Chandigarh Metro: Finally MoU officially formalised

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The long pending Memorandum of Understanding for the execution of Chandigarh metro has been officially formalised after the ministry of urban development has signed the document and sent it back to the local administration to further initiate the formation of Special Purpose Vehicle. 

Punjab, Haryana and UT have already signed the document last month. 

The administration has begun the process to form Special Purpose Vehicle that will execute the Rs 12,000 crore mass rapid metro system project with the ministry giving its green signal. 

The Special Purpose Vehicle will be called Greater Chandigarh Transport Corporation (GCTC) whose prime job will be to develop metro project connecting Chandigarh, Mohali and Panchkula in the first phase and then further covering other semi-urban areas in Chandigarh to create seamless mobility solution. 

According to the MoU, the initial equity of GCTC will be Rs 100 crore that will be equally contributed, that is 25 per cent each, by the ministry of urban development, Chandigarh Administration, Punjab and Haryana government. 

A senior official of the administration said, “The administration is studying the legal process to formally notify the formation of GCTC. In case, it requires the approval from the Union cabinet. The matter will then be put before it through the ministry of urban development. But in all circumstances, it should be formed within the next one month.”

As decided in MoU, the board of directors of GCTC will have three representatives from the ministry of urban development and two each from Chandigarh, Haryana and Punjab. 

“All the stakeholders will nominate the members once the Special Purpose Vehicle is formally notified, said officials. 

The secretary of the ministry of urban development will be the ex-officio chairman of the corporation, while its full time managing director will be appointed by the central government in consultation with board of directors of GCTC. 

According to the MoU, GCTC will play an important role in this project. It will not only explore various funding options, but also undertake various studies and projects for the development of this project besides looking after the commercial aspect of the project like fare structure, inter-modal integration of feeder services and others. 

According to the detailed project report (DPR) prepared in 2009, the total length of the Chandigargh metro project connecting the tricity is approximately 40km in Phase 1 at an estimated cost of Rs 12,000 crore. 

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