In India 1st, Mumbai metro to have private entry

In India 1st, Mumbai metro to have private entry

The project has garnered the interest of eight private entities that will act as developers.

Metro 3 will become the first network in India to provide private pedestrian subway access linked to stations. The project has garnered the interest of eight private entities that will act as developers. Each of the six stations has three developers interested across its 32-km-long underground corridor.

These private entities will have exclusive rights that will allow their employees as well as clients to use the subway that will be connected to the stations. Mumbai Metro Rail Corporation (MMRC), which is executing this corridor, has plans to open the Phase I (Aarey to BKC) by December 2023 and the entire network upto Cuffe Parade from July 2024.

A MMRC official said, “We came up with this concept after a visit to South Korea where similar access in the form of a subway is provided to connect Metro stations to private entities.”

The official said, “The private access corridor will be built by MMRC but the cost will have to be borne by all the private entities. In case multiple developers are sharing a common subway the operations and maintenance (O&M) cost will be borne by the developers proportionately:.“

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MMRC said it will be devising a foolproof plan to ensure there is no financial burden. The official said, “The developer shall furnish an irrevocable bank guarantee equivalent of four quarters of projected O&M costs. In the event that the developer fails to make the said payment, MMRCL shall enforce the bank guarantee to recover monies due towards O&M costs.”

In addition to the above costs, MMRCL shall charge a one-time access fee of Rs 2 crore as premium for granting direct access to its metro stations. These funds, along with other sources of finance, will be utilised by MMRCL to bridge the financing gap for the overall Line 3 public infrastructure project.

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