The Central Government recently approved the Hinjewadi-Shivajinagar Metro corridor on public private partnership basis and sanctioned Rs 1,300 crore as a part of the viability gap funding. The 23.3-km-long Hinjewadi-Shivajinagar stretch would be the third metro corridor in the city and is expected to cost Rs 8,313 crore.
As per the new policy of the Central Government, the project was awaiting the 20 per cent viability-gap funding of Rs 1,300 crore from the Centre, while the state is supposed to generate Rs 812 crore. As reported, the successful bidder will have to bring in 60 per cent of the funds for the project – 30 per cent in equity and 70 per cent in debt.
The Hinjewadi-Shivajinagar stretch is expected to be carried out in phases. The first phase, between Hinjewadi and Balewadi, will be completed by April 2019 and the second phase, between Balewadi and Shivajinagar, will be completed by 2021.
PMRDA has reportedly shortlisted three companies – Tata Realty, Siemens, IRB in consortium with Chinese and Malaysian companies and ILFS – who could bid for the project. With the clearance from the Central Government, the bid is expected to take place by June.
All the stations will be equipped with the latest technology, amenities and state-of-the-art infrastructure. The entire metro stretch is expected to be monitored by automated technologies.