Airport Economic Regulatory Authority (AERA) today sanctioned Rs 518 crore for construction of two stations of Colaba-Bandra-Seepz metro 3 corridor, giving a much-needed push to the Rs 23,136 crore project.
Mumbai Metro Rail Corporation (MMRC) will be developing three stations in Chhatrapati Shivaji International Airport area -- including Domestic Terminus (T1) and International Terminus (T2) and Sahar Road -- it said in a statement.
The MMRC had signed an MoU with Mumbai International Airport Ltd on September 16 last year whereby it was agreed to fund the construction cost of the Metro-3 stations to the tune of Rs 777 crore subject to the approval of AERA.
"It was after following the due process, AERA in consultation with the stakeholders approved the proposal to fund two metro stations, one at domestic terminus and the other at international terminus," it said.
While the commuters will bear the development fee, MIAL will finance the construction of the Sahar Road station from their non-passenger revenue.
The AERA has increased the levy on passengers by Rs 20 to 120 per domestic passenger and by Rs 120 to Rs 720 per international traveller.
"It's a very positive step by AERA. The MMRC has secured financial commitment under the stakeholders funding. It will give boost to the project," MMRC Managing Director Ashwini Bhide said.