Chennai Metro Rail Phase-II: CM Stalin and Union Minister Review Progress
Tamil Nadu Chief Minister M K Stalin and Union Minister Manohar Lal reviewed the progress of the Rs 63,246 crore Chennai Metro Rail Phase-II project, which has been recently approved by the central government.
Chennai Metro RailPhaseiiM K StalinUnion CabinetPublic TransportationReal Estate NewsOct 27, 2024
In a meeting, Stalin expressed that the state government has urged Manohar Lal to release the central funds for the Phase-II project. He emphasized that work is progressing quickly on the project, which covers 118.9 km across three corridors, and that Rs 19,229 crore has already been spent. Stalin thanked Prime Minister Narendra Modi and the Central Government for approving the project as a central sector initiative.
The Chief Minister stated that his government is making all efforts to complete the project by the deadline. According to Chennai Metro Rail, Phase-II is projected to be completed by the end of 2026. An official release noted that the Union Minister was also requested to prioritize proposals related to the Chennai airport-Kilambakkam line and the implementation of Metrorail projects in Coimbatore and Madurai.
Kilambakkam, located on the city's outskirts, is a significant bus terminus with the capacity to operate over 2,000 buses. The terminus was inaugurated last year by Chief Minister Stalin. On October 3, 2024, the Union Cabinet approved the Chennai Metro Rail Phase-II project as a 'Central sector' project. This approval means that the central government will finance almost 65% of the estimated cost, including the entire required loan of Rs 33,593 crore, as well as equity and subordinate debt of Rs 7,425 crore. The remaining 35% of the estimated cost will be financed by the state government.
Stalin, in a post on 'x,' expressed his gratitude to the Union Government for accepting his request and approving the 118.9 km expansion. He also briefed them on the efforts being made towards the project's speedy implementation and sought Union Government support in funding Metrorail projects in Coimbatore and Madurai.
Phase-I of the Chennai Metro, which covers 54.1 km across two corridors, currently caters to over 3.1 lakh passengers on an average daily basis. Once Phase-II becomes operational, the Metro rail network in Chennai will span approximately 172 km, linking various areas of the city. Chief Secretary N Muruganandam, Additional Secretary of the Union Ministry of Housing and Urban Affairs, D Thara, and senior officials participated in the review meeting.
The Chennai Metro Rail project is a significant initiative that aims to alleviate traffic congestion and provide a reliable and efficient public transport system for the city's residents. The successful completion of Phase-II will not only enhance the city's infrastructure but also contribute to economic growth and development in the region.
Frequently Asked Questions
What is the total cost of the Chennai Metro Rail Phase-II project?
The total cost of the Chennai Metro Rail Phase-II project is Rs 63,246 crore.
How much of the cost will be financed by the central government?
The central government will finance almost 65% of the estimated cost, which includes the entire required loan of Rs 33,593 crore and equity and subordinate debt of Rs 7,425 crore.
When is the projected completion date for Phase-II of the Chennai Metro Rail?
Phase-II of the Chennai Metro Rail is projected to be completed by the end of 2026.
Which areas will be covered by the Phase-II project?
The Phase-II project will cover 118.9 km across three corridors, expanding the total network to approximately 172 km and linking various areas of the city.
Who reviewed the progress of the Phase-II project recently?
Tamil Nadu Chief Minister M K Stalin and Union Urban Affairs Minister Manohar Lal recently reviewed the progress of the Phase-II project.
Related News Articles
Mumbai's Urban Infrastructure to Get a Boost with MMRDA's Rs 8.5 bn Investment
The Mumbai Metropolitan Region's infrastructure development is set to receive a significant boost with MMRDA's plans to raise Rs 8.5 billion to develop urban infrastructure.
SI Investments Takes a Stake in Suraj Estate Developers, Upping Ante in Mumbai's Real Estate Market
SI Investments acquires over 1% shares in Suraj Estate Developers, signaling a positive turnaround for Mumbai's real estate market.
Odisha to Host Investors' Meets in Pune and Ahmedabad to Attract Auto, Food Processing, and Downstream Sector Investments
Odisha to hold investors' meet in Pune and Ahmedabad from Aug 7 to 9, with focus on attracting investment in auto, food processing, and downstream sectors.
India's Real Estate Sector Set to Exceed USD 10 Billion in Equity Investments in 2024
In 2024, the Indian real estate market is witnessing a surge in equity investments, with institutional and collective vehicle investors contributing significantly to the growth.
Bollywood Star Madhuri Dixit Leases Office Space in Andheri, Mumbai
Bollywood icon Madhuri Dixit has taken the real estate world by storm by renting a prime office space in Andheri, Mumbai. This move has sparked curiosity and speculation about her future business ventures in the city's bustling commercial hub. With Mumbai
India's Luxury Housing Market Thrives Amidst Growing Demand for Premium Living
The luxury residential market in India is witnessing a significant upswing, driven by a growing demand for premium living spaces. Cities like Chandigarh, Ludhiana, Kochi, Indore, and Ahmedabad are emerging as key players in this thriving sector, offering