In a significant development, the Mumbai Metropolitan Region Development Authority (MMRDA) has secured a major loan facility of Rs 31,673.79 crore from the state-run Power Finance Corporation to fund various developmental projects in the metropolitan region.
The total loan amount has been approved to finance nine crucial infrastructure projects that will transform MMR’s transportation landscape, MMRDA said in a statement.
“A formal loan agreement was signed between PFC and MMRDA marking the financial closure of several high-priority infrastructure projects aimed at enhancing connectivity, boosting economic growth, and improving the quality of life in MMR,” it said.
This financial closure is aimed at covering 80 per cent of the total project cost, with the remaining portion being supported through a combination of government grants and contributions from MMRDA.
Out of the total amount, Rs 15,071 crore will be directed towards the Thane-Borivali twin tunnel project. The remaining amount has been allocated towards the remaining projects including:
- Construction of the Thane Coastal Road (Phase I)
- Extension of the Eastern Freeway from Ghatkopar to Thane
- Construction of an elevated road from National Highway No. 4 to Katai Naka
- Construction of a creek bridge and access roads from Kolshet Thane to Kharbao, Bhiwandi
- Construction of a creek bridge between Kasarvadavali, Thane and Kharbav
- Construction of an Elevated road from Kalyan Murbad Road (Palms Water Resort) to Badlapur Road (Jagdish Dairy) along with a railway overbridge over the Waldhuni River
- Construction of an elevated road on the Eastern Express Highway from Anand Nagar to Saket in Thane city
- Construction of a creek bridge from Gaimukh to Payegaon.
“These projects are expected to significantly improve the transportation infrastructure, offering safer, faster, and more sustainable travel options to the citizens of MMR,” the Authority said.
