Tuesday, 28 May 2013

Noida sets up its own Metro agency for Greater Noida line

Noida sets up its own Metro agency for Greater Noida line

The Noida Authority on Monday announced the setting up of the Noida Metro Rail Corporation (NMRC) as a special purpose vehicle to facilitate the construction of a proposed Metro line between Noida and Greater Noida. The Metro line, first mentioned in January, will be constructed without DMRC's help, and is an initiative of the Noida and Greater Noida Authority.

Senior Noida Authority officials announced that the NMRC will see an initial investment of Rs 1,000 crore.

Rama Raman, CEO of Noida and the Greater Noida Authority, said, "During board meeting on January 11, a 29.707 kilometre Metro line was announced between Noida and Greater Noida, estimated at a cost of Rs 5,064 crore. To facilitate this, Noida and Greater Noida authorities have begun the process of setting up a special purpose vehicle, the NMRC, which will see an investment of Rs 1,000 crore. We will soon approach the registrar of companies, Uttar Pradesh, for clearance and the work on the NMRC will begin soon."

At the 179th board meeting of Noida, Greater Noida and Yamuna Expressway authorities on Monday, officials announced that the board had passed a memorandum of understanding with regard to the extension of the DMRC line between Botanical Garden and Kalindi Kunj. The 3.96-km line is to be built at a cost of Rs 845 crore.

A senior official said, "We have passed the proposed MoU from our end and will seek clearance from the Uttar Pradesh government. After that, the proposal will go to the Urban Development Ministry for final clearance."

The Noida Authority announced an increase in floor area ratio allowed for land within 500 metres of the Metro corridor.

"We have increased the FAR by 0.5 for building within 500 metres of the Metro line. This will increase value of land near the Metro line. The increased revenue will aid development work, including proposed Metro lines in the area," a senior official said.

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