In a bid to expedite the formation of Noida Metro Rail Corporation (NMRC), the Noida Authority has written to the State Government for its approval, so that they could register its name.
The authority has also urged the Government to form the company on the lines of Delhi Metro Rail Corporation (DMRC) so that the company could manage 50 per cent of the project money from the Central Government.
In a recent meeting held by the authority, it was decided that both the authorities of Noida and Greater Noida would jointly fund 50 per cent of the total expenditure, while the remaining would be borne by the Central Government. Of its share of 50 per cent, the Noida Authority will spend 70 per cent, while Greater Noida Authority will invest the remaining 30 per cent. Apart from this, the officials also plan to approach the DMRC for the construction of the proposed Noida-Greater Noida line.
Earlier, the CEO of both Noida Authority and Greater Noida Authority had announced in its 179th board meeting that NMRC will construct a 29-km stretch at a cost of Rs5,064 crore and the entire expenditure will be borne by both the authorities. However, the plan was abandoned due to delay in formation of NMRC. The construction of two other metro lines — Noida City Centre to Sector 62 and Botanical Garden to Kalindi Kunj — will be done by NMRC itself, in later phases.
According to a senior official of Noida Authority, though the authority had planned to construct the proposed Noida-Greater Noida line, it cannot recruit staff without registration of NMRC.