Cabinet Approves Revision In Funding Pattern Of Phase-IV Of Delhi Metro
The Union Cabinet on Wednesday approved revision in the funding pattern of Delhi Metro Phase-IV enabling the Centre and the Delhi government to share cost of land in 50-50 ratio.
The approval is applicable to three priority corridors of Phase-IV -- Aerocity to Tughlakabad, RK Ashram to Janakpuri (West), and Mukundpur to Maujpur.
The decision was taken at a Cabinet meeting chaired by Prime Minister Narendra Modi.
An official said that Delhi will be the first city where the Centre will be bearing land cost with the state government in any Metro project.
At present, the Centre and the Delhi government share cost of Metro projects in 50-50 ratio.
According to an official statement, the move is in pursuance of the amendments to Metro Rail Policy, 2017 applicable only for Delhi, in compliance with the Supreme Court order dated Sept. 6.
It comes at a time when Delhi Assembly elections are due early next year.
"The total cost of the project which is Rs 24,948.65 crore remains unchanged. The contribution from GoI (Government of India) increases from the existing Rs 4,154.20 crore to Rs 4,643.638 crore resulting in a net increase of Rs 489.438 crore," the statement stated.
The amount of external loan from multilateral agencies which Delhi Metro Rail Corporation has to repay increases from the existing Rs 11,462.60 crore to Rs 12,930.914 crore with a net increase of Rs 1,468.314 crore, it stated.