By Accommodation Times Bureau
The Union Cabinet today approved transfer of land at inner Ring Road, Kathipara Junction, Chennai, measuring 2633 sq. Metres belonging to the Geological Survey of India (GSI), Ministry of Mines to Chennai Metro Rail Ltd. (CMRL) for the Chennai Metro Rail Project for an amount of Rs.11.34 crore (approx.).
The agreement will be signed between GSI, Ministry of Mines and CMRL. The works for the Phase-I are expected to be completed within schedule timeframe i.e. by 2014-15. The project would result in providing the people at large with a convenient, efficient, modern and economical mode of public transport.
CMR Project ensures safe, affordable, quick and comfortable access for growing number of city residents to jobs education, recreation and such other needs.
However, the Chennai Metro Rail Project was sanctioned by the Government of India in February, 2009 for a length of 45.046 kms. at an estimated completion cost of Rs.14,600 crore. The project is being implemented by CMRL, which is a joint venture Special Purpose Vehicle of Government of India and Government of Tamil Nadu (GoTN) with equity participation on 50:50 basis.
The project has two corridors, namely, (a) from Washermanpet to Chennai Airport (23.085 km) and (b) from Chennai Central to St. Thomas Mount (21.961km).
A MoU has been executed between GoI, GoTN and CMRL in February, 2011. As per the MoU, the cost of land will be borne by the GoTN as interest free subordinate debt to CMRL.