Govt finalises funding for Ghaziabad Metro extension
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With the target to complete the second phase of the Ghaziabad Metro project — from Dilshad Garden in East Delhi to New Bus Stand in Ghaziabad — in the next five years, the state government has finalised the funding pattern of its own share of Rs 991 crore required in Rs 1,591 crore project.
A Housing and Urban Planning Department official today said that the Ghaziabad Development Authority (GDA) will be the nodal agency in the project and will contribute a maximum of Rs 466 crore in it. UP Housing and Development Board (UPHDB) will contribute Rs 295 crore while Ghaziabad Municipal Corporation and UP State Industrial Development Corporation (UPSIDC) will contribute Rs 165 crore and Rs 65 crore respectively.
In the Detailed Project Report (DPR), Delhi Metro Rail Corporation (DMRC) has estimated the total cost of the project at Rs 1,591 crore, including the escalation cost and other Central taxes. While Rs 991 crore is being shared by the state agencies, the rest, Rs 600 crore, has to be paid by Government of India and DMRC.
To avoid financial burden on itself, the UP government has decided that the cost should be borne by different local agencies who would be benefited by the project after its completion.
"GDA, UPSIDC, Housing Board and Ghaziabad Municipal Corporation can recover their investment from their allottees in the upcoming housing and industrial project as they would be benefited by the Metro rail maximum," the official said.
The official said that UPSIDC has given consent in principal to contribute Rs 65 crore in the project. "UPSIDC will soon give the written consent. After taking approval on the funding pattern from the Chief Minister, GDA will sign the Memorandum of Understanding (MoU) with DMRC," said the official.