Ghaziabad, April 19 (IANS) The Ghaziabad Development Authority (GDA) has earmarked Rs.250 crore for a project to extend the Metro Rail line from Noida Sector-62 to Indirapuram, Vice Chairman Vijay Yadav said on Tuesday.
The GDA has signed a deal with New Okhla Industrial Development Authority (Noida) for the extension of Metro line to Indirapuram, Yadav told reporters after the GDA's 145th annual board meeting chaired by Uttar Pradesh's Principal Secretary (Housing) Sadakant.
The work on the 6.6-km Noida City Centre to Noida Sector 62 Metro line is currently underway and is scheduled to be completed by 2018.
Noida will draw up the Detailed Project Report (DPR) and the GDA will be spending Rs.250 crore on the project, Yadav said.
"The Metro line would eventually be extended to Mohan Nagar which will be beneficial for the daily commuters between two cities," he said.
The GDA board passed 35 proposals, including developing a 250 hectare land bank along National Highway-58 at an expenditure of Rs.400 crore.
"We have decided to buy 250 hectare land from six villages falling between NH-58 and pipeline road parallel to national highway. The authority, as per state policy, would buy land directly from the farmers at DM Circle rates," Yadav said.
"In view of the recession in real estate, it is the right time to develop the land bank for our future mega city project along NH-28," said Yadav.
The GDA proposes to generate Rs.2056 crore in financial year 2016-17 against estimated expenses of Rs.2525 crore.
The expected income in 2015-16 is Rs.2162 with actual realisation of Rs.1394 as on February 2016.
