Coimbatore: City Corporation has decided to take RS 84 Crore loans from Tamil Nadu Nadu Financial and the Infrastructure Development Corporation (Tufidco) to meet 50% of its shares for the construction of the bus terminal in Vellalore.
The decision was taken after its efforts to get loans from housing and corporate urban development did not produce any results.
A City Corporation official said the resolution of approaching Tufidco for RS 84 Crore loans was ratified at a recent board meeting and requests were sent to funding agents.
“We have spent more than Rs 40 Crore on the project.
The lack of funds has delayed payments to the contractor and implementation of the project.
The work began at the beginning of 2020 and should be finished now.
We will accelerate work after Tufidco gives loan sanctions and releases the number,” said the official .
The bus terminal was proposed to be established on 61.62 hectares for the first time at the end of 2019.
While the work began at the beginning of 2020, this project was mired in various problems, including the scarcity of funds and delays, after the Covid19 outbreak.
The bus terminal will be bigger than the terminal in Delhi spread in 60 hectares.
The bus terminal will have 140 bays for the outstation bus, 112 bay for empty parking and 33 bays for city buses.
There will be more than 100 parking slots for cars and more than 1,000 slots for two wheels.
“The bus terminal is expected to overcome traffic misery and trigger city growth,” the official said.
Corpn to take RS 84CR loans for the VellaLore bus terminal project
