With about 30% work completed for the Pune Metropolitan Region Development Authority (PMRDA) third Metro line between Hinjewadi and Shivajinagar, the central government is expected to release Rs566 crore by March-end as a part of the first instalment for the project, said PMRDA officials on Saturday.
The total cost of the Hinjewadi-Shivajinagar third Metro line project is Rs8,313 crore, including land acquisition and rehabilitation components.
Out of the project execution cost of Rs6,124 crore, the central government and the state government will contribute 20% each and the private concessionaire executing the project will have to generate 60% of the remaining amount, added the PMRDA authorities. The total funding expected from the Union government as a part of the 20% share is Rs1,224.96 crore.
The authorities said that the first instalment is likely to come by March. Next year, the authority expects the remaining Rs668.16 crore for the Metro line that will be operational from April 2025.
“The release of funds from the Union government and state will keep the project on track. This is part of the viability gap funding as per the Metro concession agreement. The state’s share is Rs1,036 crore, to be disbursed from next year,” said the officials.
MLA Siddharth Shirole has been following up with the authorities for completion of the work on the stretch by end of this year.
“We are hoping that the PMRDA will implement it as per the PUMTA guidelines and the concessionaires are ready with the revised plan for completing the work by the end of December,” he said.