The Cabinet today approved extension of metro rail network from Noida City Centre to Sector-62, which borders Ghaziabad in UP, with an investment of Rs 1,967 crore, Union Minister Ravi Shankar Prasad said here.
Briefing reporters on the Cabinet decisions, Prasad said the total stretch for the extension is 6.675 kms long and it will provide transport facilities to a large number of people living in Noida, besides catering to residents of close-by areas of Ghaziabad.
The project will also result in development of more residential and commercial complexes in the region and also help more to move to the satellite town of Delhi, thus decongesting the national capital, an official release said.
The Centre's liability will be to tune of Rs 340. 60 crore on account of grant and subordinate debt for the project, an official release said.
Project will be implemented by Delhi Metro Rail Corporation Ltd (DMRC), the existing Special Purpose Vehicle (SPV) of the Centre and Delhi governments.
With metro rail in place, there will be less vehicular traffic on roads leading to less congestion, less time and cost of journey, less consumption of fossil fuel and less environmental pollution, the release said.
About 800 staff, including engineers, are currently working at the project site and the DMRC has started the procedure for recruitment of around 200 employees for operation and maintenance of this corridor.
About 81 per cent progress of civil work and 55 per cent of overall financial progress of the project have been achieved, the release said.
The population of Noida as per 2011 census is about 6.42 lakh.
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