₹30,483 crore funding for nine Metro lines

MUMBAI: The Mumbai Metropolitan Region Development Authority (MMRDA) signed a memorandum of understanding (MoU) with REC Limited, a central government undertaking, for the funding of ₹30,483 crores for the ongoing nine lines of Metro projects in Mumbai Metropolitan Region (MMR). The MMRDA has said that the funding, which has been raised from REC, at the rate of 7.59% for the first time, will help to fast-track the work.

The MoU was signed during the annual board meeting of MMRDA at Mantralaya and was chaired by Chief Minister Eknath Shinde on Thursday. “This will resolve the liquidity issues and help the authority to complete the ongoing projects speedily. Had this facility not been availed, we would have asked for loans from financial institutions or raised funds by monetising lands,” said MMRDA commissioner SVR Shrinivas.

The board also gave a nod to the infrastructure projects worth ₹17,215 crores in Mumbai, Thane, Navi Mumbai and parts of MMR. The permission was also given for the feasibility report and detailed project report. The authority okayed handing over its land at Bandra

Kurla Complex (BKC) for the bullet train to National High Speed Rail Corporation Limited. The transport development project with the cost of ₹289 crores at Teen Haath Naka, Thane, was given the go-ahead in the board meeting. The proposal of ₹143 crores for the Bhiwandi-Wada state highway was also approved by the board.

Another proposal of a multistorey parking lot with the estimated cost of ₹81.53 crores was also approved by the board. The proposal of the project cost of ₹35 crores and raising ₹54 crores through loan for water supply pipeline for Surya Regional Water Supply scheme was also given a nod in the meeting.

“The MMRDA should complete all these projects in a timebound manner,” said Shinde.

Metro trial run in Aarey.