THIRUVANANTHAPURAM: The high level meet of the director board of Kochi Metro decided to take a loan of Rs 470 crores from nationalized banks for acquiring land for Kochi Metro Rail and for other expenses. The loan is taken in a manner of repaying it on the basis of annuity by the government by ten years.
Talks will be held with banks in order to fix the interest rate of the loan. The first phase of the project will be from Aluva to Maharajas Colleges as decided earlier. Minister Aryadan Muhammed in charge of railways said it will be completed by next year.
33.171 hectares of the 33.904 hectares for the project have been taken over. 0.733 hectare land at Edappally, Changampuzha, Lisy Junction and M G Road coming in the first phase has to be taken over and it will be done soon.
6.506 hectares will have to be taken over in the second phase from Maharajas College to Petta. Out of it, 3.009 hectares have been taken over.
Money will not be a hindrance for the project and the government wants to complete the project in time.
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