This means that the tenders for the construction of the line will be invited by this year end and the construction will start next year.
Confirming the same Metropolitan Commissioner UPS Madan said, “We have finally received the approval for Colaba Bandra-Seepz metro line-3 from union cabinet.”
Sources from MMRDA told this newspaper that getting clearance from union cabinet is a very important thing as it will not only help MMRDA to secure Union government funds but also to finalize a loan agreement with Japan International Cooperation Agency (JICA).
It should be noted that JICA has already agreed to give a loan of around 50 percent for the construction of the line at an interest rate of 1.4 per cent payable over 30 years.
Now that the project has received final nod, the procedures to sign the formal loan agreement will happen after which the tenders for the construction of the line will be invited.
It should be noted that Colaba-Bandra-Seepz Metro-3 corridor project is proposed to be implemented with loan assistance from Japan International Co-operation Agency (JICA). The Colaba – Bandra – SEEPZ will be completely underground and will be 33.5 km long with 27 metro stations