Patna, Dec 17 (IANS): The Bihar Urban Development Authority (BUDA) on Friday sanctioned Rs 500 crore for the Patna Metro rail project and after this month, the amount will be used to compensate villagers whose land has been acquired.

A total of Rs 726 crore will be given to the land owners.

The BUDA has acquired 76 acres land for the project.

Details of the sanctioned amount were given by Satish Kumar Singh, special secretary of Bihar Housing Development Authority (BHDA) and BUDA.

He has also informed accountant general of Bihar about the same.

At present, the construction of the project is currently underway from Malahi Pakadi to ISBT Patliputra elevated corridor having length of 6.6 km and five stations -- Khemnichak, Bhutnath, Zero Miles, Malahi Pakadi and ISBT Patliputra.

The project is having estimated cost of Rs 13,000 crore with state and Centre's contribution -- 20 per cent each, while the rest 60 per cent amount will be taken as loan from different financial institutions.