WR to develop its 1.30 lakh sqm land to fund AC corridor
The city might get its dream elevated air-conditioned (AC) Churchgate to Virar corridor, but, at the cost of Western Railway’s (WR) 1.30lakh sqm stretch from Bombay Central to Borivli.mumbai Updated: May 30, 2012 00:44 IST
The city might get its dream elevated air-conditioned (AC) Churchgate to Virar corridor, but, at the cost of Western Railway’s (WR) 1.30lakh sqm stretch from Bombay Central to Borivli.
The Western Railway (WR) plans to commercially exploit its 1.30lakh sqm of land in eight locations to generate funds for the Rs 20,000-crore project. While Bombay Central, Bandra, Andheri, Mahalaxmi and Borivli are the five locations, the other three spots have not been revealed.
The administration plans to give the project on built-operate-transfer basis for 20 years. “We don’t want to take financial aid from the World Bank because we will have to return it with interest. We are considering the development of land that is available, to generate funds,” said a senior WR official.
Sharat Chandrayan, chief public relations officer, WR, said: “We have received proposals for the appointment of legal and financial consultants, which are being evaluated. The valuation of land will be done after receiving minute project details from the consultants. Once we get the estimates, we will request the state government to provide us with the corresponding FSI so that we can earn the said amount by developing the land.”
Last week, WR general manager Mahesh Kumar met state chief secretary Ratnakar Gaikwad to discuss the project.
Transport activists feel that the railways should develop the land on its own. “The WR should develop the land and then lease it to private entities instead of allowing someone else to develop it. Also, instead of giving the project on BOT basis, the railways should construct the elevated corridor on their own,” said Jagdeep Desai, transport activist.