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Construction : Web Exclusive | May 2013 | Source : Construction Update

Centre asks UT to set up SPV for metro rail project

At a review meeting, the union government asked the union territory (UT) of Chandigarh to form a special purpose vehicle (SPV) on the lines of Delhi Metro Rail Corporation (DMRC) for implementing tri-city metro rail project.

The proposed project consists of two corridors – one running on a North-South axis and the other oriented East-West. From North to South the metro system will extend from Chandigarh’s Capitol Complex to Mohali’s Gurdwara Shaheedan.

From East to West the tracks will stretch from the Grain Market in Panchkula’s Ralli Village to the Mullanpur Transport Terminal. The project’s estimated completion cost is Rs 10,900 crore.

The project is expected to be a catalyst for economic development, and raise the standard of living in the area by providing quick, reliable and clean transport.

The SPV would prepare and submit documents on the project to Union Urban Development Ministry. Leading officials of the union territory administration held a high level project review meeting with the senior officials of the Union Urban Development Ministry. Officials from the Punjab Urban Development authority and some others also participated in the meeting.

Detailed discussion took place on various aspects of the project. It was noted that that the tri-city metro project is going to have streams of social and economic benefits for the whole region. Urgent steps shall now be taken to take the process forward.

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