9-crore - revised cost - mega project from M.G. Road in city centre to Baiyappanahalli in the eastern suburb covers 6.7 km on elevated tracks with four stations in between.
“We have invested about Rs.4,000 crore so far in the project, including Rs.360 crore on civil works. We will operate four trains of three coaches in both directions with 10-15 minutes frequency from morning till late night to make 45 trips to ferry about 1,000 commuters on each trip,” Sivasailam said.
The corporation began civil works in 2007 and executed Reach-1 in March 2011, 24 months behind the original schedule leading to a cost escalation of Rs.3,451 crore from the estimated cost of Rs.8,158 crore.
The first phase comprising two corridors will cover a total of 42.3 km across the city, with 18.1 km on east-west corridor and 24.2 km on north-south corridor, including 8.8 km underground in the city centre. There will be 41 stations.
Being built on public-private partnership model, with the state and central governments holding 15 percent equity each (Rs.1,224 crore), the project has 25 percent (Rs.2,040 crore) as subordinate debt and 45 percent senior term debt from Japan International Cooperation Agency (JICA).
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