BENGALURU: Chief Minister Basavaraj Bommai on Friday gave his approval for Bengaluru Metro’s Phase-3 project being built at a cost of Rs 16,328 crore. The project now awaits the Centre’s nod.
Rakesh Singh, Additional Chief Secretary, Urban Development Department, told TNIE, “The CM has approved Bangalore Metro Rail Corporation Limited’s (BMRCL) Phase-3 project today (Friday). The Urban Development Department will be sending it to the Centre for its approval, on Saturday. The project received an in-principle approval from the Finance Department a few weeks ago.”
The Phase-3 project runs to a length of 44.65 km and covers two corridors, one along West of Outer Ring Road West and the other is via Magadi Road. The state and Central governments will bear 20% of the cost each, while the remaining 60% will be mobilised through external assistance. The estimated cost has been fixed bearing in mind cost escalation for the next five years, said an official release.
Metro integrated structures to be built at Rs 507.29 crore
Corridor-1 will cover 32.15 km from J P Nagar 4th Phase to Kempapura along the ORR touching 22 stations, while Corridor-2 will run from Hosahalli to Kadabagere (via Magadi Road) for 12.5 km and cover nine stations, it said. The total required area will be 110 acres, of which 85% will be government land and the rest private.
The following stations dot Corridor-1: JP Nagar 4th Phase, JP Nagar 5th Phase, JP Nagar, Kadirenahalli, Kamakya Junction, Hosakerehalli, Dwaraka Nagar, Mysore Road, Nagarbhavi Circle, Vinayaka Layout, Papireddypalya, BDA Complex Nagarbhavi, Sumanahalli Cross, Chowdeshwari Nagar, Freedom Fighter’s Colony, Kanteerava Nagar, Peenya, Muthyala Nagar, BEL Circle, Nagashetty halli, Hebbal railway station and Kempapura. At nine stations, it will integrate with Metro, Suburban Rail or BMTC to ensure seamless connectivity for commuters. Corridor-2 will have Hosahalli, KHB Colony, Kamakshipalya, Sumanahalli Cross, Sunkadakatte, Herohalli, Byadarahalli, Kamath Layout, Kadabagere. It will integrate with Metro at the two stations of Hoshahalli and Sumanahalli Cross. A common depot has been planned at Sundanakatte for both corridors.
The project will also integrate with road infrastructure proposed by BBMP at the flyover on Kanakapura Road Junction on ORR (near JP Nagar Metro station) for 1.36 km and the flyover at Kamakya-Ittamediu-Hosakarahalli junctions for a length of 1.56 km, the document said.
Funding plan
Integrated structures will be built by BMRCL at a cost of Rs 507.29 crore with cost-sharing between BMRCL and BBMP in the ratio of 75:25. The funding pattern for Rs 16,328 crore under the Special Purpose Vehicle will be Rs 2,526 crore each by the Centre and Karnataka, which covers 16.13% equity share by each and 3.87% for Subordinate Debt (SD) for Central taxes by each.
The senior debt in the form of external assistance through bilateral and multilateral agencies or commercial loans comes to Rs 7,577 crore. The innovative financing comes to Rs 150 crore, SD for land and Renovation and Refurbishment (R&R) is Rs 2,019 crore and SD for state taxes is Rs 855 crore. Interest during construction to be borne by GoK comes to Rs 275 crore.