Pune metro train could be a reality by 2014
PUNE: Suggesting the functional structure for the proposed Pune Metro Rail Corporation (PMRC), the Delhi Metro Rail Corporation's (DMRC) final draft report envisages that the Pune metro project can be completed by 2014-2015 at a cost of Rs 8,401 (corridor -I) and Rs 9,534 (corridor II). The report says that the Pune metro, like the DMRC, can ask for concession on value-added tax as well as concession in electricity and other municipal taxes. "The PMC needs 64,435 hectares of land for the metro. Beside this, there is a need for another 4 hectares of land which could come from the Agriculture college land. This 1,04,435 hectares could be commercially exploited and developed by allowing 4 FSI. Around Rs 600 crore could come in this way," says the report.
In practical terms, however, this might not be so easy. The agriculture college has already announced that it will not give its land for the project. "The area, along with the metro corridor, could be commercially exploited by giving additional FSI. Rs 2,000 crore could be raised in this way within the first four years of implementation of the project," the report goes on to say. It suggests that a special purpose vehicle named the Pune Metro Rail Corporation (PMRC)' be formed as per the Company Act 1956 and representatives of the state and central government should be appointed as directors of the special purpose vehicle. The state nominee will be the managing director of the PMRC and the board of directors of the PMRC will hold the authority to implement the project. A high power committee should be also formed under the leadership of the chief secretary of the Maharashtra government. As per the DMRC model, funds could be raised where equity by the government of Maharashtra and the Government of India will be 40 per cent and other funds could come from property development, market borrowing and soft loans, states the report. The presentation was made by DMRC's MD, E Sreedharan. Corporators who were present expressed their reservation on the issue of 4 FSI and municipal commissioner Mahesh Zagade said that all the recommendations in the report would be considered and debated.
Source: Times of INDIA, Pune Edition
In practical terms, however, this might not be so easy. The agriculture college has already announced that it will not give its land for the project. "The area, along with the metro corridor, could be commercially exploited by giving additional FSI. Rs 2,000 crore could be raised in this way within the first four years of implementation of the project," the report goes on to say. It suggests that a special purpose vehicle named the Pune Metro Rail Corporation (PMRC)' be formed as per the Company Act 1956 and representatives of the state and central government should be appointed as directors of the special purpose vehicle. The state nominee will be the managing director of the PMRC and the board of directors of the PMRC will hold the authority to implement the project. A high power committee should be also formed under the leadership of the chief secretary of the Maharashtra government. As per the DMRC model, funds could be raised where equity by the government of Maharashtra and the Government of India will be 40 per cent and other funds could come from property development, market borrowing and soft loans, states the report. The presentation was made by DMRC's MD, E Sreedharan. Corporators who were present expressed their reservation on the issue of 4 FSI and municipal commissioner Mahesh Zagade said that all the recommendations in the report would be considered and debated.
Source: Times of INDIA, Pune Edition
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