The East-West project of Kolkata Metro Rail Corporation is expected to be completed by March 2022 after several years and doubled costs. India's first underwater metro will partially run under the Hooghly river.
According to Manas Sarkar, the managing director of KMRC, they are waiting for a final installment of Rs 20 crore over the next 2 years from the Indian Railway Board. 48.5 per cent of the project is funded via a Rs 4160 crore soft loan from Japan International Cooperation Agency.
Kolkata metro was due for an expansion in 2014 but was faced with several issues such as squatters on the planned route. These issues have led to the total cost of the project rise to approx Rs 8600 crore for around 17 kilometres from Rs 4900 crore for 14 km, suggest media reports.
In an interview with the Livemint, Sarkar told that around 40 per cent of total transport demand will be handled by these two metro services. He also told Livemint that this will be a respite from the environmental pollution and the congestion of the city.
KMRC is expected to repay the Rs 4160 crore JICA loan over 30 years after an initial 6-year embargo. The interest rate is between 1.2 per cent to 1.6 per cent. Sarkar said that the KMRC doesn't expect any further cost escalations now.