NCRPB releases loan installment for Noida-Gr Noida Metro project
Giving a push to Metro projects in the National Capital Region (NCR), the National Capital Region Planning Board (NCRPB) has released the first loan installment of Rs 406 crore for the Noida-Greater Noida Metro project. The fund has been released to give a fillip for speedy execution of this important Metro project in poll-bound Uttar Pradesh. The Noida-Greater Noida Metro project is targeted to be completed by April 2018.
The NCRPB had earlier sanctioned a loan of Rs 1, 587 crore to Noida Metro Rail Corporation (NMRC) for the 29.70-km Noida-Greater Noida Metro Project that is estimated to cost Rs 5, 533 crore.
Announcing the disbursement of the first installment of loan, B K Tripathy, Member-Secretary, NCRPB said: “Noida-Greater Noida Metro link is important for enabling seamless travel in the NCR, which the Board is committed to promote.”
“Further release of funds to this important section depends on physical and financial progress of the section. The NCR Regional Plan-2021 emphasised the need for strengthening connectivity between the NCR towns. Metro is emerging as the most efficient, fast, smooth and eco-friendly mode of public transport in the core of NCR,” the official said.
This 20-year loan, including a moratorium of five years for repayment of loan carries an interest rate of 7 per cent per year and an incentive of 0.25 per cent for timely repayment of installments. The targeted date of completion of this section is April, 2018.
The Noida Metro, which is an under-construction metro system connecting the twin cities of Noida and Greater Noida, consists of one colour-coded line, with a total length of 29.7 km serving 22 stations. The services would operate daily with a headway varying between 5–10 minutes.
Out of the 22 stations, 13 would be constructed at-grade while seven will be elevated. Two stations at Knowledge Park-I and Sector Delta-1 in Greater Noida are planned for future expansion.