Centre Agrees to provide 20% viability gap Funding For Rs 7500 Crore Metro Project

Centre Agrees to provide 20% viability gap Funding For Rs 7500 Crore Metro Project

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Date of Post : 08 July, 2017

The central government has agreed in principle to provide 20% viability gap funding for the Rs 7,500 crore metro rail line project being executed by the Pune Metropolitan Regional Development Authority (PMRDA) through a PPP mode, Kiran Gitte, CEO and metropolitan commissioner, PMRDA said.

Further Information About the Project & Funding:

  • This is the third line of the metro covering 23.1 km from the IT hub at Hinjewadi to Shivajinagar.
  • The first two lines of Pune metro rail are being entirely funded by the government
  • The third line will take the PPP route.
  • PMRDA has also short-listed three companies that could bid for the project.
  • Gitte said, Tata Realty Siemens, IRB in consortium with Chinese and Malaysian companies and ILFS have qualified to bid for the project.
  • The successful bidder will have to bring in 60% of the funding for the project —30% of that in equity and 70% debt.
  • PMRDA will most likely follow the Hyderabad metro model of monetising real estate to fund the project, Gitte said.
  • PMRDA will have around 100 acre for the metro. This includes 50 acre at Maan in Hinjewadi, where the car shed is to be located, and 50 km is along the 23.1 km route, he said.
  • They could provide higher FSI in this corridor to make the real estate attractive. All the process is expected to be completed within six months and work on the metro is expected to start by December ’17, he said.
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