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Bangalore Metro to cost Rs 6,207 cr.
PM News Bureau
According to the latest estimate, the Bangalore Metro Railway project will cost Rs 6,207 crore. Out of this, the state will bear Rs 1,807 crore, and the Centre Rs 1,447 crore. The balance amount will be raised through borrowings. When UTI Bank submitted its DPR, the cost was estimated to be Rs 5,605 crore in April 2004, but since then cost has gone up by more than Rs 600 crore. This is mainly due to increased land acquisition cost.
The Karnataka State Cabinet approved the project recently and gave its go-ahead for land acquisition, preliminary works like short listing of vendors / contractors, identification and shifting of utilities. After PIB's expected approval this month, the project will go to CCEA for final approval.
The project will be implemented in five years.
The preliminary works such as freezing of alignment, detailed design, and formulation of land acquisition proposals have been completed. The financial closure is proposed to be accomplished by the end of May 2005. The construction is likely to begin in June/July 2005. The Bangalore Mass Rapid Transit Ltd has taken up the task of land acquisition. The Defence Ministry has handed over 102 acres, and about 55 acres of state government land, 45 acres of private land and 800 structures are in the process of being acquired.
[14 March 2005]
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