Project to cost ₹14,788 crore, to be completed in five years
The Central government, on Monday, issued a sanctioned order for the ORR-airport metro under Phase 2 A and B of the Namma Metro project. According to the order issued by the Ministry of Housing and Urban Affairs, the 58-km line from Central Silk Board to Kempegowda International Airport via K.R. Puram, Hebbal and Nagawara would cost ₹14,788.101 crore. The project will be completed in five years.
The share of the Central and State governments for the project is 20% each.
The Bangalore Metro Rail Corporation Limited (BMRCL) is raising ₹5,960 crore as loan from multilateral agencies or through domestic sources (60% share). The Karnataka government will also bear land acquisition cost and property development, that comes to ₹2,761 crore, while the remaining funds required for the project will be through innovative financing and other sources.
The BMRCL has awarded contracts for the ORR metro from Central Silk Board to K.R. Puram (19.75km). Rakesh Singh, MD, BMRCL told The Hindu he is hopeful of contractors starting ground work as early as possible, and once lockdown guidelines are eased measures will be taken to complete the tender process for the K.R. Puram to KIA line. A majority of properties required for the airport line have been acquired.
The terms and conditions state that the Karnataka government should set up a dedicated urban transport fund by collecting taxes/levies, betterment charges, and higher FAR in the influence zone of metro railway stations. The Karnataka government has been asked to set up a Unified Metropolitan Transport Authority backed by legislation. The metro stations will be integrated with various other modes of transport and suburban rail systems.
About repayment of the loan, the order states that in case the BMRCL is not able to repay the loan (as and when it becomes due), the Karnataka government should bear the responsibility by providing direct financial support or credit enhancement support for refinancing.
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