SMC injects ₹250-cr in Gujarat Metro Rail project

The Surat Municipal Corporation (SMC) will pay ₹250 crore over five years (starting 2020) to Gujarat Metro Rail Corporation (GMRC) as part of the new project financing worked out in the revised detailed project report (DPR). The civic body will be paying ₹50 crore per year till 2024 as a portion of the value capture financing, considering that it will be earning ₹1,343 crore by selling additional floor space index at the four elevated metro stations. These four stations, each costing ₹111 crore, will be developed by SMC through public-private partnership. The stations include Rupali Canal and Althan Tenement in corridor 1 and Aquarium and Athwa Chowpaty stations in corridor 2. The new financial arrangement has been approved by the central government. The project, which is expected to cost ₹12,020 crore, will have a length of about 40.35 km, and will be developed in two corridors; it is expected to be ready in three years. Under the revised DPR, it is made clear that the comprehensive mobility plan is for 30 years keeping in mind the population of the city. The maintenance and operation of the project will be executed on a PPP model and systems like automated fare collection and station administration will be managed accordingly, said municipal commissioner M Thennarasan.