New Delhi, May 25: The Union Cabinet on Wednesday gave its nod to Noida-Greater Noida Metro rail project with a total cost of 5503 crore rupees. The metro line of 29.7 kilometers will be fully elevated and completed by April next year. It will help mobility of people to satellite towns of Delhi and de-congest the national capital.
Project will be implemented by Noida Metro Rail Corporation Limited, which will be a 50:50 jointly owned company of Govt. of India and Govt. of Uttar Pradesh. The existing Noida Metro Rail Corporation Limited (NMRCL) which is a State owned Special Purpose Vehicle (SPV) will be converted into a joint SPV of Government of India (Gol) and Government of Uttar Pradesh (GoUP), for implementation of the project.
Ministry of Urban Development said that the project would generate significant direct and indirect employment of skilled, semi-skilled and unskilled workforce. Substantial indirect employment will also be generated during construction and operation phases.
The project is scheduled to be completed by April, 2018 as per the Detailed Project Report (DPR). About 70% progress of civil work and 40% of overall financial progress of the project have been achieved.
Project will be covered under the legal framework of Central Metro Acts, Metro Railways (Construction of Works) Act, 1978 and the Metro Railways (Operation and Maintenance) Act, 2002, as amended from time to time.
Notably, People of Noida-Greater Noida, which has a population of approx. 7.50 Lakhs and people of surrounding areas will be benefitted with this metro link.