The feasibility study conducted by Japan International Cooperation Agency's (JICA) consultants have come to the conclusion that the project would not be financially viable from an investor's point of view, Isamu Gunji, leader of the JICA study team told reporters.

However, the study, which was submitted to the government last week, said the project was economically feasible if the indirect benefits were also taken into account.

The feasibility study on the construction of expressways in the national capital region was prepared by JICA with pacific consultants international, Tokyo, following a request from Indian government.

Kundli-Ghaziabad and Ghaziabad-Meerut expressways are part of the plan of National Capital Region Planning Board to develop integrated transport in the region.

Asian Development Bank had conducted the feasibility study of another part of the circular expressway-Faridabad-NOIDA-Ghaziabad in 1994.

The ADB study had concluded that the 56 km-long Faridabad-NOIDA-Ghaziabad expressway would be feasible if the the government allowed the concessionaire to develop the adjacent land.

Gunji said once the circular expressway was constructed, about 50 per cent of the traffic coming into Delhi would be diverted to the new road.He declined to comment on the cost of the project saying that it was yet to be finalised.

He said the tolls on the four-lane expressways would range from 50 paise per km to Rs 2 per km.

Delhi government is to conduct the feasibility study on the longest stretch of circular expressway-peripheral expressway (140 km).

According to plans, Kundli-Ghaziabad (41 km) and Ghaziabad-Meerut (40 km) expressways would be operational by 2006, Gunji said.