Corpn to take loan of Rs 84cr for Vellalore bus terminal project | News from Coimbatore
Coimbatore: The municipal corporation has decided to take a loan of Rs 84 crore from the Tamil Nadu Urban Finance and Infrastructure Development Corporation (Tufidco) to meet its 50% share for the construction of the bus terminal at Vellalore.
The decision was made after his attempt to obtain a loan from the Housing and Urban Development Corporation yielded no results.
A municipal corporation official said a resolution on Tufidco’s approach for the Rs 84 crore loan was passed at a recent council meeting and a request was sent to the funding agency. .
“We have already spent over Rs 40 crore on the project. The lack of funds delayed both the payment to the contractor and the execution of the project. Work began in early 2020 and should be completed by now. We will speed up the work after Tufidco sanctions the loan and releases the amount,” the official said.
The bus station was proposed to be sited on 61.62 acres of land for the first time in late 2019. While work began in early 2020, the project was mired in various issues including the scarcity of funds and delay, after the outbreak of Covid19. The bus terminal would be larger than the Delhi terminal which spans 60 acres.
The bus terminal would have 140 bays for station buses, 112 bays for idle parking, and 33 bays for city buses. There would be over 100 parking spaces for cars and over 1,000 spaces for two-wheelers.
“The bus terminal is expected to solve traffic problems and fuel the city’s growth,” the official said.