Nagaland News Watch

The Second Phase of the Chennai Metro Rail Project Will Cost Rs 12,000 Crore

<p>The state budget for the fiscal year 2024–2025 was recently submitted to the Assembly by Thangam Thennarasu, the minister of finance for Tamil Nadu.</p>
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<p>A comprehensive strategy including social welfare, education, infrastructure, and cultural preservation was included in the budget. He said at the presentation of this year’s budget that the state government has chosen to set aside Rs 12,000 crore for the Chennai Metro train project’s second phase in 2024.</p>
<p>A noteworthy aspect of the state budget was the allocation of Rs 2,500 crore for the modernization of 4,457 km of metropolitan roadways. Meanwhile, the announcement’s primary objective was to improve connection and mobility inside cities.</p>
<p>The Tamil Nadu state government has allotted Rs 12,000 crore to Chennai Metro Rail for phase II implementation as part of the budget projections for 2024–2025. The Hindu reports that the phase II project, which will span more than 116 kilometers of the city’s network, has been under construction for a number of years and that the portion from Poonamallee to Kodambakkam would be open for commuters in December 2025.</p>
<p>The Center, the State, and loans from other institutions, including the Asian Development Bank, the Asian Infrastructure Investment Bank, and the Japan International Cooperation Agency, total the project’s funding of Rs 63,246 crore. Despite the State of Tamil Nadu’s substantial contribution, they have asked the Center to authorize the project and carry it out as a 50:50 joint venture between the State and the Center.</p>
<p>Moreover, the State government is now slated to submit the detailed project report (DPR) for the Airport-Kilambakkam route, which is estimated to cost Rs 4,625 crore. Although the DPR was previously submitted by Chennai Metro Rail Limited (CMRL) to the State government, it is now under development and, in accordance with the Budget, will be presented to the Center for approval on the basis of equitable sharing. The DPRs for other lines, such Koyambedu to Avadi and Poonamallee to Parandur, will shortly be completed as well.</p>
<p>Furthermore, a 27-story, landmark building with a historic architecture that covers over 10 lakh square feet is scheduled to be built across from Chennai Central Railway Station. The projected cost of this project is Rs 688 crore. According to reports, the Tamil Nadu Industrial Development Corporation (TIDCO) and CMRL would collaborate to establish a Special Purpose Vehicle (SPV) for the project’s development. This will be used as office space by IT companies, as well as enterprises in the public and commercial sectors.</p>