A day after ministers and even bureaucrats sparred over the proposed Metro-III project, the state cabinet granted its approval to it.
With the cabinet go-ahead, the state will now extend guarantee to the finances for the project. Japanese International Cooperation Agency will extend 57% loan of the total project cost. A special purpose vehicle (SPV), a joint body of Central as well as state government, has been formed to take the Rs 23,000-crore project forward.
The MMRDA and the BMC will represent the state government in implementing the project with the former being the nodal agency.
The 33.5-km Colaba-Bandra-Seepz line will have 27 underground stations. The deadline for the project is 2020. From Cuffe Parade, it will passe through Churchgate, CST, Girgam, Worli, Mahim, Kalina , international airport and Seepz.
While peak-hour traffic by 2025 has been pegged at 40,000, daily ridership is expected to be about 1,387 by 2025. The train will have six to eight coaches and will ply every three minutes.
With the cabinet go-ahead, the state will now extend guarantee to the finances for the project. Japanese International Cooperation Agency will extend 57% loan of the total project cost. A special purpose vehicle (SPV), a joint body of Central as well as state government, has been formed to take the Rs 23,000-crore project forward.
The MMRDA and the BMC will represent the state government in implementing the project with the former being the nodal agency.
The 33.5-km Colaba-Bandra-Seepz line will have 27 underground stations. The deadline for the project is 2020. From Cuffe Parade, it will passe through Churchgate, CST, Girgam, Worli, Mahim, Kalina , international airport and Seepz.
While peak-hour traffic by 2025 has been pegged at 40,000, daily ridership is expected to be about 1,387 by 2025. The train will have six to eight coaches and will ply every three minutes.
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