Railway targets ₹50,000 cr for Mumbai's new network
According to official sources, the Indian Railways has worked out a plan to invest ₹50,000 crore on an array of projects in Mumbai and in its suburban areas. The projects included the construction of CST-Panvel elevated corridor, new AC trains, 5th and 6th lines between Borivali and Virar, 3rd and 4th lines between Kalyan and Badlapur. The department is contemplating to generate the required funds via allowing builders to construct real estate projects along the identified corridors. It is currently negotiating with the state government to secure an FSI of four or five for the redevelopment projects. Currently, FSI of four is allowed for various redevelopment schemes, such as slum rehabilitation. While Central Railway has residential colonies in Parel, Matunga, Mumbai central, Bandra, Andheri Borivali and Virar among other places as its residential quarters scattered across the Mumbai Metropolitan region from south Mumbai to distant suburbs.
