MMRC eyes commercial development in MIDC, Girgaon

As part of its mandate to raise Rs 1,000 crore for the Rs 23,200 crore Colaba-Bandra-Seepz Metro 3 project through commercial development, the MMRC is looking at places like MIDC and Girgaon in the city.
Mumbai Metro Rail Corporation (MMRC) has already signed a memorandum of understanding (MoU) with the Mumbai Police for such development, its Managing Director Ashwini Bhide told PTI here.
Besides this, MMRC is also exploring some commercial development near the Girgaum-Kalbadevi section where it has to rehabilitate the project affected persons (PAPs).
"We have various sources of funding available and one of them is through commercial development. We have been mandated to raise Rs 1,000 crore through this route and we are working out on options for the same," Bhide said.

She said the state government had initially allotted a plot in Aarey colony for commercial development but since the depot that is proposed there needs a lot of space, hence such development was not possible at that location.
"As we were scouting for options, we found opportunity near MIDC area where we have the police quarters and the families need to be rehabilitated in the same location. Since we will get some extra floor space index (FSI) after rehabilitating the PAPs, we would exploit it commercially," she added.

The extra FSI that MMRC will get through this can be exploited to raise funds.

"Our aim is not just to raise funds but mainly to ensure they are properly rehabilitated," she added.
The other routes from which MMRC will get funds include equal equity contribution by the Central and state governments of Rs 2,403 crore each, contribution from MIAL to the extent of Rs 777 crore and JICA loan of around Rs 13,235 crore.
Apart from this, MMRC will also receive subdebt from both the Central and state governments to the tune of Rs 1,025 crore and Rs 1,615 crore respectively. MMRDA would also be providing a grant of Rs 679 crore for the project.

"We have so far spent around Rs 1,200 crore for various activities that we have undertaken," Bhide said.
The fully underground metro will have 27 stations and is expected to be completed by 2020-21 and cater to 1.23 lakh passengers daily.