The Delhi Metro’s extension line would not be allowed to suffer from any financial crunch created by the State Government agencies involved in the project, said Ghaziabad Development Authority (GDA) Vice Chairman Vijay Kumar Yadav. “If needed, authority would seek a loan from financial institutions. As per the rough estimates, the Metro extension line would need Rs500 to Rs600 crore,” Yadav said.
The funding pattern and the MoU with the DMRC that were approved by the State Cabinet have faced hurdles with the Uttar Pradesh State Industrial Development Corporation, the Municipal Corporation and Housing Board not contributing their share of the funds.
“The funding pattern and the MoU with the DMRC that were approved by the State Cabinet have faced hurdles by the contributing agencies like UPSIDC, Municipal Corporation and Housing Board and have not contributed to their shared funds in making payments,” said GDA VC.
“If we there is a fund crunch, we would go to seek loan from financial institutions. According to our rough estimate we may need Rs500 to Rs600 crore if hurdles come in our way due to procedural technicalities in obtaining NOC from different departments,” he said.
“Again our revised DPR is still lying pending at lucknow for Cabinet approval for want of comments from these contributory agencies from over last six months. Once it is cleared from Cabinet, about Rs300 crore share from the Central Government would come to our coffer,” the GDA officer said.
He added that even if the shortage is felt, the Metro construction work would not stop and will be completed by the December 2017 deadline.
“Major expenditure which is over 60 per cent of the total cost is ahead to buy the
trains of the total project. This project would be completed by December 2017 by the next Government only,” said the officer.