Maharashtra Metro Rail Corporation Limited (MMRCL) got a booster as Maharashtra Government released Rs 267.43 crore as the share in the Stamp Duty. The financial assistance is for the current year 2023-24 against the Phase-I of Nagpur Metro that has been completed. With second phase of metro yet to receive formal nod, the money released by State Government would provide much needed financial comfort for MMRCL bosses. As per the policy decision, 1 per cent cess was imposed on all property transactions, including sale, gift and also for division to arrange funds for the metro rail project. State Government collects the stamp duty and thereafter disburses it to the MMRCL. The allocation for Nagpur Metro is as per item listed in the State’s budget to help the corporation repay the external debt taken from the international financial institutions, stated a GR issued by Urban Development Department (UDD) on September 18.

 

The Phase-I of Nagpur Metro is now nearly complete with last remaining station, Cotton Market, now functional. The non-completion of procedural formalities needed to get the funding from European Union Bank and other financial agencies has put a stopper on new works of Nagpur Metro. At present, the response to Nagpur Metro is on expected lines and now officials are aggressively marketing the project as best remedy to safe and faster travel across city for the Nagpurians. MMRCL bosses are also trying to connect the missing dots by targeting last mile connectivity that holds the key to increase popularity of Nagpur Metro.