New Delhi: Covering several more residential, business and academic centres of the capital than originally planned, Delhi Metro is giving final shape to its third phase, which, when completed, will bring cheer to thousands of more passengers.
The biggest addition in Phase III, where the Delhi Metro Rail Corporation (DMRC) has planned an extension of over 30km, is the coverage of Jamia Milia Islamia University, a top Metro official said.
The proposed Phase III will cost Rs2750 billion for the Delhi extensions and is expected to be completed by March 2016. With this, the DMRC will cover 70 per cent of New Delhi's population and include neighbouring areas like Faridabad and Noida, DMRC Managing Director E. Sreedharan said.
The project was approved in principle by the Delhi government in October 2010. But the government has suggested some amendments, asking the DMRC to cover more areas so as to include the outer and the inner ring roads.
"We were supposed to have met the Planning Commission officials with the detailed project report (DPR) of Phase III by January 13 for a review and to take a final call on the budget decision. The meeting never happened as we are not ready with the DPR. It is still being finalised," Sreedharan said.
"We had prepared a DPR earlier for 70km. Now, the Delhi government wants some alterations. So Phase III is coming to almost 104km, 34km extra," the DMRC chief said.
After the Planning Commission's approval, the Phase-III project will be reviewed by an empowered committee of officials before going for union cabinet approval.
Sreedharan said a final decision on the funding pattern is yet to be taken, but the DMRC has given some suggestions in this regard.
"We have given some suggestions. One option is for the two governments [India and Japan] contributing 40 per cent [each] of the cost. The Japanese funding can extend to nearly 40 percent and the DMRC itself can raise about five to eight per cent on the property development as things are looking up on the real estate," he explained.
For the balance fund he suggested that the government authorise the DMRC to issue tax- free bonds for that amount or alternatively request the Japanese government to make it 50 per cent instead of 40 per cent.
To a query on whether the Japan International Cooperation Agency (JICA) will come forward to fund the Phase III project, Sreedharan said: "We have a very good relationship with the JICA. Their own experience with the DMRC has been excellent in Phase I and II [and] they are willing to consider.
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