The Japanese International Cooperation Agency (JICA) has granted a no-objection certificate (NOC) to the 33.5-km long Colaba-Seepz-Bandra Metro-3 underground corridor. The development means JICA has given final approval to the funding, as well as the tender documents designed by the Mumbai Metro Rail Corporation (MMRC).
The JICA will be funding 57 per cent of the total cost of Rs 23,136 crore which could increase due to the delay in project, as well as the MMRC will have to accept higher quotations by bidders for civil work.
Confirming the same, Ashwini Bhide, managing director, MMRC said, “We have received an NOC from JICA for the Metro-3 project and things are on track. We have acquired almost 80 per cent of the land required for the execution of the project.”
According to MMRC, JICA’s NOC was required as it is funding a major chunk of the project (57 per cent) for a total of Rs 13,236 crore.
The Mumbai Metropolitan Region Development Authority (MMRDA) will contribute Rs 4,081 crore via equity and shares. The state government will contribute Rs 2,650 crore for the project through subordinate loan and the Centre will contribute Rs 2,402 crore via equity. Apart from the above, the Mumbai International Airport Limited (MIAL) will contribute Rs 777 crore for the construction of metro stations at the airport.
The 33.5-km Metro-3 corridor will be the first underground corridor in the city with 27 stations and was shrouded in controversy initially with the construction of a car depot at Aarey Colony and also after the residents of Girgaum and Kalbadevi protested the alignment of the project citing their displacement. “Due to the project getting delayed by almost two years, MMRC is suffering a loss of Rs 3 crore per day,” added Ms Bhide.
