To smoothen up connectivity in the Mumbai Metropolitan Region (MMR), the Maharashtra government has recently given its nod for the development of three new metro corridors. The decision has been taken in a state cabinet meeting that took place under the leadership of Maharashtra CM Devendra Fadnavis.
The budget for the new metro corridors namely 10, 11 and 12 are already finalized. The state has set Rs 19,080 crore for the development and the timeline to complete the project is 2026.
The Detailed Project Report (DPR) of the corridors has already been prepared by the Mumbai Metropolitan Region Development Authority (MMRDA). According to the DPR, the length of Line 10 will be 9.209 km and the estimated cost of this corridor will be Rs 4476 crore. While Line 11 will be 12.774 km long and will be developed with a cost of Rs 8739 crore; Line 12 be 20.75 km-long and will be built with an expenditure of Rs 5865 crore.
Talking about the funds, a senior MMRDA official said, “The deadline for the project is 2026. We are also seeking loans from the World Bank, the New Development Bank, and the Japan International Cooperation Agency. Rest of the funding for the project will be done by the State government and the MMRDA.”
The design of the corridors has been made in order to connect the major regions of the MMR from the Mumbai city. For instance, Line 10 will start from Gaimukh and end at Shivaji Chowk stretch on Mira Road. Line 11 will connect Wadala and Chhatrapati Shivaji Maharaj Terminus (CSMT). On the other hand, Line 12 will connect Kalyan with Taloja.
MMR is witnessing a fast pace real estate development, especially in the residential market. With the commencement of three new metro corridors, the property price and the realty market will definitely boost in coming years, suggests expert.
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