With increased land acquisition cost in Bengaluru City, the State Cabinet on Monday approved an additional ₹ 2,187 crore for acquisition of lands for second phase of the Bangalore Metro Rail.
A Cabinet meeting chaired by Chief Minister Siddaramaiah approved the additional allocation for the Bangalore Metro Rail Corporation Limited (BMRCL) project for expediting the land acquisition process.
To connect key IT hubs, the 18.82 km metro rail line from R.V. Road to Bommasandra link of Phase II will pass through the avenues of Jayanagar and Marenahalli Road before reaching Silk Board Junction.
Informing the Cabinet decisions to presspersons, Minister for Law and Parliamentary Affairs Minister T.B. Jayachandra said the total cost of land acquisition in the second phase would ₹ 6,293 crore, including the additional ₹ 2,187 crore.
The BMRCL would borrow around ₹12,000 crore as loan from various international banks and investors for completion of the second phase. The second phase of the project will cost ₹26,400 crore and is expected to complete in the next five years. The Central and state government is expected to bear 55 per cent of the total cost.
A sum of ₹ 300 was also approved for development of infrastructure along the Raja Kaluve in the City, he said.
