Chandigarh: The Metro project for Chandigarh and its peripheral areas will now cost Rs 13,600 crore. In a revised detailed project report (DPR) submitted by the Delhi Metro Rail Corporation (DMRC) to the Chandigarh Administration, the cost of the project has been pegged at Rs 2,700 crore more than the earlier estimated cost of Rs 10,900 crore.
The revised DPR for the Metro project, one of the important components in the integrated multi-nodal mass transport system, has been prepared after the Union Ministry of Urban Development had sought a revised report since the parameters of the last study conducted in 2012 had changed.In the fresh report, it has been mentioned that the rate of return in terms of investment will be 1.5 per cent of the cost, which works out to Rs 200 crore per annum.
The report states that the rate of return in terms of saving as a result of less load on roads and less fuel consumption on private vehicles will come to 14.25 per cent of the cost.Based on the revised DPR, the Chandigarh Administration has already initiated the process to get approval from the Union Cabinet.
The Metro project will have two corridors, having a total length of 37.57 km. The East-West Corridor will extend from the transport terminal in Mohali to the grain market in Panchkula. The North-East Corridor will be from the Capitol Complex in Sector 9 to Gurdwara Singh Shaheedan in Sohana. It is proposed that within the sectoral grid of Chandigarh, the Metro will be underground keeping in view the heritage of the city.
Since 75 per cent of the funding has to come from the Urban Development Ministry and the Chandigarh Administration, getting clearance from the ministry is important. A major part of the two corridors, having a total length of 37.57 km, falls in the UT.
UT Finance Secretary Sarvjit Singh, who is the nodal officer for the Metro project, confirmed that the case was being forwarded to the Centre.In July this year, Chandigarh, Punjab and Haryana had signed a memorandum of understanding (MoU) to implement the integrated multi-modal mass transport system for the Chandigarh region, comprising Chandigarh, Mohali and Panchkula.
As part of the MoU, they had named the special purpose vehicle to execute the project as the Greater Chandigarh Transport Corporation (GCTC). The initial equity of the GCTC was to be Rs 100 crore, which was to be equally contributed (25 per cent each) by the Union Ministry of Urban Development, the UT, Haryana and Punjab.