A major part of the funds for Delhi Metro's Janakpuri-RK Ashram corridor will come from Japan International Cooperation Agency's soft loan for which discussions are on.
After a delay of over three years, the Delhi Metro Rail Corporation (DMRC), will begin work on Phase 4, the 28.9-km stretch on Janakpuri West-RK Ashram Marg.
Speaking exclusively to Moneycontrol, DMRC Managing Director Mangu Singh said that he is ready to look at Phase 5 if need be.
As there is no formal Phase 4, there may be a review midway to see if an additional corridor was required to meet the demands of commuters in the national capital and neighbouring areas, he said.
"Few tenders for Phase 4 have already been floated. Actual work will start in the month of December this year," he added.
"There are six corridors in Phase 4. Three are already sanctioned by the Central Government. The balance three corridors are still under consideration by the government," Singh added.
A major part of the funds for the corridor will come from Japan International Cooperation Agency's (JICA) soft loan for which "...discussions are on. JICA will fund the underground corridors and the system," he said and added, tenders for the JICA-funded projects cannot be floated unless "we have an agreement with them".
"We are waiting for that," Singh said.
JICA has so far extended a cumulative total of 705,206 million Japanese Yen (approximately 45,000 crore) in official development assistance (ODA) loans for the Delhi Mass Rapid Transport System Project since 1997. The cumulative loan amount provided by JICA for Metro projects in India (including Delhi, Bengaluru, Kolkata, Mumbai, Chennai and Ahmedabad Metro) exceeds 1.2 trillion Japanese Yen (approximately 77,000 crore).
Asked if there were any plans in the offing for Phase 5, Singh agreed that there is no formal Phase 4. "When the Master Plan was prepared in the 1990s, only four phases were looked at. Since then there have been many changes. Probably midway of Phase 4 there will be a review. It will then be seen whether additional corridor or creation of one is required," he said.
Phase 4 is expected to have 22 stations. It comprises six corridors with a combined length of nearly 104 kilometres.
The first civil contract of Delhi Metro Rail Corporation's (DMRC) Phase-4 project has been awarded for construction of a portion of the Janakpuri West-RK Ashram Marg corridor, which is an extension of Magenta Line (Botanical Garden-Janakpuri West).
The contract includes construction of a portion of the corridor, with 10 stations — Keshopur, Paschim Vihar, Peeragarhi, Mangolpuri, West Enclave, Pushpanjali, Deepali Chowk, Madhuban Chowk, Prashant Vihar and North Pitampura.While Delhi government had approved all the six proposed corridors in December last year, three priority corridors — of 61.6 kilometres — were approved by the Centre in March this year, including the Janakpuri West-RK Ashram Marg. The other two corridors are Aerocity-Tughlakabad (20.2 km) and Majlis Park-Maujpur (12.5 km).Are you happy with your current monthly income? Do you know you can double it without working extra hours or asking for a raise? Rahul Shah, one of the India's leading expert on wealth building, has created a strategy which makes it possible... in just a short few years. You can know his secrets in his FREE video series airing between 12th to 17th December. You can reserve your free seat here.