Noida to spend Rs 1000 cr on Metro

Noida Authority Board, which has given its approval for a Rs 10,017 crore budget for the year 2013-14, has passed various proposals in its board meeting, including the decision to start Noida Metro Rail Company on the lines of the Delhi Metro Rail Corporation (DMRC). Initial investment in the Metro project will be Rs 1,000 crore.

Other notable decisions taken in the board meeting include the initiation of an e-tender system for construction works exceeding Rs 2 crore or more to make it more transparent, constitution of an SPV for city bus service between Noida and Greater Noida, 20 per cent increase in compensation rates for farmers for land, construction of a cycle track in Noida, construction of a tourist spot at Nalgadha in the memory of martyrs with a budget of Rs 25 crore. 

Apart from these, other proposals were also passed at the meeting and the  authorities said the proposals will benefit the residents of the city.

The budget of Rs 10,017 crore is 43 per cent more than last year's budget which was Rs 7,021 crore. ‘Last year the budget was Rs 7,021 crore. This year budget has been enhanced to Rs 10,017 crore. This year's budget is a deficit budget. Total receipts from property and loans would be Rs 9,995 crore. There will be deficit of Rs 22 crore,' said an official.

‘Rs 2,000 crore would be spent for land acquisition, Rs 4,342 crore for development and construction, Rs 1,083 crore for maintenance work, Rs 204 crore for village development,' the official added. 

Rs 1,800 crore would be spent on metro rail projects. Some other projects that have been proposed include the Rs 20 crore cycle track, Rs 100 crore Green buffer between Hindon and Yamuna flood zone area and a Rs 205 crore development of Lohia villages.Rs 60 crore would be allocated for multi-level parking, Rs 210 crore for Ganga water, Rs 300 crore for 200 KV sub stations and Rs 100 crore will be given for jhuggi rehabilitation, EWS and MIG houses construction among other things, said the officials.