Though no funds have been specifically earmarked in the budget for Kochi Metro, stakeholders of the project are hopeful of completing the land acquisition process as per schedule.
The budget speaks of a total of Rs 788.93 crore for the metro, mono rails, high-speed rail corridor etc.,. The State’s share in the Rs 5,182 crore metro project is Rs 2,009.56 crore or approximately 38.70 per cent of the project cost.
“The State Government has pledged all support for the metro and the cost of land acquisition has been included in the project cost,” said sources associated with the project. Funds are also required for kickstarting the project’s civil works – piling, construction of pillars, the viaduct and metro stations.
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This is apart from the money that has to be paid as compensation to widen three arterial roads in the city as part of the preparatory works.
Commercial development
Funds have to be raised for acquiring 233.57 acres of land for the metro village proposed at Muttom near Aluva and the 33 acres in Kakkanad for establishing a metro business district.
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The revenue from the two places will be used to repay the loan expected to be taken from JICA and to raise capital to extend the metro to Tripunithura, Kakkanad, international airport etc.,. The loan will be ready only after about a year.
The Centre’s share in the project is Rs 1,002.23 crore (approximately 19.3% of total project cost), while the loan works out to Rs.2,170 crore (about 42%).