committee shall consist of one Representative each appointed by DDA
and the project developer and an “independent engineer” Who would be any person
or agency appointed mutually by the representative of DDA and the project
developer in the monitoring committee for the purpose mention in the RFP and the
project development agreement. DDA shall bear the expenses for It representative
and the project developers shall bear the expenses for its Representative.
EMAAR MGF –
Emaar MGF land Ltd, one of India’s leading real estate developers is a joint venture
between MGF developments Ltd and Emaar properties PJSC (“Emaar”) of Dubai. Emaar
Is worlds For most real estate companies with operation in 16 countries. MGF has over
the last 10 years established itself as one of the key players in retail real estate
development in India.
The company, commenced operation in India in February 2005. Its primary business is
dollop meant of properties in residential, commercial, retail and hospitality sector. In
addition, it has also identified healthcare, education and infrastructure as business line for
future growth. Its operation span across various aspects of real estate development, such
as land identification and Acquisition, Project planning, designing, marketing and
execution.
1. The project developer shall undertake to develop the project site and construct set
capacity of residential accommodation and meeting set specifications and
requirement as are specified.
2. The project developers shall adhere to the project milestones within the timelines
as specified.
3. Monthly reports on the progress of the project shall be prepared by the
independent engineer based on the report submitted by the project developer and
submit it to DDA/Monitoring committee.
4. In case of any sub -contracting by the project developer, the project developer is
liable to notify the same to DDA in writing within seven days of such sub -
contracting. In case of operation to such sub -contracting by DDA, DDA shall
intimate the project developer within seven days.
5. The project developer shall complete one, 2010. The date of completion of the
project will be deemed to be the date when all residential apartments are
completely developed and are technically fit to be occupied including all other
Associated facilities and and the completion/occupation certificate in this regard
has been obtained NDMC/MCD and DDA.
6. The project shall hand over the residential facility to DDA at the Commencement
of the game. Furnishing, Picture and furniture specified in schedule shall be
provided by DDA at their own expense and risk and this will be removed/disposed
by them after the games. The project developer will El oh/coordinate with DDA
in removing such furnishing, fixtures and fittings and provided all assistance to
DDA in this regard.
7. The project developer shall ensure full compliance with the provisions under all
labour laws and regulation.
The common wealth games Village being developed in Delhi make use of three suggested
approaches. These are:-
VIRTUAL LAND APPROACH: The authority has been directed by the government to
provide housing for the players of the Commonwealth Games. That 30 in the model
has offered land at prime location to attract interest of real estate developers to bid
for the project. The Features Synonymous to this housing Approach present in the
model are :-
i. Joint development format: - here land is the contribution of DDA as part of the
equity/partnership. The developer provides other resources.
ii. Joint-venture format: - DDA contributes equity in the form of cash whereas the
private player also pool in private resources. The pooled fund Is then utilised by the
joint-venture formed for project development marketing
FINANCIAL SUSTAINABILITY :-
The financial sustainability of the model is analysed on the basis of financial structure of
the model. The contribution to our project finances from DDA and developer are
documented. Sample cash flows are then made to check whether the Inherent incentive
in the PPP model are beneficial to both or not.
i Provision of land
ii Financial assistance of about 300 crore in lieu of creation quantity of prescribed flat
SAMPLE CASH FLOW FOR DEVELOPER: - an attempt has been made to generate
Spreadsheet that will contain all the requisites of a cash flow statement minus the value
for the PPP model. This means that all the support and incentive in the PPP model
suggested earlier, shall be documented in the simple cash flow and it shall be of the order
value of the revenue stream is Increased, while on the same hand the expenditures are
reduced
Table 2 DIFF. SIZE AND PRIZE OF HOUSING UNIT OF COOMON WEALTH GAME
VILLAGE, NEW DELHI
Framework enlisting all the risk that may affect the housing project has been drawn. The
risk identification, location and risk mitigation strategy as per the PCNTD a model have
been discussed. There is framework has been divided according to the phase of
construction in the housing project.
Under the Ministry of Road transport and highway (MORt&h),The Highway National
Authority of India, was assigned the responsibility for implementation of the golden
Quadrilateral project connectivity the four metro city New Delhi, Mumbai, Chennai and
Kolkata.
Because of growing of vehicular density between Delhi and Gurgaon non-segregation of
Traffic Leading to increase number of accident and Congestion, upgradation is of NH8
connecting Delhi to Gurgaon was prioritised under the golden Quadrilateral project.
Consequently NHAI was given the responsibility to convert 27.7 km stretch, connecting
Delhi with Gurgaon from existing Fallen into eight lane access controlled expressway.
In 2001, MORTH invited prequalification bids and in April 2002, the project was awarded
to the consortium of Jaya Prakash industries Ltd and DS construction Limited to design,
build, operate and maintain the highway in accordance with the specifications as approved
by NHAI for a concession period of 20 years the concession period including the
construction period To encourage the concessionaire to complete the construction early.
