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News Entry# 289154
Dec 20 2016 (08:44)  Metro: VUDA may take auction route to raise funds (
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News Entry# 289154     
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Posted by: rdb*^  133024 news posts
Urban Development Authority told to bear 13 p.c of the project cost
With the State government making VUDA responsible for raising part of the resources required for the ambitious Metro rail project, the Visakhapatnam Urban Development Authority may go in for auction of land to raise funds.
The Metro Rail project for which various studies have been completed is estimated to cost Rs. 13,000 crore for about 45 km stretch.
meeting of the Coordination Committee for Vizag Metro convened by Amaravati Metro Rail Corporation at Vijayawada early this month discussed the project. Amaravati Metro Rail Corporation Managing Director N. Ramakrishna Reddy is in charge of the Vizag Metro also.
While part of the funds comes from the government, a major chunk is to be borne by the agency selected with Vizag Metro proposed under the Public Private Partnership model, sources said.
VUDA had been asked to raise 13 per cent of the funds required for the project, it was learnt.
With land-pooling project of VUDA expected to take more time, the urban development authority plans to raise resources seeking land from the government and auctioning it.
“Since plotting and developing will take time, going in for bulk land auction in two or three big chunks is one of the options considered,” sources said.
Meeting postponed
Another meeting of the Coordination Committee scheduled for Tuesday with Principal Secretary, MA&UD, Karikal Valaven, presiding and all stake-holders, including the Collector, GVMC, VUDA, Police and Andhra Pradesh Urban Infrastructure Asset Management Limited, participating has been postponed.
VUDA Vice-Chairman T. Baburao Naidu said the scheduled meeting was very preliminary in nature and was meant to take critical inputs from all stakeholders concerned.
Detailed project report
The detailed project report on the three Metro corridors, withthe Delhi Metro Rail Corporation as consultants, was prepared and submitted to the State government in August 2015 and approved by the State Cabinet.
It is now under appraisal of the Union government.
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