94% expenditure marked for road, bridge, infra projects in MMRDA budget

The Mumbai Metropolitan Region Development Authority's budget for fiscal 2023-24 was presented by Metropolitan Commissioner SVR Srinivas on Friday, with 94 per cent of expenditure earmarked for road and bridge projects, public transport and other infrastructure development works.

As per an MMRDA release, the total estimated receipt is Rs.23,689.77 crores, including a loan from the Maharashtra government, while the total estimated expenditure is Rs. 28,704.98 crore, leaving a deficit of Rs 5,014.41 crore.

It was presented in the MMRDA's 15th meeting in the presence of Chief Minister Eknath Shinde and his deputy Devendra Fadnavis.

Srinivas also presented a revised budget of MMRDA for 2022-23 with estimated total revenue of Rs.14,535.39 crore and total expenditure estimated at Rs.15,452.98 crores. Both the budgets were approved in the meeting, the release informed.

"Out of total estimated expenditure for 2023-24, 94 per cent, or Rs.27,079.69 crore, will be spent on Road and Bridge Projects, Public Transport and other Infrastructure Development works," it said.

The state government has granted permission for raising loans up to Rs.60,000 crore as and when required to complete the ambitious projects of MMRDA, which also proposes to monetize its assets through Infrastructure Investment Trusts, toll operate transfer (TOT) and alternate investment fund (AIF) etc for efficient resource mobilization, the release said.

According to the release, the revised estimate of the 42 km sea bridge project between Versova-Virar as well as construction of 3.8 km long tunnel road between Eastern Freeway and Marine Drive in the southern part of the metropolis for vehicular movement were approved.

The MMRDA seeks to be the project implementation agency and to study technical feasibility of the 'Mumbai Eye' project at Bandra Reclamation by appointment of a developer for its construction, the release said.

The 'giant observation wheel' will give a huge boost to the tourism sector in the city, Srinivas said.

"The Authority approved MMRDA's proposal to be submitted to the state government for collection of toll from December 2027 from vehicles entering Mumbai so as to recover the cost of infrastructure and metro rail network being laid by it in the region," the release said.

The authority also approved the estimate for construction of twin tunnel between Thane and Borivali, disposing of two plots through e-tendering in G-Block of Bandra-Kurla Complex, appointment of consultant to prepare detailed project report extension of Metro Line-5 from Kalyan to Ulhasnagar and extension of Chheda Nagar flyover from Ghatkopar to Thane, it said.