The Centre Government sanctioned rupees 1300 Crores to fill in the viability gap in the Pune metro rail project that has to be completed in multiple phases. The 23.3km long Hinjewadi-Shivajinagar metro corridor is the part of PPP [Private Public Partnership] and is targeted to complete in the decided timeframe.
Overall, this corridor requires a total fund of rupees 8,313 crores out of which the Centre Government allocated its share and now the State Government have to raise the 812 crore rupees. Kiran Gitte, commissioner, Pune Metropolitan Region Development Authority (PMRDA) was quoted saying, “The central government’s approval and fund allocation has put the project on track and we should finalize the tendering process and decide the bidder for the project in the coming two months and sign the agreement thereafter.”
The metro stretch between Hinjewadi-Shivajinagar will have five stations that are Hinjewadi, Wakad, Balewadi, Pune University and Shivajinagar. This corridor will get connected with the other two upcoming metro corridors in a later stage.
Also, the work between Hinjewadi and Belewadi will get completed in the first phase and will be ready by 2019. Whereas the second phase between Belewadi and Shivajinagar is likely to be completed by the year 2021. Being a project under the PPP-model, the bidding for acquiring construction contract will commence in June once the Pune Metropolitan Region Development Authority (PMRDA) get go-ahead signal from the Centre Government.
According to the sources, the Tata Realty Siemens, IRB in consortium with Chinese and Malaysian companies and ILFS are most likely to participate in the bid which will take place in the short span of time. The construction company will have to raise 60 percent funding for the project in a partial manner. The company has to raise 30 percent in equity and 70 percent in the form of debt.
All the stations will have a complete state-of-art architect, latest facilities enabled with the latest technology. The fund sanction from the Central Government will escalate the work speed and also help in getting further clearances in order to complete the Pune metro rail project in due course of time.