New Delhi : The BJP-led central government gave its ‘in-principle’ clearance, with certain conditions, for the first phase of Chennai Monorail Project (CMP), an official statement Thursday said.
According to the central government, monorail services will be provided between Poonamalle and Kathipara with a link from Porur to Vadapalani with a total length of 20.68 km.
The total estimated outlay of the project is Rs.3,267 crore.
As per the approval accorded last week, the project would be implemented under ‘Design, Build, Finance, Operate and Transfer (DBFOT)’ model with entire funding from the state government/state government agencies/ public-private-partner without any financial support from the central government.
According its sanction, the central government has laid down certain conditions for the Tamil Nadu government like: (a) ensuring price-based measures to promote ridership as part of an integrated traffic rationalisation plan for Chennai; (b) a suitable arrangement independent of Special Purpose Vehicle (SPV) for periodic fare revision for other competing modes; (c) setting up a Unified Metropolitan Transport Authority, duly backed by legislation, to facilitate coordinated planning and implementation of urban transport projects.
The central government and Tamil Nadu government would set up a joint oversight mechanism, the details of which would be incorporated in the Memorandum of Understanding (MoU) to be signed between the two governments.