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Rs 433 crore earmarked for mobility hub

September 27 2013 9:49 AM


The Vyttila Mobility Hub is all set for a Rs 433-crore facelift and the deicision in this regard was taken at a high-level meeting presided over by the Chief Minister and all top officials. The Mobility Hub had met with strong criticism for the delay in implementing the second phase.

In the meeting, the state government gave the nod to Mobility Hub authorities to fund the second phase using a loan  from a consortium of banks instead of looking out for JNNURM funds. The direction to fund the second phase using JNNURM had stalled the second  phase development for so long time now.

The total project cost is Rs 433 crore. As decided in the meeting, the Hub  will be sourcing a Rs 298 crore loan from a consortium of banks.

The state government will also aid a Rs 101-crore for the Hub in three financial  years. The first in this category, Rs 6 crore will be made available in this  financial year. The government has promised to give Rs 60 crore in the next  financial year and the remaining amount in the last year. Additionally, the Hub have it in its hand Rs 33 crore given by GIDA as an interest-free loan.

The executive committee, which will be meeting before October 15, give pre-qualification and approval for the second phase. The second phase will be developed in a time-bound manner and the authorities are planning  to launch it along with Kochi Metro.

Apart from bus bays and maintenance centre, the main attraction of the second phase will be a seven floor building. It will be home to a mega shopping complex, food court and multiplex. The building will also have a  parking space for private buses and over 1000 cars and 1500 bikes.

A terminal for private buses, a waiting room for passengers, a skywalk are all in design for the building. The authorities said they are willing to construct two more floor depending upon public response.

Courtesy: The New Indian Express