2003 the select to readers creates a special purpose vehicle SPV JP/DSE ventures Ltd,
with 51% stake held by Jay Prakash 49% by DS construction Limited. over time the
former transferred much office straight to the latter reducing it to just 1.2% consequently,
DS construction Limited acquired 98.8% stake in the project and rename the ventures as
Delhi Gurgaon super connectivity Limited (DGSCL).
As per concession contract the concessionaire was allotted to collect toll from the users
to recover investment and has to transfer back the way to the government at the end of
the concession period.
In addition to this the project was built transfer BOT projects in India to be awarded or
negative grant basis 1, amounting to Rs.61 crore.
Out of the total capital of Rs.547.5 crore, debt amount to Rs.383.3 crore in equity to
Rs.164.2 crore (inclusive of a negative grant of Rs.61 crore to the NHAI).
Out of which Rs.200 crore of doubled was funded by the Housing and Urban
Development Corporation Limited (HUDCO) and other lenders to the project included
consortium of infrastructure are IDFC, Punjab National bank, bank of India and others.
The overall cost of the project was Rs.1,175 crore, The overall cost of the project was
funded by the promoters by withholding payment to DFC Ltd and amount of Rs.1 55.25
crore received from the NHAI an account of change in scope.
i NHAI Was responsible for undertaking land acquisition and providing the right way
to the concessionaire free from all encumbrances. National concession fee of 1/was
to be paid annually by the concessionaire to NHAI.
ii During the development period, NHAI undertook the operation and maintenance of
the existing highway at its own cost.
iii The shifting of utilities and related expenses was the responsibility of NHAI.
iv NHAI was also required to have Necessary environmental Clearance, permits etc.
granted to the concessionaire.
v A lone facility, in case of the Revenue falling short of subsistence revenue level, was
made available by NHAI at the State bank of India prime lending rate. Such a lone
could also be provided by NHAI to cover a shortfall in meeting debt service payment.
i. The Concessionaire was required to comply with the all the requirements needed for
clearance, approvals, my permit etc. From various government agencies.
ii. The concessionaire was obliged to enter into A state support agreement with NHAI,
the government of National capital territory of India and government of Haryana
iii. Performance security was to be paid by the concessionaire on or before the date of
the agreement for its due and faithful obligation during the construction period
iv. To allow recovery of investment and to earn suitable return, the concessionaire is
entitled to collect toll from the users of the expressway during the operation period.
v. The toll is notified by the MoRTH and there is an annual revision linked to the extent
of Variation in the WPI. The toll has to be shared with NHAI if more than 130, 000
PCUs are Tolled on the expressway.
vi. At the end of the concession Turner, the expressway shall be transferred back to the
government.
The Delhi Gurgaon expressway is one of the largest BOT Road project on the national
highway of India, Executed on PPP framework. The implementation of an 8-Lane access
controlled highway was undertaken in three phase:-
i First phase was designed as a VIP Route. It starts from Rao Tula Ram Marg with an
elevated structure it was expected to bring high traffic volume to NH8.
ii Second phase was designed as a daily commuters traffic Zone catering to both local
and urban traffic. Long elevated flyover were built to provide high-speed link to the
daily commuters to Gurgaon.
iii Third phase was designed as a tourist paradise that’s cuts through the industrial Zone
of Haryana to other states carrying a mix of local and commercial vehicles and
Features a 20 lanes toll plaza at 42 km
The project was completed and the concessionaire, is the commercial operation of the
project on 25 January 2008. The expressway has 11 flyovers and over passes. This
expressway the busiest are intercity route in India and handles more than 180000
passenger cars units daily starting at Dhaulakuan in Delhi and terminates on the outskirts
of Gurgaon(Manesar).Till February 2014 we could user have to pay a toll collected at
three point, near the Indira Gandhi International airport , the Delhi Gurgaon border and
the 42 milestone.
The lenders of the project had requested NHAI through a letter to withdraw the
termination notice issued to DGSCL and resisted that NHAI had not informed the lenders
about the said termination notice and said that in case of termination of DGSCL, they
(lenders) would lose huge amount of money they have lend to DGSCL. On receiving the
termination notice DGSCL approached High Court of Delhi, Which stayed the execution
of the said termination notice and advised the parties to settle the matter through
conciliation, as termination would cause huge loss to lenders of the project .abiding with
court orders, NHAI withdrew termination notice pursuant to MOu signed between NHAI
DGSCL and IDFC to settle the dispute.
On 18 December 2012, MOu was signed between DGSCL and IDFC according to which
IDFC will hold 74% stake in the project, DS constructions and Jai Prakash Industries Ltd
will retain 24.8% and 1.2% respectively. Additionally as per terms of the MOu all the
liabilities including Dept. (Rs.1 600 crore) investment relying the road and rights to
collect toll until 2023 will be passed on to IDFC.
upward by up to 80% in coming future to partially cover the loss incurred due to shut
down of toll plaza at 24 km Landmark.
PARTNERS
PUBLIC-PRIVATE-PARTNER
PUBLIC-PRIVATE-PARTNERSHIP
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