Govt finalises funding for Ghaziabad Metro extension
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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.
The DPR of Ghaziabad Metro was prepared in 2005. Then its estimated cost was Rs 936 crore. But following delay in decision over the funding, the project could not take shape and with time its cost shot up to Rs 1,591 crore, the officials added.
Sources said that the Akhilesh Yadav government has put the project on fast track to get maximum work done in the next five years. Officials said that MoU between GDA and DMRC was signed this month so that construction work could start at the earliest.
The 9-km Metro is proposed to have seven stations - Shaheed Nagar, Raj Bagh, Ranjendra Nagar, Shyam Park, Mohan Nagar, Arthala and New Bus Stand.
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