Right after approving the Pune Metro project, the Ministry of Finance’s Public Investment Board on October 14 also approved Noida Metro Rail Corporation’s proposal to allow the union government to become a 50-50 partner in Noida’s metro project. Construction on Noida’s Metro 30 km project started in May 2015 (see images) with local city and state government funds, and with costs piling up in the run-up to the line’s 2017-end opening, the NMRC decided to approach the central government for assistance and to become a partner in the organization.
According to NMRC’s Managing Director Santosh Yadav who spoke with HT:
The PIB’s commitment on funding and approval for our project is a big achievement for our metro link, which will not face financial hurdles in future. Now, the Centre will start releasing funds of Rs 1,034 crore in small instalments as per our needs. The first installment of Rs. 384 crore will be released in the ongoing financial year 2016-17, Rs. 400 crore in financial year 2017-18 and remaining amount will be released in the financial year 2018-19.
The NMRC has set a budget of Rs 5,533 crore for this project that will link Greater Noida with Noida and effectively the rest of the National Capital Region through the Sector 71 station which will link up to the Delhi Metro’s Blue Line. With the PIB approving the project, the NMRC willl now approach the National Capital Region Planning Board (NCRPB) to release a further Rs. 1,587 crore in central government funds to the project. As per the modalities worked out, the NCRPB will release two tranches of Rs. 580 crore in 2016-17 and 2017-2018, and the rest in 2018-19.
• Central Government – 20%
• State Government – 20%
• NCRPB – 30%
• Noida Authority and Greater Noida Authority – 30%
This news is significant and adds to the string of recent good news with the Supreme Court last month staying the National Green Tribunal’s order to stop construction work and with the NMRC announcing their intentions to install solar panels at all stations & depot to make it the greenest ever metro project in the country.
For more updates, check out the Noida – Greater Noida section of The Metro Rail Guy!