The Mumbai Metro Rail Corporation Limited (MMRCL) has recently made a shocking disclosure that it has spent INR 41 crore.
This comes at a time when MMRDA secured a loan of INR 31,673.79 crores from the Power Finance Corporation (PFC).
As per reports, they will fund nine crucial infrastructure projects that will transform Mumbai Metropolitan Region (MMR)’s transportation landscape, enhancing connectivity, boosting economic growth, and improving the overall quality of life for its citizens.
A formal agreement was signed on Wednesday, September 26, between MMRDA and PFC, marking the financial closure of several critical infrastructure initiatives. The financial boost from PFC is expected to fast-track these projects, many of which are integral to Mumbai's long-term urban development strategy.
On July 29, the Free Press Journal had reported MMRCL's reply to an RTI query by advocate Godfrey Pimenta, claiming that the state-owned company had spent INR 12.01 crore on tree plantation on the route of Metro 3 or aqua line.
However, the company failed to give details about the actual number of trees planted on the route and their location. The company later claimed that only 584 trees were planted at an average cost of Rs 2 lakh per tree. A total of INR 12.01 crore was spent for 2,931 trees, an average of INR 41,000 per tree, MMRCL claimed.
However, many questioned whether the revised price was too high. That is 40 times more than what the Brihanmumbai Municipal Corporation (BMC) pays for each tree. According to the RTI, this amount was 31% less than the estimated price bid for the tender.
The loan is designed to cover 80 per cent of the total project costs, with the remaining 20 per cent being financed through government grants and contributions from MMRDA itself.
Out of the total sanctioned loan amount, Rs. 15,071 crores will be allocated specifically for the Thane-Borivali Twin Tunnel Project, an initiative aimed at drastically reducing travel time between these two bustling cities.
The project will help ease congestion along one of the busiest routes in the region, providing relief to thousands of commuters.
The remaining Rs 16,602.79 crores will be used to support eight other significant infrastructure projects, which include the construction of the Thane Coastal Road (Phase I), the extension of the Eastern Freeway from Ghatkopar to Thane, and the development of an elevated road from National Highway No. 4 to Katai Naka.
Additional projects under this loan facility include the construction of multiple creek bridges and access roads to connect Thane, Kharbao, Bhiwandi, and surrounding areas, as well as the development of elevated roads along the Eastern Express Highway and Kalyan Murbad Road (Palms Water Resort) to Badlapur Road (Jagdish Dairy), which will also feature a railway overbridge over the Waldhuni River.
Additionally, an elevated road will be constructed on the Eastern Express Highway from Anand Nagar to Saket in Thane city, alongside a creek bridge from Gaimukh to Payegaon.
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