The Noida Metro Rail Corporation on Wednesday said that the Centre’s project investment board (PIB) has approved the provision of Rs.1,039 crore for the under-construction 30km Noida-Greater Noida Metro project.
PIB is a body that examines large-scale infrastructure plans of the government. It has nine members, including members from the ministry of railways, urban development, home and finance.
“I gave a detailed presentation about the project at ‘Nirman Bhawan’ in New Delhi. PIB appraisal means a lot for NMRC at this stage because we will get financial assistance and other necessary support from the Centre for the 30km metro project, which will integrate Greater Noida with the Delhi-NCR area,” Santosh Yadav managing director of NMRC, said.
PIB has suggested few changes to the project and NMRC has to incorporate the prescribed changes before sending a revised proposal to PIB.
“They suggested that NMRC and local authorities should develop facilities to address last-mile connectivity at all 21 metro stations that are part of this link. We have already planned to run feeder bus services, develop cycle sharing system and build parking facilities along the metro link. We will make the necessary small changes and send the project proposal to PIB,” Yadav said.
NMRC has completed around 50% construction of the project and aims to open this line by November 2017. Around 70% construction of the 21 metro stations is almost complete, officials said.
The 30km metro link is being constructed with a budget of Rs.5,533 crore. Two industrial authorities — Noida and Greater Noida — are bearing most of the project costs. The authorities, however, are facing a financial crisis because developers are not clearing land dues, citing a slump in the realty market.
“UP government is not providing any financial assistance to this project. Therefore, NMRC is in dire need of arranging cheap loans from the Centre. Now that PIB has okayed the project, it is a big financial boost for the metro project,” an NMRC official said.
Following PIB’s green signal, the revised proposal by NMRC will have to be approved from the ministries concerned, before the final approval by the finance ministry, which will release Rs.1,039 crore to NMRC within 2-3 months, officials said.