By Accommodation Times News Service
The nodal body for development of infrastructure in the city plans to develop the multi-modal corridor between Virar in the north and Alibaug in the south. The development plan cost estimates about 1trillion which includes expansion metro-rail links and roads to distant over the next 7-8 years.
The very ambitious plan to expand Mumbai’s transport link with its distant suburbs and its satellite towns is aimed at reducing the pressure on Mumbai city’s overburdened infrastructure that is home to the nation’s biggest slum and is India’s most expensive real estate market.
Among the projects that are at various stages of planning, is the metro line between Wadala in central Mumbai to Kasarwadwali in Thane, Mumbai’s biggest satellite town with a population of around three million people. The total cost of this 30 km metro line, most of which will be underground, is expected to be around Rs.30, 000crore.
MMRDA will also undertake a project to build a 130 km multi-modal corridor connecting Virar and Alibaug through rail, metro and freeways, at a cost of over Rs.20,000 crore. Besides this, MMRDA will also undertake the third phase of Mumbai Urban Transport Project Phase (MUTP) III in association with Indian Railways, which will add to the existing suburban railway network. MMRDA is also working on the ambitious Mumbai Trans Harbour Sea Link (MTHL) project, a 22 km long cable stay bridge between Sewari on the island city of Mumbai and Nhava-Sheva. The Rs.11, 000crore project, which could become the second longest sea link in the world after the 42 km link between Qingdao to Huangdao in China, has failed to draw any bidders.
After three failed bidding attempts under the so-called build operate and transfer (BOT) model, the MMRDA has now decided to build the project under the Engineering, Procurement and Construction mode. The MMRDA will finance project through its own funds and also take loan from Japan International Cooperation Agency (JICA) and will collect the toll on the project which will help MMRDA to recover cost. The project is expected to reduce travel time between Mumbai and Panvel in Navi Mumbai from around one hour to 20 minutes.
“We are pursuing with state government two proposals, which will offer us permanent stream of revenue,” added Madan. One of the suggestions is to allow the MMRDA to offer higher floor space index (FSI-indicates permissible construction on any plot of land) to properties that are touched by the MMRDA’s infrastructure projects. Another option is to authorize the MMRDA to levy an “impact fee” or “betterment charges” on property transactions in areas which benefit from our projects. “The state government is actively considering our request and, if accepted, it will create a perennial source of income for the MMRDA.