MMRDA offers Rs.3,643 cr realty space along metro line

    MMRDA offers Rs.3,643 cr realty space along metro line
    In its quest to ensure sufficient flow of funds to finance the ongoing metro projects in the city, Mumbai Metropolitan Region Development Authority (MMRDA) has recently secured state government’s permission to generate Rs.3, 643 crore by selling realty space along Thane-Kalyan-Bhiwandi Metro corridor for construction purposes. Apart from this, the remaining portion funds will be raised through debt and that the nodal agency is also planning to use the additional land of project to fund the project by building and selling constructed flats. In view of the fact of the availability of open spaces along the metro project area, houses and commercial complexes will be constructed using additional government land. The funds raised from the sale and the establishment of the commerce complex can be used for the financing of metro project, said official sources. It may be recalled that the State Government has given its nod to use these homes and packages to make the funds available for the construction of the metro. With this decision, the Metro is likely to be built, along with the urban development of this area.
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