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The Mumbai Metropolitan Region Development Authority (MMRDA) plans to raise Rs 16,577 crore for two significant infrastructure projects. These include a 5.5-kilometer tunnel from Gaimukh to Shilphata and a creek bridge connecting Bhayandar to Ghodbunder Road, enhancing Thane connectivity.
MMRDA plans to fund two projects to enhance connectivity between Mira-Bhayandar & Thane.
(Representational image | Unsplash)
Mumbai: The Mumbai Metropolitan Region Development Authority (MMRDA) is looking to raise Rs 16,577 crore as it embarks on two major infrastructure projects aimed at improving connectivity between Thane and Mira-Bhayandar. The proposed developments include a 5.5-kilometer tunnel from Gaimukh to the Fountain Hotel junction at Shilphata and a creek bridge linking Bhayandar to Ghodbunder Road.
An official from MMRDA announced that the department has initiated an expression of interest for loans from financial institutions to support these initiatives. These projects mark the third and fourth undertakings designed to enhance access around the Sanjay Gandhi National Park, following the approval of the Borivali-Thane twin tunnel and the double-decker Metro 10, which will run above an elevated road connecting Gaimukh and the Fountain Hotel.
What is the in the plans?
As per the reported information, the Gaimukh-Fountain Hotel tunnel will feature six lanes, three in each direction with two kilometers of access roads. With an estimated cost of Rs 20,000 crore, this project received the green light from Chief Minister and MMRDA Chairman Eknath Shinde in July.
In addition, the Bhayandar-Ghodbunder Road creek bridge is expected to span 9.8 kilometers with four lanes on either side. This bridge will connect to the proposed tunnel and integrate with the upcoming Bandra-Versova-Mira Bhayandar sea link, creating a comprehensive ring road network.
Debt worth over Rs 1 lakh crore; Loan agreement secured!
As of June, the MMRDA was facing a staggering debt of Rs 1,03,622 crore. However, in mid-September, the authority secured a loan agreement with the Power Finance Corporation (PFC) for Rs 31,674 crore. This funding will support nine infrastructure projects aimed at bolstering connectivity in the Mumbai Metropolitan Region (MMR).
The nine projects financed by PFC include the Balkum-Gaimukh Thane Coastal Road (Phase I), an extension of the Eastern Freeway, an elevated road from National Highway 4 to Katai Naka, the Thane-Bhiwandi creek bridge, the Kasarvadavali-Kharbao creek bridge, an elevated road linking Kalyan-Murbad Road to Badlapur, an elevated road from Anand Nagar to Saket, the Thane-Borivali twin tunnel, and the Gaimukh-Payegaon creek bridge.
All eight projects receives approval
With the exception of the Thane-Borivali twin tunnel, all eight projects received approval from the MMRDA’s executive committee on September 4, just before the announcement of the model code of conduct for the upcoming Maharashtra assembly elections. With PFC’s funding, MMRDA aims to achieve financial closure soon, which will cover approximately 80 per cent of the expenses for these nine projects. The remaining funds are expected to come from a combination of government grants and internal revenue sources.
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