To generate funds for the Metro 2 and Metro 4 projects, the Mumbai Metropolitan Region Development Authority (MMRDA) has asked the state to allow extra FSI for buildings along the transport corridors.
Under the transit oriented development (TOD) plan, the MMRDA will charge premium for the additional floor space index (FSI) given to properties within a 500-metre radius of the projects.
The development body has sought an FSI of 2.5 to 4 under the plan.
The government has already given in-principle approval to the TOD plan for Metro 3, which stretches from Colaba to Seepz via Bandra. The MMRDA aims to collect Rs 1,000 crore of the Metro 3’s project cost of Rs23.136 crore through the TOD plan.
It has sent similar proposals for Metro 1 and Monorail too.
For Metro 2 AND Metro 4, the revenue earned through TOD will amount to about 5% -10% of the total project cost. To fund the rest of the project, the MMRDA has sought loans from international banks such as the World Bank (WB), the Asian Development Bank (ADB) and the Japanese Bank.
“We have submitted the proposal to the urban development department, which will be forwarded to the state cabinet committee. The decision on the FSI will be taken only after that,” said UPS Madan, MMRDA commissioner.
The Metro 2 had initially been planned as an elevated corridor. However, the plan could not take off because of the lack of land for car depot and other hurdles. Now, the MMRDA has made the corridor underground.
The Metro 4 will provide commuters from eastern suburbs, such as Bandup, Mulund and Thane, and the developing area of Ghodbunder Road, an alternative mode of transport from the overcrowded suburban trains. The corridor will be underground from Wadala to Kapurbawdi, while the stretch up to Kasarvadavali will be elevated.