VISAKHAPATANAM: Visakhapatnam Metropolitan Region Development Authority (VMRDA) commissioner N. Tej Bharat reviewed the mobilisation of the required Rs 2,618 crore for the Visakhapatnam Metro Rail Project at the VMRDA conference hall on Thursday.
During the review meeting, the Commissioner assessed the overall progress of the project and discussed key issues, including the present status, stipulated timelines, implementation challenges, and the need for effective inter-departmental coordination to ensure timely execution.
Speaking on the occasion, he stated that the project would benefit from identifying nationalised banks willing to extend financial support at lower interest rates.
He also suggested that loan agreements should provide for a minimum moratorium period of five years on repayments to ease the financial burden during the initial phase of implementation.
The Commissioner further stressed the need for wider consultations with banks and financial institutions functioning under the guidelines of the Reserve Bank of India (RBI). To reduce the overall debt burden on the project, he advised officials to approach the State Government for exemptions from State taxes and GST.
On land acquisition, he directed officials to re-examine station locations, alignments, and related aspects, and to explore options to further reduce land-related costs. Joint Commissioner Ramesh, CGM (Finance) for the Metro Rail Project UJM Rao, CGM (Projects) Brahmanandam, Visakhapatnam RDO Sudha Sagar, and other officials presided over the meeti