NEW DELHI: The Centre on Friday approved the proposal for transfer of land in Tamil Nadu belonging to the Ministry of Mines to Chennai Metro Rail Project.
The meeting of the Union Cabinet, chaired by Prime Minister Manmohan Singh, approved the transfer of land at Kathipara junction in Chennai, measuring 2633 sq meters belonging to the Geological Survey of India (GSI), Ministry of Mines, to Chennai Metro Rail Project (CMRP) for an amount of `11.34 crore approximately. An agreement will be signed between the GSI, Ministry of Mines and the CMR Limited. The works for the Phase-1 are expected to be completed within the scheduled timeframe by 2014-15, according to an official release.
The project was sanctioned by the Centre in 2009 for a length of 45.046 km. at an estimated cost of Rs 14,600 crore.
The project is being implemented by CMRL, which is a joint venture of Special Purpose Vehicle of Government of India (GoI) and the State Government on 50:50 basis. A MoU was signed between GoI, State Government and CMRL in February 2011. As per the MoU, the cost of land will be borne by the State Government as interest free subordinate debt to CMRL.
The project will provide the residents of the metro with a convenient, efficient, and economical mode of public transport.