Intensifying its efforts to raise funds for the two ambitious metro projects — Vaishali to Mohan Nagar and Noida’s Sector 62 to Vaishali, the Ghaziabad Development Authority (GDA) has prepared a fresh proposal of the funding pattern. The proposal has been sent to the state government for approval.
As per the proposal, the GDA has sought 50% of the cost of the projects from the state government, which exceeds Rs 3,000 crore, 20% from the central government and the remaining in the form of rolling stock which will be borne by the Delhi Metro Rail Corporation (DMRC) and other agencies like the GMC, the UP Housing Board and UPSIDC.
The logic the GDA has put forth is that no state development authority is bearing the whole cost of a metro project and the same formula should be applied to these two Ghaziabad metro extension projects as well. “It is a done deal and the GDA board has also given its nod and has also asked us to explore the funding pattern,” said an official.
“We have proposed to the state government to bear 50% of the cost of the two projects, while 20% will have to be shared by the central government and the remaining 30% will be jointly shared by the GDA, the GMC, the UP Housing Board, the UPSIDC and DMRC in the form of rolling stock,” he added.
The cost of the Vaishali-Mohan Nagar metro project has been pegged at Rs 1,808 crore and according to the GDA’s funding pattern proposal, the UP government will have to bear Rs 904 crore of the total cost and the central government Rs 361.6 crore. The remaining Rs 542.4 crore will be borne by the agencies in the form of rolling stock.
Similarly, as per the detailed project report (DPR), the estimated cost of the Noida Sector 62-Sahibabad metro project is Rs 1,517 crore. And as per the GDA’s proposal, the state government will bear Rs 758.5 crore of the total cost and the central government Rs 303.4 crore. The agencies will bear Rs 455.1 crore, in the form of rolling stock.
GDA, on its part, is also scouting for its unacquired land parcels which can be sold to fund its metro projects.