GDA officials to review funding options for the under-construction 9.41 km metro project today

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Ghaziabad: The GDA (Ghaziabad development authority) officials on Saturday will hold discussions about the review of funding options for the under-construction 9.41 kilometer metro rail project from Dilshad Garden-New Bus Stand in Ghaziabad. The discussions will be taken up in a meeting to be chaired by commissioner (Meerut). The commissioner (Meerut), who is also the chairman of the GDA, will try to iron out funding issues for the metro rail project being built at a cost of Rs 2,210 crore (approx US$ 343.81 Million) in order to get the project operational by 2018.

More Details:

  1.  Kanchan Verma, vice chairperson of GDA, said,“The review meeting will focus on the share which the Ghaziabad municipal corporation is supposed to provide for the project. The authority has already paid a majority of its share. We will also discuss other funding options.”
  2.  Of the project cost, the Uttar Pradesh agencies, including GDA, are to give a total of Rs 1,479.6 crore (approx US$ 230.18 Million) in a specified ratio.
  3.  Of this, the GDA has paid a major portion of its share of Rs 695.8 crore (approx US$ 108.25 Million), while funds from other departments are still awaited.
  4.  They are contemplating several options to expedite funding, including writing to the parent departments to speed up payments, obtaining soft loans from financial institutions & requesting the state government to fund it, sources said.
  5.  She said,“The metro officials also briefed us about the progress and said nearly 80% of the civil works and 40% of the station work are complete at present. The work on stations will be speeded up. Apart from this, the cabinet note for clearing the revised detailed project report (DPR) may be taken up in the coming cabinet meeting.”
  6.  The clearance of the revised detailed project report will help the project get Rs 402.4 crore (approx US$ 62.6 Million) grant from the Centre as its share towards the metro rail project.
  7.  Also, the officials have attended a meeting in Lucknow where presentations about the RRTS (Rapid Rail Transit System) between Delhi-Meerut was also put forward.
  8.  The rapid rail transit system will ease travel among Delhi, Ghaziabad & Meerut.
  9.  Verma said,“The land acquisition will be taken up by the authorities and district administration for the project. The fund contribution details will be decided by the state government. Once the state government approves the detailed project report, the matter will be taken up by a committee at the Centre.”
  10.  The work on the project is expected to start by 2018 once it gets necessary approvals.

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