The Mumbai Metropolitan Region Development Authority (MMRDA) is planning to use the additional land of Thane-Kalyan-Bhiwandi Metro Project to fund the project by selling of the flats. Considering the open spaces available in the metro project area, houses and commercial complexes will be constructed using additional government land. The funds raised from the sale of this house and the establishment of the commerce complex can be used for the metro project, said MMRDA.
The State Government has given its nod to use these homes and packages to make the funds available for the construction of the metro. With this decision, the Metro is likely to be built, along with the urban development of this area is also possible.
The State Government has showed the green flag for the Thane-Bhiwandi-Kalyan Metro corridor last month. Government’s efforts are in the process to give speed to the work of the Thane-Bhiwandi-Kalyan 24.9-km metro project in this design.
The related refund process is in the final phase. So, MMRDA is trying to start the process of early tender by implementing the process of necessary approvals in the Kalyan-Bhiwandi Metro project.
According to sourcess, two private agencies like M/s Dapolonia and M/s Tata Consulting Services Limited are expected to spend Rs 8,416 crore for the metro project. Out of this, the state government has given permission to MMRDA to construct a fund of Rs. 3, 643 crores for the purpose of construction. Also, the remaining funds will be raised through debt.