Hyderabad: Clock has started ticking for the Hyderabad Metro Rail (HMR) project as July 5, 2012 has been declared as the ‘appointed date’ and the construction of the project will have to be completed within five years, counting from Thursday. The state government and L&T Metro Rail Hyderabad Ltd (L&TMRHL) has agreed on the apponited date here on Thursday.
Hyderabad Metro Limited managing director NVS Reddy and L&T Metro managing director VB Gadgil exchanged letters of declaration in the presence of chief secretary and HMRL chairperson Minnie Mathew and urban development principal secretary B Sam Bob. As per the concession agreement, the appointed date is crucial and the construction of the project will have to be completed within five years, counting from Thursday.
Financial closure for the project, though, was achieved in the first week of March 2011, the L&TMRHL could not start works due to delay in handing over 104 acres of depot land at Miyapur. On the assurance given by the government, L&T started the construction in May this year but the appointed date could not be declared as thegovernment had to fulfil certain conditions. Now with the handing over of 244 acres, which is 91 per cent of the required 269 acres, both government and L&T have declared the appointed date.
The state government has assured the L&TMRHL that the remaining 25 acre of land will be made available soon. The project concession period has been set at 35 years including the construction period of five years. A bankers’ consortium comprising 10 nationalised banks, headed by the State Bank of India, agreed to lend `11,478 crore for the project. However, the disbursement of loans will start as per the financial closure.
Expressing happiness, chief minister N Kiran Kumar Reddy asked the HMRL and L&TMRHL to complete the project within four years i.e. by 2016, even though the agreement permits a construction schedule of five years. He also asked the metro rail officials to set a target of December 2014 for the completion of the 8 km stretch between Nagole and Mettuguda.