BENGALURU: In a significant fillip to Bengaluru Metro’s Phase-3, which will run for 44.65 km, the central government’s Public Investment Board (PIB) recently cleared the project, said multiple sources.
The project, which will cost Rs 15,611 crore, now awaits the green signal from the new Union government.
Phase-3 will have two elevated stretches — one of 32.15 km, connecting JP Nagar Fourth Phase on the Western side of Outer Ring Road and the other of 12.5 km on Magadi Road connecting Hosahalli and Kadabagere. It will have 31 stations.
A reliable source told TNIE, “The PIB has okayed the project and the file has been sent to the Union Cabinet for approval. It is expected to happen anytime soon.”
Another source said, “The PIB consent is crucial before the final clearance. This marks a significant breakthrough for Phase-3.”
A previous meeting between PIB and Metro officials before the recent Lok Sabha elections had been postponed.
The state government had given its nod for the revised project cost of Rs 15,611 crore on March 14 this year and announced that it would be completed by 2028. It has also decided to bear 80% of the cost of the project unlike in the past.
The state initially approved the project on November 18, 2022 at a cost of Rs 16,328 crore with a 20% share to be borne by Karnataka and the rest by the Centre through external borrowings.
Cost further lowered in final proposal
The proposal was submitted to the Centre in February 2023, but the Union government wanted the cost reduced. The state pruned it to Rs 16,041 crore in a revised report submitted by June-end in 2023 with the consultancy firm RITES removing the escalation cost calculated for rolling stock.
The cost was further lowered in the final proposal. The Detailed Project Report kept going back and forth between the state and Union governments with numerous clarifications sought by the Centre.
Just when it was to be approved, the Lok Sabha elections were announced and the model code of conduct came into force.
The Phase-3 lines are expected to carry a daily average of 9.12 lakh passengers by 2051. The PIB is a nodal body under the finance ministry which examines the feasibility of investment plans proposed by different ministries of the Central government. It is headed by the secretary of the expenditure department.