Giving away new year's gift to Delhiites, the Aam Aadmi Party (AAP)-led Delhi government on Wednesday announced the approval of much-awaited Phase-IV of Delhi Metro. The approval was given earlier in the day at a cabinet meeting chaired by Delhi Chief Minister Arvind Kejriwal. The entire Phase IV metro line, including as many as 6 new corridors, is said to improve the connectivity across the national capital. According to reports, the upcoming metro phase will have 79 new stations spread over 104 kilometres. The fourth phase of Delhi Metro is reportedly the most expensive project of Delhi Metro Rail Corporation (DMRC) and is expected to be completed by 2024.

Speaking about the development, Delhi Deputy CM Manish Sisodia said that the Phase –IV metro line will boost public transport in Delhi. “The cabinet has approved the Phase-IV of Delhi Metro. It will boost public transport in Delhi,” he announced while speaking to reporters after the Cabinet meeting.

Sisodia also said the government will give its share of Rs 9,707 crore towards the construction work under the project, which is estimated to cost around Rs 45,000 crore. He also informed that the Cabinet has also cleared a proposal for the purchase of 334 rolling stocks.

Reports also suggest that the Phase IV project of Delhi Metro will have 31.47 kilometres of new lines underground while 64.39 km tracks will on the elevated corridor. The six corridors which are to be constructed under the Phase IV of the Delhi Metro are: Rithala-Narela (21.73km), Janakpuri West-R K Ashram (28.92km), Mukundpur-Maujpur (12.54km), Inderlok-Indraprastha (12.58km), Tughlakabad-Aerocity (20.20 km), and Lajpat Nagar-Saket G-Block (7.96 km).

The estimated cost of the fourth phase metro construction has been changed twice. Initially, the cost was reduced from Rs 55,208 crore to 45,603 crore. Again, the amount was revised to around Rs 46,800 crore. According to media reports, last month the cost of the Phase IV project was further reduced by Rs 10,000 crore by taking taxes as per GST into account.