In order to set up a 29.707 kilometre metro rail line between Noida and Greater Noida, the Noida and the Greater Noida authorities are in the process of forming a special purpose vehicle (SPV).
The SPV, named Noida Metro Rail Corporation (NMRC), will see an investment of Rs 1,000 crore. It is learnt that the authorities would soon approach the registrar of companies, Uttar Pradesh, for clearance and the work on the NMRC will begin soon.
It may be noted that at its board meeting in January,
the Noida and the Greater Noida Authority decided to set up the metro line at a cost of Rs 5,064 crore.
Meanwhile, at the board meeting, a memorandum of understanding was also passed for the extension of the DMRC line between Botanical Garden and Kalindi Kunj. The 3.96-km line is to be built at a cost of Rs 845 crore. The MoU was signed between Noida, Greater Noida and Yamuna Expressway authorities.
Now, the MoU would be submitted before the Uttar Pradesh government for approval. After that, the proposal will go to the Urban Development Ministry for final clearance.
The Noida Authority announced an increase in floor area ratio allowed for land within 500 metre of the Metro corridor. This will increase value of land near the Metro line and the increased revenue may aid development work, including proposed Metro lines in the area.