G.O.Ms.No.65, Chennai Metro Rail Project Phase-II, 2019
The Government of Tamil Nadu, Planning, Development and Special Initiatives (S.I) Department issued G.O.Ms.No.65, dated 11 March 2019, sanctioning Rs.100 crore as subordinate debt to Chennai Metro Rail Limited for Chennai Metro Rail Project Phase-II. The interest free loan funds geotechnical investigation and Detailed Design Consultancy, and the document does not contain provisions on private land acquisition, ownership or compensation.
What the government approved
G.O.Ms.No.65 of the Planning, Development and Special Initiatives (S.I) Department, dated 11 March 2019, releases Rs.100 crore to Chennai Metro Rail Limited as subordinate debt for Chennai Metro Rail Project Phase-II during 2018-2019. Chennai Metro Rail Limited had requested Rs.200 crore, but the Government of Tamil Nadu sanctioned Rs.100 crore to meet immediate commitments.
The funding is specifically intended for:
- Geotechnical investigation work.
- Detailed Design Consultancy for Chennai Metro Rail Project Phase-II.
Project covered by the funding
G.O.Ms.No.65 relates to two priority stretches of Corridor 3 and Corridor 5, with a combined length of 52.01 km. Their estimated completion cost is Rs.40,941 crore, with external assistance from the Japan International Cooperation Agency.
The project funding described in the document comprises Rs.20,196 crore from the Japan International Cooperation Agency and Rs.20,745 crore from the Government of Tamil Nadu. The State Government contribution is to be provided as subordinate debt.
Loan terms and payment method
The annexure to G.O.Ms.No.65 records these principal terms:
- Borrower: Chennai Metro Rail Limited.
- Amount sanctioned: Rs.100 crore.
- Validity of sanction: up to 31 March 2019.
- Interest: interest free.
- Repayment period: 10 years.
- Repayment frequency: semi-annual.
- Moratorium: until repayment of the Japan International Cooperation Agency loan is over.
- Repayment begins in 2059 or when the senior debt is repaid, whichever is earlier.
The amount was not to be paid in cash. It was to be credited by adjustment into the Public Deposit Account of Chennai Metro Rail Limited.
Who is affected
G.O.Ms.No.65 directly concerns Chennai Metro Rail Limited and the government departments and accounting officers responsible for sanctioning, drawing, depositing and recording the loan.
For property buyers and owners, the document provides project funding information only. It does not identify properties, acquire private land, change land use, transfer title, grant planning permission or specify compensation.
This summary is generated from the source document to help you find what is relevant. The PDF above is authoritative. For advice on your own property, use LandLens One or speak to a qualified professional.
Common questions
Does G.O.Ms.No.65 acquire any private land for Chennai Metro Phase-II?
No private property is identified or acquired in the document. It only sanctions subordinate debt for geotechnical investigation and Detailed Design Consultancy.
How much money was released to Chennai Metro Rail Limited?
The Government of Tamil Nadu sanctioned Rs.100 crore, although Chennai Metro Rail Limited had requested Rs.200 crore.
Is the Rs.100 crore loan interest bearing?
No. The annexure describes it as an interest free loan and states that penal interest does not arise.
Which parts of Chennai Metro Phase-II are covered?
The funding relates to two priority stretches of Corridor 3 and Corridor 5 with a combined length of 52.01 km.
