Japan provides lifeline to Mumbai's Metro-3 line

Japan and Government of India signed an agreement on Monday which will see the project getting a boost thanks to the first instalment of the loan which is to the tune of 71000 million yen Rs4553 crore An agreement was signed between Japan International Cooperation Agency JICA and the Indian government in New Delhi where JICA has pledged the first tranche of the 140 per cent 30year loan for the megainfrastructure project The Mumbai Metro3 one of the biggest in the entire planned network will be the city39s first fully underground stretch from south Mumbai39s tip Colaba to Bandra to Santacruz Airport to SEEPZ in Andheri Trail run of Mumbai Metro train above the Jogeshwari flyover bridge on Western Express Highway in Andheri East PicAshishu00a0Rane The JICA agreement follows a commitment by Japan vide Organisation for Economic CoOperation and Development for the first loan instalment signed March 25 this year The Japanese loan which would comprise 572 percent of the total estimated project cost of Rs23136 crore would be spent on constructing the line along with tunnels running below the sea creeks railway stations and allied facilities rolling stock system component and consulting services With this agreement the executive agency Mumbai Metro Rail Corporation will now be a joint venture company of the state and central government As per present plans the project will commence this year itself and will be completed in 2020 the MMRDA official said The other finance will come from the central and state equity of 104 percent each subdebt by the central government 44 percent subdebt by the state 7 percent property development and impact fee 43 percent stakeholder contribution from the Mumbai International Airport Ltd 34 percent and MMRDA grantaside funding 29 percent The project will give a boost to the public transport network in the country39s financial capital where the existing roads and railway networks are severely congested owing to lack of space for expansion quotThis is a very crucial project and has got the required impetus The projects such as these will afford Mumbai the required mobility and bring back the aura it has almost lost in recent times The financial capital of the country needs such projectsquot said UPS Madan Metropolitan Commissioner MMRDA According to Mr Shinya Ejima Chief Representative of JICA in India ldquoProviding of loan by JICA to this project would go a long way in addressing the major problem of urban congestion in the city of Mumbai People spend endless hours on roads local trains are overloaded So when the project gets completed this will help in considerably improving the quality of life of a common Mumbaikar just as Metro has done in Delhirdquo About Metro Line3 CBS is fully underground corridor of 335 km with 26 underground stations The line starts from Cuffe Parade in the south passes through Worli Bandra Domestic and International Airport and terminating at the Santacruz Electronics Export Processing Zone SEEPZ near JVLR The depot is located at Aarey Colony north of JVLR The metro line3 will provide Public Transport direct connectivity to Kalbadevi Girgaum Worli BKC Domestic amp International Airport MIDC and SEEPZ The metro line 3 connects major CBDs of Nariman Point BKC Andheri MIDC and SEEPZ The line will have passenger interchange facilities with Central Railway at CST Western Railway at Churchgate Mumbai Central and Mahalaxmi Metro Line 1 at Marol Naka Metro Line 2 at BKC and Monorail at Mahalaxmi all facilities are being designed to provide seamless travel The implementation will start in 201314 GoI approved project completion cost is Rs 23136 cr with JICA finance