Work has not even started on the second Metro line (Charkop-Bandra-Mankhurd) and it will take at least six to seven years for it to be complete, said sources. Chavan said the contract with Reliance Infrastructure for Metro-II will have to be cancelled. “We accept our failure that we could not provide them land for car depots,” he said.
Talking about Metro I, the CM said, “I am not sure if the first line can be commissioned by this year-end. There are issues related to cost escalation and fare hike which need to be sorted out.” He has requested the Centre to set up regulatory authorities for projects where costs have shot up.
Originally, Metro I was planned to be completed by March 2012. The project deadline has been extended four times. Against the original cost of Rs.2,356 crore for Metro I, over Rs.4,100 crore has been spent so far due to inflation and some additional works, said sources. To recover the additional Rs.1,744 crore spent, there is now a proposal to hike fare to Rs 16-18 for minimum distance and Rs 36-38 for maximum distance, said sources. The fare as per the existing formula falls in the range of Rs 9-12 for minimum distance and Rs 18-24 for maximum distance.
The MMOPL, which is building the first Metro line, refused to comment.
On Metro-III (Colaba-Bandra-Seepz), Chavan said that it was a capital intensive project involving Rs 25,000 crore and may have to be implemented with financial support from international banks through engineering procurement and construction method due to bleak economic scenario.
Talking about Metro I, the CM said, “I am not sure if the first line can be commissioned by this year-end. There are issues related to cost escalation and fare hike which need to be sorted out.” He has requested the Centre to set up regulatory authorities for projects where costs have shot up.
Originally, Metro I was planned to be completed by March 2012. The project deadline has been extended four times. Against the original cost of Rs.2,356 crore for Metro I, over Rs.4,100 crore has been spent so far due to inflation and some additional works, said sources. To recover the additional Rs.1,744 crore spent, there is now a proposal to hike fare to Rs 16-18 for minimum distance and Rs 36-38 for maximum distance, said sources. The fare as per the existing formula falls in the range of Rs 9-12 for minimum distance and Rs 18-24 for maximum distance.
The MMOPL, which is building the first Metro line, refused to comment.
On Metro-III (Colaba-Bandra-Seepz), Chavan said that it was a capital intensive project involving Rs 25,000 crore and may have to be implemented with financial support from international banks through engineering procurement and construction method due to bleak economic scenario.
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