The State government has granted administrative sanction for establishing the Integrated Bus Terminus (IBT) at Panjapur at an estimated cost of Rs.349.98 crore.
The project would now be executed under a revised funding pattern and will not be taken up under the Smart Cities Mission as planned earlier. A substantial portion of the project cost would now be raised as loan from Tamil Nadu Urban Finance Infrastructure Development Corporation (TUFIDCO).
The government had earlier granted “in principle” approval for construction of the terminus along with other infrastructure at a cost of Rs.350 crore, with a funding of about Rs.210 crore expected under the Smart Cities Mission of the Union government. The remaining Rs.140 crore was sanctioned under the Infrastructure and Amenities Fund of the State government.
However, sources in the Corporation indicated that the Union Ministry of Housing and Urban Affairs has mandated that all projects for availing funding under Smart Cities Mission should have taken off by March 31, 2022.
A government order issued on Thursday by Shiv Das Meena, Additional Chief Secretary, Municipal Administration and Water Supply Department, said that the Director of Municipal Administration has therefore submitted a proposal with the detailed project report envisaging the construction of the IBT at a cost of Rs.159 crore, a truck terminal at Rs.65.90 crore, a multi-utility facilities centre at a cost of Rs.84.78 crore and roads and associate infrastructure at a cost of Rs.40.30 crore.
Under the revised funding pattern approved by the government, Rs.159.98 crore would be raised as loan from TUFIDCO and the Tiruchi Corporation would provide Rs.50 crore from its general fund. According to the GO, the Committee for Infrastructure and Amenities Fund has already approved the sanction of Rs.140 crore.
Chief Minister M.K.Stalin had laid the foundation stone for the project towards the end of December last year. The Corporation is set to begin site improvement works, including soil stabilisation, before the commencement of construction of the IBT.
