Work on the 103-km-long Phase-III of the Delhi Metro is ready to take off, with the Centre giving its green signal to the project.
The Empowered Group of Ministers (E-GoM), headed by finance minister Pranab Mukherjee, on Tuesday approved the Rs 35,000crore project that would connect remote areas of east, north and north-west Delhi to south and central Delhi.
The targeted date of completion has been fixed at March 2016. With this, the length of the Metro network in Delhi and NCR would go up to 300km.
The E-GoM also approved the 13.87km elevated Metro line connecting Badarpur in south Delhi to Faridabad in Haryana, at a cost of Rs 2,533crore.
The targeted date of completion for this project is March 2013.
Phase III will have four corridors connecting Mukundpur in north Delhi to Yamuna Vihar in east Delhi, Janakpuri in west Delhi to Kalindi Kunj in south Delhi, Central Secretariat to Kashmere Gate and Jahangirpuri in north-west Delhi to Badli, also in north-west Delhi.
While one of the corridors will run parallel to the Ring Road and connect east Delhi with south and west Delhi, the other will run parallel to outer Ring Road and connect Noida with south and west Delhi. While the Centre and the Delhi government will bear Rs 12,597 crore of the total project cost, DDA will give Rs 1,500crore.
The DMRC will raise another R1,586crore by developing property around the vicinity of Metro stations. The remaining cost will be met by soft loans provided by JICA and India Infrastructure Finance Company Limited.