CHENNAI: The Tamil Nadu government issued revised administrative sanction to expand the plan to convert the decades old Broadway bus terminus into a Multi-Modal Facility Complex. As per the new plan, a 10-floor swanky new facility that would have a bus terminus running 1,100 services, parking space for nearly 500 cars and 800 two-wheelers, and a mall, would be built at a cost of Rs 823 crore.
As per the revised plan that was approved by Chief Minister MK Stalin, the Kuralagam building in Esplanade, which belongs to Tamil Nadu Khadi and Village Industries Board, would be made part of the Multi-Modal Facility Complex (MMFC) as proposed by the Chennai Metro Rail Limited (CMRL), which was the consultant for the MMFC project.
To implement, and operation and maintenance of the project, a new Special Purpose Vehicle named 'Chennai Metro Asset Management Limited' (CMAML) would be created, said a statement from the Municipal Administration and Water Supply Department on Saturday.
The multi-purpose integrated terminus will have a total of 10 floors, including two basement floors, bus stand on two floors, and six floors for the commercial complex. The terminus will be used by 1,100 buses, and will also integrate auto-rickshaw and taxi facilities (para transit). As many as 470 cars and 800 two-wheelers can be parked here.
Among the other proposed facilities, include charging facility for electric buses, connectivity with CMRL (Multi Modal Integration), connectivity with the Fort suburban railway station (skywalk), etc.
Of the Rs 822.70 crore required for the project, the Tamil Nadu government has allocated a Viability Gap Fund of Rs 200.84 crore. The Chennai Metropolitan Development Authority (CMDA) will provide Rs 115.03 crore to the Greater Chennai Corporation as a soft loan with a 10-year moratorium to create pedestrian and multi-modal integration. Also, Tamil Nadu Urban Finance and Infrastructure Development Corporation (TUFIDCO) will provide Rs 506.83 crore as term loan to the city corporation, the statement added.