FM Sitharaman Announces Rs 5,000 Crore Funding For Nagpur Metro Phase II

FM Sitharaman Announces Rs 5,000 Crore Funding For Nagpur Metro Phase II

FM Sitharaman Announces Rs 5,000 Crore Funding For Nagpur Metro Phase II

It was in March 2019 when Prime Minister Narendra Modi inaugurated the Nagpur Metro Orange Line between Khapri and Sitabuldi. The Aqua Line was inaugurated in January 2020 by Maharashtra CM Uddhav Thackeray between Sitabuldi and Lokmanya Nagar. Now, to expand connectivity, the Finance Minister, Nirmala Sitharaman, has announced fresh funding of Rs 5,000 crores for Nagpur Metro Phase II, in her Union Budget speech on February 1, 2021.

Earlier PM Modi had said, "The population of Nagpur will double by 2050 and the state and the Central governments are working to modernise the traffic system in the city to meet the future needs."

Here's all you need to know about Nagpur Metro:

Phase-I: Phase-I of the Nagpur Metro that would run 40 kilometre (km) will have two corridors. The north-south corridor will run between Automative Square and Metro City while the east-west corridor will run from Prajapati Nagar to Lokmanya Nagar. Both the corridors will have 20 stations each.

Stops on North-South corridor (Orange Line): Automotive Square, Nari Road, Indora Square, Kadbi Chowk, Gaddi Godam Square, Kasturchand Park, Zero Mile, Sitabuldi, Congress Nagar, Rahate Colony, Ajni Square, Chhatrapati Square, Jaiprakash Naagr, Ujwal Nagar, Airport, Airport South, New Airport, Khapri, Eco Park, Metro City

Stops on East-West corridor (Aqua Line): Prajapati Nagar, Vaishnao Devi Chowk, Ambedkar Chowk, Telephone Exchange, Chitar Oil Chowk, Agrasen Chowk, Dosar Vaisya Chowk, Nagpur Railway Station, Cotton Market, Sitabuldi, Jhansi Rani Square, Institution of Engineers, Shankar Nagar Square, LAD Chowk, Dharampeth College, Subhash Nagar, Rachana Ring Road, Vasudev Nagar, Bansi Nagar, Lokmanya Nagar

Nagpur Metro Phase-I Map

Source: metrorailnagpur.com

Phase-II: In January 2019, the state government while approving the Phase-II of the Nagpur Metro, asked the authority to prepare a detailer project report. Expected to be completed in four years, Phase-II would be developed at an estimated cost of Rs 11,216 crore. The 48.30-km route will cover localities such as MIHAN, Lokmanya Nagar, Hingna, Prajapati Nagar, Transport Nagar, Vasudev Nagar and Dattawadi. 

 Impact on real estate 

When compared to Pune and Mumbai, average rate of property is Rs 3,401 per square foot (psf). A planned Metro connectivity that will ensure smooth commute from the commercial city centre of Sitabuldi to all the four corners of the city would change that. Localities such as Dharampeth, Ganeshpeth and New Indora will see a remarkable hike in rates due to the Metro connectivity. At present, property prices in Dharampeth is Rs 9,547 per sq ft while in Trimurti Nagar, it is Rs 6,014 per sq ft. Other top localities in Nagpur such as Pratap Nagar, Manewada, Besa offers properties in range of Rs 2,000-4,000 per sq ft.

Meanwhile, Maharashtra Chief Minister Devendra Fadnavis on Thursday has said the tender for developing Nagpur’s Dr Babasaheb Ambedkar Airport into an international aerodrome has been approved. Infra major GMR will execute the project.

Last Updated: Sun Apr 18 2021

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