Union Cabinet has given ex-post facto approval to the proposal for extension of Chennai Metro Rail Phase-I project worth Rs 3770 crore from Washermanpet to Wimconagar, which covers the length of 9 km.
The project will be executed by existing special purpose vehicle (SPV) of Government of India and the Government of Tamil Nadu having 50:50 equity of each i.e. Chennai Metro Rail Ltd, said the official statement.
At a total project cost of above approval, Central government will give Rs. 713 crore and Government of Tamilnadu will contribute Rs. 916 crore. The share of State of government included cost of the Land and R&R of Rs. 203 crore. The remaining amount of Rs. 2141 crore will come from loan from multilateral/bilateral/domestic funding agency.
The 9 km project between Washermanpet to Wimconagar is scheduled to be completed by March 2018 and it is estimated to carry 1.6 lakh passengers on this route after the completion of the project.
Extension of this 9 Km of Phase-I project will provide improved access to public transport for the dense population comprising predominantly industrial workers to move towards the central business district of the city for work, said the government.
The total length of the two corridors of Chennai metro rail will be 45 km and initial estimated cost of the project was Rs 14,600 crore.
Currently only seven metro stations covering 10 km of Chennai Metro Rail Phase-1 (Corridor-II) project is operational between Koyambedu to Alandur, it had operational from June 2015, these seven stations are; Koyambedu, CMBT, Arumbakkam, Vadapalani, Ashok Nagar, Ekkattuthangal and Alandur.
Once both the 45 km metro rail corridor will be completed, there will be total 32 stations. Of this, 19 underground stations and 13 elevated stations will be constructed in both Corridor 1& 2. In corridor-I route, stations from Washermanpet to Saidapet which has a distance of 14.3 km will be underground and in Corridor-II station from Chennai Central to Anna Nagar 2nd Avenue which will have 9.7 km distance will be constructed underground and remaining will be elevated.
To complete the Chennai metro rail project, both Central and Tamil Nadu government are expected to contribute 41% of the total cost of the project; the remaining fund is coming from the Japan International Cooperation Agency (JICA) and loan agreement between the Government of India and Government of Japan has been already signed.
In March 2016, JICA has announced to extend Official Development Assistance Loan (ODA) of Rs 1180 crore (19,981 million Japanese Yen) to Chennai Metro Rail Ltd (CMRL) for the construction of Chennai metro. The assistance from JICA will help in constructing underground tunnels, rail-tracks, electrical, telecommunication and signalling systems, procurement of the trains and consultancy service.
The Rs 14,600 crore estimated budget may touch up to Rs 20,000 crore due to various factors.
It is expected, after the completion of Chennai metro rail, travelling time from one end to another end of the city will be reduced by 75 percent.
Source: Information has been obtained from GOI press note, JICA, Chennai Metro Rail Ltd