BANGALORE: The Bangalore Metro Rail Corporation Ltd (BMRCL) will raise a major part of the cost for the Metro line project between KR Puram and Central Silk Board (Phase 2A) through innovative funding and leasing its land.
As per the gazette notification, the state government has set a three-year deadline for the Rs 4,202-crore project connecting two key traffic junctions on the Outer Ring Road (ORR) corridor.
The government has promised Rs 500 crore and the BMRCL has been told to raise Rs 1,100 crore through innovative funding and Rs 500 crore by leasing out its land. The BMRCL will borrow the remaining Rs 2,100 crore.
As part of innovative financing model, the BMRCL will provide direct connectivity to various IT parks from Metro stations through bridges.
Advertising, commercial and naming rights for the stations are other means, besides various cess and fees which are expected to generate a quarter of the project cost.
While noting that the project should be expedited and completed along with the Phase 2 in 2020, the state government has, however, set a rider. The BMRCL has been told to begin work on the project only after raising Rs 250 crore through leasing of land and get “firm commitment” of Rs 250 crore in the innovative funding model.
The 17-km line has 13 stations with KR Puram and Silk Board stations functioning as junctions connecting other Metro lines. Once operational, the line is expected to carry more than 3.5 lakh people.
An additional 2.5 km line will connect Baiyappanahalli depot to the line. As part of Phase 2, the BMRCL will build a depot at Kadugodi for which the state government has agreed in principle to provide 50 acres.
KR Puram-Silk Board Metro: Length – 17 km; Stations – 13; Cost – Rs 4,202 crore
Junctions: KR Puram and Silk Board stations to connect other lines
Serving Depot: Additional 2.5 km line to connect KR Puram to Baiyappanahalli depot