Kochi: The Vytilla Mobility Hub Society (VMHS) has submitted Rs 590-crore hub second phase development project to the Finance department' nod, the final hurdle before the Cabinet sanction.
French funding agency AFD, which has agreed to provide Rs 472 crore long term loan, has specified the terms and conditions which the department will assess in detail.
"The AFD will have majority stake while that of the state government is limited to 20 per cent. The agency has offered the loan at an interest rate of 1.35 per cent and a repayment window of 20 years after a five-year moratorium," sources said.
"After the administrative nod from the Local Self Government Department, the project has been submitted for sanction of the Finance Department," said R Girija, Managing Director, VMHS.
Meanwhile, the Kochi Metro Rail Ltd (KMRL) has agreed to submit the Detailed Design of the project, including Construction Drawings, in two months.
"We're in the process of appointing a Design Consultant. After the first tendering process failed to get adequate response, we've again floated fresh tender. We'll submit the detailed design in two months," said KMRL Managing Director A.P.M. Muhammed Hanish.
As per the Detailed Project Report, which is awaiting sanction of the state government, the second phase will feature a total of 101 bus bays, multi-level parking for 400 cars, 456 two wheelers and 50 autorickshaws. It proposes a land use pattern whereby 39 per cent out of the total project area of 25.16 acres will be earmarked for green space, 34 per cent for bus terminal and 27 per cent for road surface.