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LicenseCreative Commons The Government of Karnataka and Bangalore Metro Rail Corporation Limited are exploring ways to offset the heavy economic burden of expanding the metro rail transit network in Bengaluru. Land value capture (LVC) is a public financing strategy that can recover a portion of the real estate value that development along the metro corridor generates for private property owners. Deployed effectively, LVC can help fund the growth of mass transit and allied infrastructure. Several LVC mechanisms are under consideration in Bengaluru, but are yet to be implemented. Inherent shortcomings in planning, policy, and institutional frameworks prevent the market from optimizing the benefits of transit-oriented development (TOD), which in turn negatively impacts LVC. ....
THE YORKSHIRE Party has claimed that the mass transit system proposed by the West Yorkshire Combined Authority is just ‘lines on a map’ without the devolved powers and budget to deliver it. Yorkshire Party leader, Bob Buxton, said: “I welcome the ambition of these proposals, having called for new transport systems since 2014. It’s early days and the people of West Yorkshire need to be consulted and listened to, to get the details right - but the concept is a good one.” “Good ideas are just the start - there’s no budget to deliver anything. The new mayor won’t have nearly enough spending power and our region’s share of the £4.2bn Urban Transport Fund won’t cover it either – if we get anything at all.” ....