Kochi: The governing body of the Vytilla Mobility Hub Society (VMHS) has entrusted the Kochi Metro Rail Ltd (KMRL) to prepare the detailed project report (DPR) of the Rs 430-crore second phase of the Vytilla Hub with focus on transportation needs rather than commercial infrastructure facilities. With the decision, the route has been cleared for availing loan offered by French development Agency Agence Francaise de Developpement (AFD) to fund the project.
"A meeting of officials of the VMHS and the KMRL to fine-tune the broad contours of the project is likely to be held shortly. The plan is to extend the loan already availed by KMRL from AFD to Hub expansion also. However, the final terms and conditions are yet to be worked out," a senior VMHS official said. It's learnt that the AFD has offered loan at an attractive interest rate of 1.35 per cent and a repayment window of 20 years after a five-year moratorium. The previous UDF government had approved the proposal for implementing the project on a PPP (public-private-partnership) model but the same was shelved upon receiving a receiving a luke warm response from private parties following concerns over the project viability.
The governing body in its meet on Tuesday also decided to make the second phase development of the Hub more transportation-specific rather than commerce-centric. "The earlier plan to construct a multi-storied commercial complex was shelved, though there will be minimal outlets to serve commuters," the official said. The authorities aim to complete the second phase work before the Kochi Metro starts operation in the section. Phase-II involves construction of 120 bus bays and an underground parking bay for 1,000 two-wheelers and 800 cars among others. A total area of 25.16 acre was earmarked for the second phase.
