NOIDA: Even as the UP government has given in principle approval for the NMRC, Noida and Greater Noida authorities officials are getting ready to speed up the Rs 5000 crore Metro rail link between Noida’s City Center to Boraki.

The top brass of the authority held a meeting to chalk out the further action plan. The authority officials also reviewed the terms and conditions of DMRC to develop the metro extension. Meanwhile the decision has charged the residents, home buyers and developers, who are calling it “an oxygen shot” to the market, which is reeling under a slump.

“This will be the first link to be developed by Noida metro rail company (NMRC). NMRC is likely to start functioning by the end of this year. UP cabinet has given its go ahead to NMRC formation . The proposal will be moved for the Central government approval,” Noida and Greater Noida authorities CCEO Rama Raman told TOI.

Raman said that the final touch is being given to the proposal. “We are exploring all options to raise fund. Some rules and condition were also discussed and finally incorporated in the final proposal.”

Notably the Uttar Pradesh chief secretary Jawed Usmani had announced that a 29.5-km Metro rail route will come up between Boraki and Noida city centre to link Noida and Greater Noida.

Usmani said that it is the need of time to expand the metro route to de-congest the city roads, increase connectivity and smoothen traffic. “Work on the proposed line was likely to be completed by 2017. A total of Rs.5,000 crore would be spent on the ambitious Metro rail link. The project would be developed on the lines of the proposed Metro projects in states like Karnataka, Tamil Nadu, Delhi, West Bengal and Kerala.”

The Noida authority officials are working on the proposal to present before the state government. “Our presentation will be final within a week. We will outline the points to convince the UP cabinet that how NMRC will help in the development of the region,” Raman added. Right after the UP government gave its in principle approval to NMRC formation and expedited work 29 km metro link, realtors in both Noida and Greater Noida welcomed the decision and hoping that this decision will charge the market.

“Expansion of metro rail in Noida and Greater Noida is a very positive step towards adding to the better infrastructure, this region provides. The enhancement is important to make sure the region is future ready. With good connectivity, more and more home aspirants will choose to make their dream home in these two cities,” Brijesh Bhanote, director of the ‘The 3C Company’.

“This decision will not only enhance the connectivity of the region and strengthen the capital values of real estate. Formation of NMRC will be a bench mark for the development of entire UP because teh NMRC will not only reduce to Noida but it will also cater other cities also. Metro connectivity along Noida Expressway including Greater Noida, will infuse a positive sentiment into real estate market,” said Vijay Gupta of Assocham.

http://timesofindia.indiatimes.com/city/noida/UP-cabinets-green-nod-to-Noida-metro-rail-expansion/articleshow/22192789.cms