Cabinet approves Rs.5,503 crore project.

The Cabinet has approved the 29.707 km Noida-Greater Noida Metro Rail Project which will set the pace of more residential and commercial complex developments in the region.

The Rs.5,503 crore project is scheduled for completion by April, 2018, as per the Detailed Project Report (DPR). About 70% progress of civil work and 40% of overall financial progress of the project have been achieved.

It will be implemented by Noida Metro Rail Corporation Limited, which will be a 50:50 jointly owned company of Govt. of India and Govt. of Uttar Pradesh.

The existing Noida Metro Rail Corporation Limited (NMRCL) which is a State owned Special Purpose Vehicle (SPV) will be converted into a joint SPV of Government of India (Gol) and Government of Uttar Pradesh (GoUP), for implementation of the project.

The Noida city, located in Gautam Buddha Nagar District of Uttar Pradesh State, was created under the Uttar Pradesh Industrial Area Development Act. It possesses all modern amenities and is considered to be one of the most modern suburbs of Delhi in the National Capital Region (NCR).

The population of Noida and Greater Noida as per 2011 Census of India is about 7,50,000 and is projected to grow to 19,00,000 by the year 2021.

People from Delhi and surrounding area are preferring NOIDA for settlement. Noida has a potential of about 10,000 industrial units and presently about 7,500 are developed and functional.

Noida provides employment to over 2,00,000 in the region with these industrial units. Noida mainly has road linkages with Delhi and the adjoining areas of Uttar Pradesh and Haryana State.

Noida does not have a railway station and the nearest railway station is Hazarat Nizamuddin, which is at a distance of about 15 km. The nearest airport Delhi is at about 30 km from Noida. fii-news.com