A maximum of Rs300 crore out of the Rs1,000 crore is likely to be raised through commercial exploitation of plots beneath which Colaba-Bandra-SEEPZ metro rail stations will be constructed. Process has been initiated to prepare a concept plan for the plots at SEEPZ Bus Depot, MIDC police quarters and near Mantralaya.
There are plans to finalise more plots in the months to come, but at the moment and as per the preliminary study, the plots at SEEPZ and MIDC have been finalised for development. In the weeks to come, the officials will be appointing architects to prepare concept plans for integrated development of the plots.
"The plot of SEEPZ Bus Depot will be utilised for Brihanmumbai Electric Supply and Transport body as well as for revenue generation (4,000 sqmtr) for the Metro project. Similarly, for land at MIDC, residential quarters (around 75-80 tenements) for the police force will be built apart from commercial exploitation (6,000 sqmtr)," detailed an official of Mumbai Metro Rail Corporation.
Near Mantralaya, where the Vidhan Bhavan Metro station is planned, there is no scope to monetise the land above the station for channelising funds for the underground Metro-3 project. Government and political party offices will be relocated back on this plot, thus not leaving behind any space to benefit the project.
The MMRC officials are studying more plots along the 32.5km-long Metro project for the same purpose. A couple of months ago, it had zeroed in on a plot of 3 hectares on Jogeshwari Vikhroli Link Road, near SEEPZ from which it is estimating to bag approximately Rs1,000 crore. However, the plot is yet to be handed over to the MMRC and is being used by an agency involved with cement concrete ready-mix. The agency's lease will be expiring shortly.
As per the earlier estimates, the MMRC will have to raise Rs1,000 crore or 4.3% through real estate. Now that the project cost has also increased from the earlier estimate of Rs23,136 crore, the 4.3% contribution too will have to increase. The civil construction cost itself has increased to Rs18,115.23 crore from the initial estimate of Rs10,188 crore, which is an increase by 77.80 %.
This underground Metro line will be constructed even with the assistance from Japanese International Cooperative Agency (JICA), which will be 57.2% of the overall project cost. The initial project estimate was Rs23,136 crore, the other sources of finance are Mumbai International Airport Limited (MIAL), state and Union governments, property development, Mumbai Metropolitan Region Development Authority (MMRDA), etc.
MMRC officials have set a target to start metro services on the entire corridor by 2021, but it is likely that in 2020 the Metro will chug between SEEPZ and Bandra Kurla Complex.
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