Noida: The National Capital Region Planning Board (NCRPB) has disbursed the fifth installment for the under construction Noida-Greater Noida Metro Project. The fifth loan amount of Rs 200 crore was released on Tuesday which is aimed at providing a boost to the much awaited metro project in suburbs around Delhi.
"With the approval of the fifth installment by NCRPB, the board has got a total of Rs 1130 crore out of the sanctioned Rs 1587 crore. The balance is expected to come soon subject to guarantee by Greater Noida Industrial Development Authority (GNIDA) and Noida Authority" said a senior NMRC official.
As per officials, this 19 year loan, including a moratorium of four years for repayment of loan carries an interest rate of 7% per year and an incentive of 0.25% for timely repayment of installments.
According to Noida Metro Rail Corporation (NMRC) officials, NCRPB had in February this year sanctioned a loan of Rs 1,587 crore to Noida Metro Rail Corporation (NMRC) for the 29.7 km Noida-Greater Noida metro project that is estimated to cost Rs 5,503 crore.
"As of now the board has received a total of Rs 2483 crore out of the estimated cost of Rs 5503 crore. The loan received as the fifth installment will surely boost the last stage construction of the metro track and we are expecting that the track will be soon thrown open to the commuters, once the trial is successfully complete" said P .D Upadhyay, General Manager (Finance), NMRC told Millenniiumpost.
"The metro corridor is expected to substantially improve traffic flow in Noida and Greater Noida and will also benefit the daily office goers to Delhi and Gurgaon. Presently, the civil work of metro tracks is complete. The loan will cater finishing the electrical and mechanical works as well as clearing the dues of buying coaches" added Upadhyay.