KOCHI: Construction works of Kochi Metro, which has been stuck at Vyttila, will get an impetus with the cabinet approval for availing a loan of '104 crore from the Ernakulam District Cooperative Bank (EDCB).
The Delhi Metro Rail Corporation (DMRC) could not start works beyond Vyttila due to the inordinate delay in acquiring land for widening Vyttila – Petta road.
The amount will be utilised for this purpose. Though the EDCB offered to advance Rs 470 crore for the metro project, the Kochi Metro Rail Limited (KMRL) availed only Rs 366 crore for acquiring land in different locations. It was awaiting cabinet approval for the remaining part.
The KMRL decided to go for supplementary loan for land acquisition as the State government was unable to release sufficient funds required for land acquisition.
The government will repay the loan with annual budgetary allocations over a period of 12 years.
“Revenue officials have already negotiated the price of the land that can be acquired once the funds are available. This will enable DMRC to start metro works beyond Vyttila at the earliest,” said a KMRL official.
It needed very few plots along the Vyttila – Petta stretch which currently has a width of 15 metres. As per the emergency road widening plan, land will be acquired along the very narrow parts without enough space for barricading.
