In a big stimulus, Chennai Metro Rail has got ₹12,000 crore for implementing phase II from the State government as part of the Budget estimates for 2024-25. In the upcoming phase II project, work covering over 116-km network of the city has been under way for a few years now and the stretch from Poonamallee till Kodambakkam will be ready for commuters in December 2025.
While the total cost of the project is ₹63,246 crore, it operates through funding from the Centre and the State, apart from loans from various banks like Japan International Cooperation Agency, Asian Development Bank and Asian Infrastructure Investment Bank. Though the State government has pitched in a significant portion, they have been requesting the Centre to approve the project and also implement it as a 50:50 joint venture model between the Centre and the State.
Meanwhile, the State government has now planned to send the detailed project report (DPR) of the Airport- Kilambakkam line coming up at a cost of ₹4,625 crore. Though Chennai Metro Rail Limited (CMRL) had submitted the DPR to the State government sometime back, it is being taken up now and they have announced in the Budget, that it will be submitted to the Centre for approval on equity sharing basis. Also, the DPR for other corridors like Koyambedu to Avadi and Poonamallee to Parandur will be prepared shortly.
A 27-storeyed iconic building will be built with heritage design opposite Chennai Central Railway Station spanning over 10 lakh sq.ft at a cost of ₹688 crore. It will be constructed through a Special Purpose Vehicle (SPV) created as a joint venture between CMRL and Tamil Nadu Industrial Development Corporation (TIDCO). This will serve as office space for public sector and commercial enterprises and IT companies.
