By Accommodation Times News Services
The Union Cabinet under the Chairmanship of Prime Minister Narendra Modi has given its ex-post facto approval to the proposal for Chennai Metro Rail Phase-I Project from Washermanpet to Wimconagar. It covers a length of 9.051 km. at a total cost of Rs. 3770 crore.
The project will be executed by the existing SPV of Government of India and the Government of Tamil Nadu having 50:50 equity of each i.e. Chennai Metro Rail Ltd. The project is scheduled to be completed by March 2018.
This extension will provide improved access to public transport for dense population comprising predominantly industrial workers to move towards the central business district of the city for work.
In the total project cost, Government of India’s (Gol) share will be Rs. 713 crore and Government of Tamilnadu’s (GoTN) share will be Rs. 916 crore. The share of GoTN included cost of Land and R&R of Rs. 203 crore. The balance amount of Rs. 2141 crore will be met from loan from multilateral/bilateral/domestic funding agency.
The estimated ridership will be 1.6 lakh passengers per day in first year of operation.