A detailed project report (DPR) of the 29.707 km stretch, prepared by the Delhi Metro Rail Corporation (DMRC), has been submitted to the state government, an official told IANS.
To be developed at the estimated project cost of Rs.5,064 crore, the much-needed Metro link is expected to be commissioned by 2017.
"The DPR is being forwarded to the union ministry of urban development for further action," said Principal Secretary, Infrastructure and Industrial Development Surya Pratap Singh.
"In view of the enormous pressure of passenger traffic on Delhi-Noida route and projected population of over 15 lakh in Noida and around 12 lakh in Greater Noida by the year 2031, a clean and smooth public transport facility, matching the transport infrastructure of Delhi, is urgently required in the area," he said.
According to the DPR alignment, a total 22 stations are proposed, of which 13 will be constructed on ground while seven stations will be elevated. Two stations at Knowledge Park-I and sector Delta-1 in Greater Noida are planned for future expansion.
Starting from Noida City Centre in Sector 32, the proposed Metro corridor will lead towards Greater Noida via stations in sectors 50, 51, 78, 101, 81, on the Dadri road, 83, 85, 137, 142, 143, 144, 147, 153 & sector 149 in Noida.
It will enter Greater Noida through Knowledge Park-II and traverse Pari Chowk, Sector-Alpha 1 and 2, before terminating at Depot station proposed near recreational green, Knowledge Park-IV in Greater Noida. Entire Metro alignment is proposed to be elevated.
Singh also informed that a special purpose vehicle (SPV) would be formed for development, operation and maintenance of the metro rail.
Twenty percent of project cost would be shared by the central government and 20 percent by the state government, and remaining 60 percent funds would be arranged by borrowing from financial institutions.
"There will be no financial burden on the state government as Noida and Greater Noida will form a company and bear the share of state," the official said. According to the Indian government's Metro Rail Policy, two implementation models are available.
While under the first model, metro rail project can be developed on public-private partnership (PPP) with 20 percent viability gap funding by the central government, the remaining cost has to be arranged by the state government and the concessionaire.
The second option of 50:50 model provides for 20 percent share each of central government and the state government and the remaining funds to be arranged through the central government in the form of an external loan.
The proposed Noida-Greater Noida Metro rail project will be developed on the second option of 50:50 model, Singh said.