The Mumbai Metropolitan Region Development Authority (MMRDA) is likely to save several crores of rupees in the construction of skywalks, thanks to the global economic meltdown.
“The recession has led to a fall in steel prices and MMRDA will end up saving between Rs 200 crore and Rs 300 crore in the skywalk project,” MMRDA Commissioner Ratnakar Gaikwad said.
In an attempt to ensure a better walking experience for pedestrians outside the congested railway stations of the city, the MMRDA had in January last year announced plans to construct 54 skywalks.
The MMRDA had initially made a provision of Rs 600 crore for the project in its budget, but spiralling steel costs had substantially increased the project cost to close to Rs 1,000 crore.
The price of steel had peaked at Rs 50,000 per tonne levels.
Steel costs constitute nearly 35-40 per cent of the skywalks cost. The completed, 1.3-km skywalk at Bandra needed 800-850 tonnes of steel. The skywalks to be built have lengths between 500 and 2,000 metres.
Steel prices have hit a low of Rs 30,000 per tonne from September’s heady highs of around Rs 50,000 per tonne.