MMRDA secures Rs 31,673.79 crore loan from PFC to fast-track Mumbai infrastructure projects

Mumbai, Sep 26 (IANS) The Mumbai Metropolitan Region Development Authority (MMRDA) has secured a major loan of Rs 31,673.79 crore from the Power Finance Corporation (PFC) to finance nine crucial infrastructure projects that will transform Mumbai Metropolitan Region's (MMR) transportation landscape.   

A formal loan agreement was signed between PFC and MMRDA on Wednesday, marking the financial closure of several high-priority infrastructure projects aimed at enhancing connectivity, boosting economic growth, and improving the quality of life in MMR. This financial closure is aimed at covering 80 per cent of the total project cost, with the remaining portion being supported through a combination of government grants and contributions from MMRDA.

Of the Rs 31,673.79 crore loan, Rs 15,071 crore will be directed towards the Thane-Borivali Twin Tunnel Project.

The balance of Rs 16,602.79 crore will be allocated for the Construction of the Thane Coastal Road (Phase I), extension of the Eastern Freeway from Ghatkopar to Thane, construction of an elevated road from National Highway No. 4 to Katai Naka, construction of a creek bridge and access roads from Kolshet Thane to Kharbao, Bhiwandi, Construction of a creek bridge between Kasarvadavali, Thane and Kharbav, construction of an elevated road from Kalyan Murbad Road (Palms Water Resort) to Badlapur Road (Jagdish Dairy) along with a railway overbridge over the Waldhuni River, construction of an elevated road on the Eastern Express Highway from Anand Nagar to Saket in Thane city and construction of a creek bridge from Gaimukh to Payegaon.

These projects are expected to significantly improve the transportation infrastructure, offering safer, faster, and more sustainable travel options to the citizens of MMR.

According to MMRDA, the loan agreement marks a pivotal moment in its continued efforts to develop world-class infrastructure, making the region a more connected, sustainable, and vibrant place to live and work.

MMRDA at its 158th board meeting chaired by Chief Minister Eknath Shinde on Tuesday approved several projects to enhance connectivity, infrastructure, and economic development within the Mumbai Metropolitan Region (MMR). The meeting also focused on vital urban projects and the revision of development plans for strategic zones such as Backbay Reclamation. The meeting took place days after the state government released its plan to develop MMR as a global economic hub increasing its economy to 300 billion dollars by 2030 from the present level of 140 billion dollars as per the recommendations made by the NITI Aayog.

MMRDA approved a revised draft development plan for the Backbay Reclamation Scheme (Blocks III to VI) prepared under Section 26 of the Maharashtra Regional and Town Planning Act, 1966. The revision takes into account ongoing projects by other government and non-government organizations in the area, including slum rehabilitation and metro projects. The draft plan divides the area into residential and commercial zones, with special attention to natural features such as beaches and mangroves. It includes the expansion of the New Legislative Building and the introduction of new link roads, among them, the proposed connectivity between Netaji Subhash Chandra Marg and Jagannath Bhosle Marg. Additionally, a dedicated marina for tourism is proposed, which will include ports for small boats and yachts to boost tourism in the area