CHENNAI: The State government has sanctioned Rs 300 crore for the development of multimodal facility complex at Broadway bus stand through viability gap funding (VGF) under public-private partnership (PPP) model by the Greater Chennai Corporation (GCC).
Earlier, Tamil Nadu Urban Infrastructure Financial Service Limited (TNUIFSL) had appointed a consultant for preparation of a detailed feasibility report to design the multimodal facility complex at Broadway to take up the development of the complex through CMRL which can seamlessly undertake the multimodal integration with the High Court metro station, the resolution stated.
"Broadway, not only serves as the nerve centre for transport connectivity, but also serves as a commercial hub. Though the decongestion of north Chennai with development plans for Broadway and Park Town has been in talks for years, the proposal seems to be now inching forward," opined former Park Town legislator K Srinivasan. Congestion and parking problem is a major issue in and around Broadway and a lot of parking space is required to cater to the litigants approaching High Court, the former MLA said.
Meanwhile, the Corporation resolution said there were communications between GCC and CMRL regarding this project to be taken up by CMRL. During a meeting on February 17, 2023, it was decided that the project shall be developed through VGF. A proposal was submitted to the state government for obtaining in-principle administrative sanction for an amount of Rs 300 crore which is inclusive of Rs 27.20 crore payable to CMRL towards the fee for project management design and consultation.
In the meantime, during the review meeting chaired by the Municipal Administration Minister, it has been decided that the development of a multimodal facility complex at Broadway bus stand shall be taken up through the VGF model by GCC itself. A proposal for fund sanction was submitted to the Tamil Nadu government in March.
On June 2, a letter from the Tamil Nadu government insisted that the city corporation council was informed to obtain the approval of the council and send the proposal to the government. Following this, the council's consent has been obtained for forwarding the proposal to the State government, the resolution added.