The first phase of 15km Wanaz-Ramwadi elevated Metro railway will be constructed at the cost of Rs 2,593 crore.
The cabinet also gave in-principle nod to the Sitabardi-Airport-Butibori Nagpur Metro railway project and asked for a detailed project report.
A statement issued by the Chief Minister's office said the Swargate-Pimpri Chinchwad phase of Pune Metro will cost Rs 5,391 crore while the Kothrud-Ramwadi section will cost Rs 2,593 crore.
The second phase will be 44km long, covering Shivajinagar-Hinjewadi-Deccan-Bundgarden-Swargate-Katraj- Pimpri Chinchwad and Nigdi.
The project will be completed in 5 years, out of which construction will take three years.
A high-powered committee headed by the Chief Secretary has been formed for the project implementation. A special purpose vehicle (spv) of Pune Metro Rail Corporation has been set up and the Pune Municipal Corporation will be the nodal agency.
The project will be on build-operate-transfer basis.
The statement said 10 per cent of the cost will be borne by the civic body, 20 per cent each by state and central governments, and the remaining 50 per cent would be raised through debt.