Bengaluru: With funds hard to come, the Namma Metro line from Silk Board to KR Puram (Phase 2A) has been delayed in fact construction of the line has not even begun.
The delay is because of the state cabinet’s decision to take up a very challenging and expensive engineering feat in the form of a double decker ‘metro rail cum road bridge,’ said sources. The cabinet had also announced that Rs 1,100 crores of the stated Rs 4,202 crore needed for the project will be raised through innovative financing.
“So far only the Embassy Group has signed a memorandum to provide Rs 100 crore. We need at least two companies on board under the Innovative financing scheme. We are currently in talks with RMZ ,” said General Manager- Finance and Public Relations Officer, Mr Vasanth Rao, while referring to the memorandum of understanding inked on June 23 with corporate for funding the project. Furthermore, due to a condition imposed on BMRCL, they cannot begin civil work until Rs 250 crores has been collected under a Public Private Partnership (PPP). This means BMRCL cannot begin construction on the three-year-long project until they have sourced the remaining 150 crores.
The BMRCL is also facing problems related to land acquisition as land will have to be acquired on the Outer Ring Road stretch along a stretch of 17 km with 13 metro stations set to be aligned. “We are yet to identify the land required for most of the stations. We have acquired land for KR Puram station while land for Silk Board station has been identified and the measurement is under progress," said Land Acquisition Officer Channappa Goudar.
The Cabinet had also decided that the rest of the Rs 4202 crores needed for the Metro Phase 2A will be gathered through borrowings as high as Rs 2100 crores, leasing of land worth Rs 500 crores and funding by the state government to the tune of Rs 500 crores. Commenting on the fund deficit, Srinidhi, a member of Praaja RAAG advocacy group told DC, “All said and done, funds are needed to keep the project going. Opening, calling and finalising tenders will take no less than 6 months. Also, the hired contractor will need to be paid on schedule.”
