The Kochi Metro Rail Ltd (KMRL) has given the green signal for a feasibility study of its future expansion.
The company has entrusted Rail India Technical and Economic Services (RITES) for the study to extend the Metro to Kakkanad, the international airport at Nedumbassery and West Kochi in the second phase.
A decision in this regard was taken at the KMRL’s 13{+t}{+h} Director Board meeting held here on Friday. It is expected that the report would be ready within seven months and the agency would be paid a fee of Rs 6.57 crore for the study.
Sudhir Krishna, Union Urban Development Secretary, who chaired the meeting, told reporters that the proposed extensions would be complemented by a network involving mono rail, tram ways and bus rapid transport, which will operate as a feeder services to the metro.
The Board also approved a transit-oriented development (TOD) plan around the 25-km-long Aluva-Pettah metro corridor. Under this, there will be mixed land use within one km of the corridor.
The KMRL would also request the State Government to take up a greater Kochi master plan so that the metro becomes a harbinger of growth in the whole area.
The Board also has given the nod for KMRL’s budget worth Rs 1990.16 crore, for 2013-14. The State and Centre will give their equity share of Rs 233.87 crore each, while the loan component is Rs 392.62 crore.
The metro’s total project cost has gone up from Rs 5,182 crore to Rs 5,537.25 crore. The incidental expenses of Rs 251.52 crore will be used mainly for acquiring land at Muttom for the coach repair yard.
Since foreign financial agencies take time to finalise loan for the metro, KMRL is probing the possibility of sourcing it from commercial banks, IIFCL, Hudco etc.
According to Krishna, an independent agency will monitor the safety and quality of metro works. A global tender will be floated to identify it.