Centre to fund underground Colaba-Bandra Metro line
On Tuesday, Union Urban Development Minister Jaipal Reddy said the state and central governments will fund 50 per cent and the Centre will also work towards securing loans for the project.india Updated: Aug 19, 2009 00:58 IST
The decks have been cleared for the third Metro corridor, which will run between Colaba and Bandra.
On Tuesday, Union Urban Development Minister Jaipal Reddy said the state and central governments will fund 50 per cent and the Centre will also work towards securing loans for the project.
The 20-km Colaba-Bandra route, which will be the city’s first underground Metro line, is also one of the most contentious due to the high cost associated with the project.
“If the government decides to build the third line on its own, the Centre will give the requisite financial help,” Reddy said at the foundation stone laying ceremony of the second Metro line, where President Pratibha Patil was the chief guest.
“The government will pick up 50 per cent stake in the project apart from facilitating loans from the Japanese Bank and a Rs 1,000-crore subordinate debt.”
The first two Metro lines — 11.4-km Versova-Andheri-Ghatkopar (Rs 2,356 crore) and 31.87-km Charkop-Bandra-Mankhurd (Rs 11,000 crore) — are being built in partnership with private player, Reliance Infrastructure.
But due to the high cost involved in the third line, private players were reluctant to invest in the project.
The Mumbai Metropolitan Region Development Authority has decided on two proposals for the third Metro line.
One plan envisaged a 17-km underground line from Colaba to Mahim and then a 3-km elevated stretch from Mahim to Bandra. This alignment would cost around Rs 12,000 crore.
The other option proposes a 10-km underground stretch from Colaba to Mahalaxmi and another 10 km elevated stretch from Mahalaxmi to Bandra at a cost of Rs 9,000 crore.
Reddy also stressed on the importance of working on public transport projects like the Bus Rapid Transport System and reclaiming space for pedestrians and cyclists.
Patil stressed on the importance of eliminating slums and the “humane” rehabilitation of those affected by the project.
But soon after the function project-affected people unfurled black banners and protested against the construction of the second Metro line.