MMRDA-REL to to implement Metro Rail project on BOOT basis

Mumbai, May 18 (UNI) Maharashtra Chief Minister Vilasrao Deshmukh and Mumbai Metropolitan Regional Development Authority (MMRDA) Chairman T Chandrashekhar today announced the sanctioning of Rs 2,356 crore worth Versova-Andheri-Ghatkopar route of Mumbai Metro Rail, which will be executed through a special purpose vehicle formed by Mumbai Metro consortium lead by M/s Reliance Energy Ltd and MMRDA.

Mr Deshmukh told reporters here that REL and MMRDA will enter into an agreement to implement the project on a build-own-operate-transfer (BOOT) basis for the period of 35 years of which, the first five years will be for the construction, and added that this is the first urban rail project to be undertaken on a BOOT basis.

The construction work on Versova-Andheri-Ghatkoper Metro Rail will commence by October-November this year and will be ready for commuters by December 2009, he added.

Mr Deshmukh also said that Prime Minister Manmohan Singh will lay the foundation stone of the Metro Rail project either in the last week of May or the first week of June.

''This project has been conceived to attract Mumbaikars to use public transport rather than take private vehilces so as to prevent traffic congestion and pollution too,'' Mr Deshmukh added.

MMRDA Chief, who is instrumental in bringing the project to this stage, said that the 146.5 km Mumbai Metro Rail Master Plan worth Rs 19,500 crore and approved by the state government will be executed in three phases.

The first phase, alongwith the actual route length of 11 km on Versova-Andheri-Ghatkoper also includes the 38 km Colaba (Backbay) -Mahim-Charkop route and 14 km Bandra-Kurla-Mankhurd route.

The entire Versova-Andheri-Ghatkopar route will be on elevated stations. This corridor will connect densely populated areas of Western and Eastern suburbs with two important railway stations -Andheri on the western and eastern suburbs and Ghatkopar on the Central railway, Mr Deshmukh said. He further said the corridor also aims to answer the most congested two-way movement throughout the day by providing access to areas such as MIDC, international airport and other commercial areas.

The air-conditioned and pollution free system will reach commuters from Versova to Ghatkopar in only 21 minutes as compared to today' 70 minute journey. This route will have 12 stations -Versova, D N Nagar, Azad Nagar, Andheri, Western Express Highway, Chakala, airport, Marol Naka, Saki Naka, Subhash Nagar, Asalpha road and Ghatkopar.

One will travel a distance of upto three km at Rs eight for a distance of three to eight km and Rs 10 for a distance more than eight km. ''There is no airconditioned transport that is cheaper than this in Mumbai city,'' he added.

Mr Chandrashekhar told reporters that REL had demanded viability gap of Rs 1,251 crore at the rate of 26 per cent internal rate of return (IRR) but later it was agreed to bring down the viability gap at Rs 650 crore at the rate of 15 per IRR.

He also said the union government has agreed to provide 20 per cent amount to the project.

Mr Chandrashekhar also announced that soon the tenders for Colaba (backbay)-Mahim-Charkop Metro Rail project of 36 km in the first phase itself will be floated.

UNI