CABINET NOD TO CHENNAI METRO RAIL

CABINET NOD TO CHENNAI METRO RAIL
Published Date: 1/29/2009 - (NIE)

G Saravanan

Chennai, January 28: THE Cabinet Committee on Economic Affairs on Wednesday approved the Chennai Metro Rail Project at a meet in New Delhi. In June 2006, the Tamil Nadu Cabinet decided to implement the project in Chennai. It had ordered the preparation of a detailed project report, which was entrusted to the Delhi Metro Rail Corporation.

The project was declared a “special initiative”. The DPR was submitted on November 1, 2007, and the Tamil Nadu Cabinet approved the project on November 7, 2007. The estimated cost of this project would be Rs 14,600 crore, factoring in escalation, central taxes and interest during the period of construction, but excluding state taxes and value of vacant state government land.

Fifty nine per cent of the cost will be met by a concessional Official Development Assistance loan from Japan. The Central Government will contribute 15% of the project cost as equity and 5% as subordinate debt. The remaining share of the cost (21%) will be met by the State Government in the form of equity (15%) and subordinate debt (6%).

Two corridors with a combined length of 45km will be constructed in the first phase. A length of 24km will be underground, while the remaining elevated. Corridor I, with a length of 23.1km (14.3 km underground and 8.8km elevated), will run from Washermenpet to the Airport via Anna Salai. Corridor II, with length of 22km (9.7km underground and 12.3km elevated), will run from Chennai Central to St. Thomas Mount via Koyambedu.

The portions of Corridor I from Washermenpet to Saidapet on Anna Salai, and Corridor II on Periyar EVR Salai and Anna Nagar Second Avenue, will be underground and the remaining would be elevated. The project is expected to be completed by 2014-15. Chennai Metro Rail Limited, a Special Purpose Vehicle, will implement it, which will be a joint venture with equal equity participation from the Central and State Governments on the DMRC pattern.

It is expected that the trains will run every five minutes. The Metro is expected to move 13 lakh passengers per day from the roads by 2026. It is expected to reduce journey times by 50% to 75%; a passenger will be able to travel from Central Station to Anna Nagar in 14 minutes (30 to 40 minutes by bus) and from Mannady to Airport in 44 minutes (75-90 minutes by bus).