MMRC Plans to Raise Rs 1000 Crore Through Real Estate to Pump Into Its Rs 23,135 Crore Metro III Project

MMRC Plans to Raise Rs 1000 Crore Through Real Estate to Pump Into Its Rs 23,135 Crore Metro III Project

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Date of Post: 29 Aug, 2017

MUMBAI: Mumbai Metro Railway Corporation (MMRC) is now planning to raise Rs 1,000 Crore through venturing into real estate development so as to pump into its Rs 23 135-crore Metro III project.

MMRC’s PLAN

  • The corporation wants to develop the plots of land owned by it at Nariman Point and along the Jogeshwari-Vikhroli Link Road (JVLR).
  • To initiate the plan, it will build two towers at Nariman Point.
  • The Vidhan Bhavan Station of route III is coming up on the Nariman Point plot, which has been taken over by MMRC to construct the station. The plot earlier had offices of parties such as the Congress, NCP & Shiv Sena.
  • The Station will be underground and the land above the station can be used.
  • The plan is to give one tower out of the two which it will develop, to the political parties to rehabilitate them in-situ rehabilitation. And the second tower will be used commercially.

METRO III PROJECT

  • MMRC is building a 33.5 km underground route for Metro III project between Colaba and SEEPZ.
  • Estimated cost of the project is Rs 23 135 crore.
  • Expected Project Completion : 2021

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PROJECT FUNDING

  • JICA (Japan International Cooperation Agency) has agreed to offer loan up to 57 per cent of the project cost.
  • The remaining cost will be borne by the central and state governments by providing equity to the company.
  • The Central Government has further asked the MMRC to raise Rs 1,000 crore by using the land it possess for real estate.
  • There is a 3-hectare plot also, adjacent to Jogeshwari-Vikhroli Link road, which is currently being used by the MMRC as a casting yard. Here too the corporation hopes to raise substantial money.

RECENT UPDATES OF MUMBAI METRO III

04/08/2017 :  Refurbished TBMs for Marol Naka to SEEPZ to be shipped from Singapore soon
05/08/2017 :  MMRC begins construction work at Aarey colony
05/08/2017 :  MMRC working on a driver-less Metro technology which they will execute from Colaba-Bandra-Seepz underground corridor
10/08/2017 :  MMRC finalised the Kalbadevi & Girgaon Redevelopment Scheme and around 19 properties with 634 project will be used for the construction of corridor in the region
22/08/2017 :  Metro III appoints GD Sambhare & RH Mahimatura as architects for Kalbadevi-Girgaum in situ rehabilitation scheme

Metro III Route Map

Map Source : MMRCL


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