Mumbai Metro Line 3, the first fully underground travel corridor in India's financial capital, is nearing completion. Also called the Aqua Line, the 33.5-kilometre stretch will connect the city's southernmost part of Colaba with Seepz in Andheri in the western suburbs.
The Mumbai Metro Rail Corp., the agency developing the project, is trying to commission the first phase by December, Managing Director Ashwini Bhide told BQ Prime in an interview.
The depot was handed over late and there was a delay in shunting or movement of items in the area that connects the main tunnel to the depot; and now monsoon is taking up more time, she said. "If these get late, then there’s a possibility of a delay of not more than two to three months."
The Aqua Line will have 27 stations. It will connect South Mumbai with the major activity areas like the Bandra-Kurla Complex, the airport, the Maharashtra Industrial Development Corp. area, and the Santacruz Electronics Export Processing Zone.
With a daily ridership volume is estimated at 12–13 lakh per day, and rising up to 17 lakh a day, the Mumbai Metro is aimed at helping ease congestion in suburban local trains and also the city's roads.
"I would say the commissioning of phase one is very much within our reach," Bhide said. "We are fully gearing up for this last-mile push."
Funding Break-Up
The original cost of the project was estimated at around Rs 23,000 crore in 2011, but it has not been pegged at Rs 37,000 crore.
"As it is a huge project, state and central funding cannot support (it) alone. Therefore, 57% of the funding is coming from the Japan International Cooperation Agency as a soft loan," Bhide said. The remaining 43% is comes from the state and the central governments, as well as subordinate debt.
The remaining funding from the governments will mainly go towards paying taxes, and rehabilitation and land acquisition, according to Bhide. "The company (MMRCL) also has to generate revenue of around Rs 1,000 crore, which we can get with the help of commercial use of land, among other modes."
Watch the full interview below
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