A meeting of the governing body of the Vyttila Mobility Hub Society (VMHS) to decide on an agency to execute the second phase development of the mobility hub is getting inordinately delayed, threatening to further scuttle the project.
The last executive meeting of the VMHS held on May 4 had considered the three design concepts drawn up by Kochi Metro Rail Limited (KMRL), but left it for the governing body chaired by the Chief Minister to take a final call.
Though the executive committee had asked KMRL to draw up a detailed project report (DPR), the agency was not willing to waste energy on such an endeavour without a conclusive nod from the authorities concerned.
KMRL’s role
KMRL has recommended first of the three concept plans for the second phase development and was open to prepare a DPR based on it once it was entrusted with the job. The agency has proposed a phased development of the hub at an estimated cost ranging between ₹250 crore and ₹450 crore by developing commercial spaces as and when required. KMRL would do everything from drawing up design concept and DPR to the execution just like DMRC did in the case of Kochi metro, sources said. The governing body has not yet met, though District Collector K. Mohammed Y. Safirulla, also the managing director of VMHS, had written to the Local Self-Government Department last month stating that it was imperative to convene the fifth governing body meeting of VHMS to discuss the matter.
The letter drew attention to the fact that the integrated multimode transportation terminal at Vyttila could hardly afford to lag behind while other infrastructure projects such as the Kochi metro and Water Metro were progressing.
KMRL came into the picture after French development agency Agence Française de Développement(AFD), which has also funded the Kochi metro, evinced interest in the project. Apart from its superior technical know-how, AFD also offered an attractive funding pattern at a low interest rate of 1.35% and a repayment window of 20 years after a five-year moratorium. Though there were concerns that the rate may vary in accordance with the international exchange rate fluctuations, even those were laid to rest after it emerged that the AFD loan would be cheaper. That KMRL was already working within the mobility hub premises in connection with the metro station was another factor in its favour.