March 26, 2024: The Mumbai Metropolitan Region Development Authority (MMRDA) has been allocated Rs 1,000 crore by the Brihanmumbai Municipal Corporation (BMC) to enhance public infrastructure in Mumbai. These funds will primarily be directed towards the construction of metro rail corridors. This payment represents only a portion of the total Rs 5,000 crore that the BMC is obligated to provide to the MMRDA, the governing body responsible for planning in Mumbai and its surrounding areas.
Several multimodal projects, including a Rs 19,800 crore metro rail initiative, have already been successfully completed. According to the Centre’s policy, 25% of the project’s funding is required to come from the local municipal corporation, in this instance, the BMC. An additional 25% is anticipated from the state government and the executing agency. The remaining 50% of the project expenses will be financed through loans.
Currently, the Mumbai Metropolitan Region Development Authority (MMRDA) is overseeing the operation and construction of a total of 337 km of metro rail lines. Presently, 20 km of these lines, namely Lines 7 and 2A connecting Gundavali-Dahisar-Andheri West, are operational. Construction is progressing on other metro corridors, including Lines 2B (DN Nagar-Mandale), 4 (Wadala-Kasarvadvali), and 6 (Swami Samarth Nagar-JVLR-Kanjurmarg). Additionally, MMRDA intends to acquire Metro-1 on the Versova-Andheri-Ghatkopar corridor from Mumbai Metro One. The state cabinet has approved Rs 4,000 crore for this purchase.
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Dhwani is a content management expert with over five years of professional experience. She has authored articles spanning diverse domains, including real estate, finance, business, health, taxation, education and more. Holding a Bachelor’s degree in Journalism and Mass Communication, Dhwani’s interests encompass reading and travelling. She is dedicated to staying updated on the latest real estate advancements in India.
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