Mumbai Secures Rs. 31,673 Crore Loan to Enhance Urban Infrastructure
The Mumbai Metropolitan Region Development Authority (MMRDA) has secured a significant loan of Rs.31,673 crore from Power Finance Corporation (PFC). This funding will be used for nine important infrastructure projects in areas represented by Chief Minister Eknath Shinde and his son, Shrikant.
Approved Projects
Eight of the nine projects were approved by MMRDA’s executive committee on September 4. These projects aim to improve connectivity and include:
- Balkum-Gaimukh Thane Coastal Road (Phase I): Rs. 2,799 crore, 13.45 km
- Eastern Freeway Extension: Rs.2,727 crore, 12.95 km
- Elevated Road from NH 4 to Katai Naka: Rs.1,981.17 crore, 6.71 km
- Thane-Bhiwandi Creek Bridge (Kolshet to Kalher): Rs.288.18 crore, 1.64 km
- Kasarvadavali to Kharbao Creek Bridge: Rs.1,525.31 crore, 3.93 km
- Elevated Road between Kalyan-Murbad Road and Badlapur: Rs.451.10 crore, 2.16 km
- Anand Nagar to Saket Elevated Road: Rs.1,854 crore, 6.30 km
- Gaimukh to Payegaon Creek Bridge: Rs.975.58 crore, 6.509 km
- Thane-Borivali Twin Tunnel: Rs.15,071 crore (previously approved)
Loan Agreement Signed
A formal loan agreement was finalized on Wednesday, completing the financial arrangements for these key projects. This loan will finance 80% of the total project expenses, while the rest will be sourced from government grants and contributions from MMRDA.
Economic and Transportation Benefits
Sanjay Mukherjee, Metropolitan Commissioner of MMRDA, emphasized that this funding is crucial for enhancing the Mumbai Metropolitan Region (MMR). He stated that the projects will provide safer, faster, and more sustainable travel options for residents, ultimately boosting economic growth and improving quality of life.
Project Costs Summary
Here’s a brief look at the costs associated with each project:
- Thane Coastal Road (Phase I): Rs.2,799 crore
- Eastern Freeway Extension: Rs. 2,727 crore
- NH 4 to Katai Naka Elevated Road: Rs.1,981.17 crore
- Kolshet-Kalher Creek Bridge: Rs.288.18 crore
- Kasarvadavali-Kharbao Creek Bridge: Rs.1,525.31 crore
- Kalyan-Murbad to Badlapur Elevated Road: Rs.451.10 crore
- Anand Nagar to Saket Elevated Road: Rs.1,854 crore
- Gaimukh to Payegaon Creek Bridge: Rs.975.58 crore
- Thane-Borivali Twin Tunnel: Rs.15,071 crore
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The MMRDA’s loan from PFC is a significant step towards developing a robust infrastructure network in Mumbai, making it a more connected and vibrant place to live and work.
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