MMRDA seeks 35% metro funding from BMC and centre
13 Nov 2023
1 Min Read
CW Team
In an attempt to expedite the numerous Metro projects in the city, the financially strained Mumbai Metropolitan Region Development Authority (MMRDA) has requested 10% of the funds required for the works from the union government and 25% from the BMC.
It is noted that MMRDA is grappling with a funds shortage, considering the substantial amount earmarked for infrastructure spending in this decade. The combined cost of 10 Metro projects, excluding Metro 3 (Colaba-Bandra-Seepz) and Metro 1 (Versova-Andheri-Ghatkopar), amounts to Rs 750 billion.
A senior official mentioned, "Since Sanjay Mukherjee assumed the role of metropolitan commissioner, there have been endeavours to generate resources for various infrastructure projects."
In addition to capitalising on its assets, MMRDA has engaged SBI Capital Markets to secure loans. However, a consistent flow of funds is required to carry out significant projects. An MMRDA official stated, "MMRDA will allocate another 15% from its own funds, and the remaining 50% will be raised through loans."
MMRDA has allocated an expenditure of Rs 287.05 billion for diverse infrastructure projects, encompassing Metro corridors, the Mumbai Trans Harbour Link, the Versova-Vasai sea bridge, the subterranean road connecting the Eastern Freeway and Marine Drive, among others, in the fiscal year 2023-24.
In an attempt to expedite the numerous Metro projects in the city, the financially strained Mumbai Metropolitan Region Development Authority (MMRDA) has requested 10% of the funds required for the works from the union government and 25% from the BMC.It is noted that MMRDA is grappling with a funds shortage, considering the substantial amount earmarked for infrastructure spending in this decade. The combined cost of 10 Metro projects, excluding Metro 3 (Colaba-Bandra-Seepz) and Metro 1 (Versova-Andheri-Ghatkopar), amounts to Rs 750 billion.A senior official mentioned, Since Sanjay Mukherjee assumed the role of metropolitan commissioner, there have been endeavours to generate resources for various infrastructure projects.In addition to capitalising on its assets, MMRDA has engaged SBI Capital Markets to secure loans. However, a consistent flow of funds is required to carry out significant projects. An MMRDA official stated, MMRDA will allocate another 15% from its own funds, and the remaining 50% will be raised through loans.MMRDA has allocated an expenditure of Rs 287.05 billion for diverse infrastructure projects, encompassing Metro corridors, the Mumbai Trans Harbour Link, the Versova-Vasai sea bridge, the subterranean road connecting the Eastern Freeway and Marine Drive, among others, in the fiscal year 2023-24.
Next Story
Kolkata鈥檚 luxury housing market sees price growth amid mixed trends
A new study by Nklusive reveals that Kolkata鈥檚 luxury residential market (Rs 5鈥�10 crore) recorded a 33 per cent year-on-year rise in supply and a 52 per cent increase in sales in calendar year 2024 (CY24). South Kolkata led with 78 per cent of the segment鈥檚 supply. The average price rose by 6 per cent鈥攆rom Rs 17,519 to Rs 18,600 per sq ft鈥攚hile unsold inventory grew by 15 per cent. Monthly absorption improved from 2 to 3 units.In contrast, the ultra-luxury segment (Rs 10 crore and above) experienced a 17 per cent decline in supply and a 30 per cent fall in sales. Central Kolkata acco..
Next Story
New Expressway to Cut Pune-Bengaluru Travel Time by Half
The upcoming Pune-Bengaluru Expressway is expected to significantly improve connectivity and economic opportunities across Maharashtra and Karnataka. This 700-kilometre greenfield, access-controlled highway will cut the travel time between Pune and Bengaluru from 15 hours to just 7 hours, facilitating easier movement for both commuters and businesses. Starting from Bommanal in Karnataka鈥檚 Athani Taluk, the expressway will traverse important districts such as Belagavi, Bagalkot, and Jamakhandi. It will then enter Maharashtra at Kanjle, connect with the proposed Pune Ring Road, and pass throug..
Next Story
Nagpur鈥檚 Koradi Naka to Get Y-Shaped Flyover for Safer, Smoother Traffic
To alleviate traffic congestion and enhance safety at Koradi Naka in Nagpur, a Y-shaped flyover is currently being constructed on National Highway 47. Demolition work has already commenced, with the main construction scheduled to start on June 20, 2025.The project, costing Rs 430.37 billion, involves building a 1,090-meter-long flyover that will connect Farsa, the Mahadula Railway Overbridge (ROB), and Bokhara Road, and will also feature an underpass. The existing structure will be repurposed into a service road to facilitate local traffic.Koradi Naka has been identified as a significant "blac..
