Noida: To expedite the metro network in Noida and Greater Noida and to put the Noida Metro Rail Corporation (NMRC) on track, the twin Authorities held a meeting in Noida on Thursday. Focus of the meeting was to discuss funding management for NMRC. During the meeting it was decided that Noida and Greater Noida Authorities will earmark 50 hectares of land for NMRC to meet and maintain revenue gap after operation and maintenance (O&M) costs and Metro rail ticket sales.
According to officials, in order to augment capital base, which would result in an increase in net worth and enable the company to meet future capital adequacy requirements, while Noida will reserve 35 hectares of land, Greater Noida will keep 15 hectares. The proceeds from the use of this land will be used to fund the maintenance costs for the Metro tracks and coaches that will operate between Noida and Greater Noida and on other routes.
As per officials, the 50 hectares of land will be earmarked for commercial use. Sources said that while land in Noida would be sought from sectors 144, 71, etc, Greater Noida land would be from sector Alpha besides others areas. There is a plan to construct three state-of-art multi-level parking areas cum shopping complexes at sectors 71, 145 in Noida and Alpha-1 in Greater Noida.
On Thursday officials from NCR Planning Board also attended the meeting held in the board room of Noida Authority. Sources inform that NMRC could seek a loan against land assets from NCRPB at a later date. As per officials, NMRC requires nearly Rs 4,000 crores for funding the Metro projects.
Noida and Greater Noida Authorities have earlier proposed a 0.5 increase in the permissible Floor Area Ratio (FAR) within a 500-metre and 1000-meter radius of existing and proposed Metro corridors, respectively. Earnings from the sale of additional FAR are to be used to strengthen the resources of the Metro system besides funding the NMRC.
Formed on the lines of Delhi Metro Rail Corporation, the NMRC is to monitor the ongoing Metro projects and also carry out all future Metro projects in Noida, and later across Uttar Pradesh. The first project being undertaken by NMRC is the 29.9-km-long metro link project between Noida and Greater Noida, which is to cost Rs 5,526 crore.