Mumbai infra development will require Rs 1.13 lakh cr: MMRDA
Mumbai: The Mumbai Metropolitan Region
Development Authority (MMRDA), a nodal agency for the city`s
makeover, has upped the estimated investment target needed for
infrastructure development by over 50 per cent.
MMRDA now estimates the total investment required over
the next four years at Rs 1,13,000 crore against the earlier
estimate of Rs 75,000 crore, MMRDA Metropolitan Commissioner
Ratnakar Gaikwad said.
"The earlier estimated investment of Rs 75,000 crore now
needs to be upgraded, as infrastructure demand is increasing
and a sufficient fund-base would be required. The authority
estimates that a Rs 1,13,000 crore investment is needed over
the next four years," Gaikwad said.
"The investment is required to speed up ongoing projects
and to manage the projects that are in the pipeline," Gaikwad
These include the construction of metro and monorail
networks, an inter-state bus terminus, an iconic tower,
innovation parks and a 140-km-long multi-model corridor
between Virar and Alibaug.
The Mumbai metropolitan region spans over 4,355 square
kilometres and includes 20 urban regions, four districts and
one lakh villages. MMRDA has approved 25 letters of intent for
the construction of more than 3 lakh houses under the rental
housing scheme, Gaikwad said.
Under another project the authority plans to build 24,000
toilets under the Nirmal Abhiyan scheme, out of which 2,000
have already been completed and the rest are expected to be
The authority is working with a core group of experts
from different sectors to formulate various strategies and
plans for the long-term development of the metropolis, Gaikwad