The central Government has recently given its approval to the Patna Metro Rail Project in order to add a feather to the transportation system of the city. The Metro Rail Project will be comprised of two corridors namely- Danapur to Mithapur and Patna Railway Station to New ISBT.
As per the approved plan, the corridors will be completed in the next five years and the estimated cost of the project will be Rs 13,365.77 crore.
Giving more information on the above, Government officials said, “The approval will be helpful to about 26.23 lakh population of the city. It will also ease congestion on roads thereby relieving people from the drastic traffic problem,”
“The complete project will be integrated with ISBT and railway station via feeder buses, Intermediate Public Transport (IPT) and Non-Motorised Transport (NMT). We have decided to collect the revenue via rental and advertisement as well as Value Capture Financing (VCF) through mechanism of Transit Oriented Development (TOD) and Transfer of Development Rights (TDK).” added officials.
Danapur to Mithapur Corridor
The corridor will be 16.94 km long and comprise of both underground (11.20 km) and elevated stations (5.48 km). A total of 11 stations will be there and it will connect some of the most densely populated areas of the city like Raza Bazar, the Secretariat, the High Court, and the Law University Railway Station.
Patna Railway Station to New ISBT Corridor
Connecting some of the important areas of the city, this 14.45 km long corridor will pass through Gandhi Maidan, PMCH, Patna University, Rajendra Nagar, Mahatma Gandhi Setu, Transport Nagar, and ISBT. The corridor will have a total of 12 stations, of which 9 are elevated and 3 are underground.
Impact on Real Estate Market
Once these metro corridors will become operational, the residential real estate market of the surrounding and adjacent area will definitely get a boost. With better transportation system and connectivity to other areas of the city, the property price will eventually shoot up thereby helping property owners to earn good Return of Investment.