State government allocates Rs. 500 crore to the project this year. The first stage of the elevated metro rail for the city between Nagole and Mettuguda will be thrown open to the commuters on March 21, 2015. It will form part of the Line Three from Nagole to Shilparamam route, according to the socio economic survey 2012-13 submitted by the government to the Legislative Assembly during the budget on Monday.
About Rs.500 crore was allotted for the project for the year 2013-14 towards the government’s share of Rs.1,980 crore to be spent over five years for land acquisition, road widening (Right of Way), Relief & Rehabilitation (R&R), utilities shifting, etc. Thus far, an amount of Rs. 950 crore was released in the last two years – 2011-12 – Rs.350 crore – and – 2012-13 – Rs.600 crore.
Senior metro rail officials said the amount allocated for the next financial year was sufficient towards fulfilling the government obligations and maintain the current progress of the project. While the total project cost is Rs.14,132 crore, State’s share is Rs.1,980 crore and Centre’s viability gap funding is Rs.1,458 crore and the concessionaire L&T Metro Rail Hyderabad (L&TMRH) will be investing Rs.12,674 crore.
The survey report stated that the 72-km. long project across the three dense traffic corridors is the world’s largest in the public, private partnership project (PPP) mode. Explaining that the project has been designed in an innovative way to make it financially viable as few urban transit projects are financially successful, the report said that 50 per cent of the revenue will be from passenger fares, 45 per cent from property development and five per cent from advertisements and other miscellaneous sources.
When fully operational, the system can carry more than 50,000 passengers per hour per direction with a three car coach carrying 1,000 passengers and six car carrying 2,000 passengers. Frequency will be of two to five minutes during peak hours with fares between Rs.8 to Rs.19 in 2014, the survey report said.