Employing land value capture in urban rail transit public private partnerships: Retrospective analysis of Delhi's airport metro express

摘要

The employment of Land Value Capture (LVC has been widely considered as a financial mechanism that can ensure the economic viability of Urban Rail Transit (URT) systems that are procured using a Public-Private Partnerships (PPP). In this paper, we conduct a retrospective analysis of Delhi's Airport Express Rail Line that was procured using a PPP in conjunction with LVC. We provide insights into the issues that stymied its development and operation, specifically focusing on its: (1) over-optimistic transit demand forecast; (2) aggressive bidding; and (3) underestimating the LVC's contribution to the project's viability. The new knowledge that we present is then used to provide recommendations for policy-makers to reflect upon before considering URT PPPs in combination with LVC.