BENGALURU: The Bangalore Metro Rail Corporation has been allocated Rs 2,566.39 crore in the State budget presented on Wednesday. A huge chunk of this will go towards funding Metro Phase-II works. The Union budget last month had allocated Rs 1,399 crore for Metro.
Speaking to Express, BMRCL Managing Director Pradeep Singh Kharola said, “The sum of over Rs 2,500 crore is the highest in a year allocated by the State government. Along with the Centre’s allocation, we have nearly Rs 4,000 crore on hand now. There will no paucity of funds to carry on works related to Phase-II and the Outer Ring Road (K R Puram to Silk Board line) project now.”
Phase-II is set to cost Rs 26,405 crore and work has already begun along two stretches. An official said that 20 per cent of it would be funded by the Union government, 34 per cent by the State government and the remainder will be mobilised through loans. The budget reiterated that Innovative Financing will play a crucial role in mobilising the Rs 4,200-crore ORR line.
BMRCL, BDA discussing cost sharing
By taking part in the development of the road where the K R Puram junction stands, BMRCL will be involved in road works for the second time.“We are already developing the road between Jayanagar and Silk Board Junction. We will now be involved in the K R Puram Junction area,” the MD said. “The details of cost sharing are still being discussed with the Bangalore Development Authority,” he added.
BDA Engineer Member P N Nayak said, “The Silk Board and K R Puram junctions constantly have traffic jams. The Detailed Project Report to decongest the roads is being developed.”
When asked about BMRCL’s role, Nayak said the land belonged to Metro and the funding part is still being discussed.