Dedicated locality research platform
Enter your email address and you will receive
a link to reset your password
The BMC recently allocated INR 1,000 crore from its fixed deposits to the Mumbai Metropolitan Region Development Authority (MMRDA) for ongoing Metro projects. This allocation, not budgeted for in 2023-24, was prompted by a letter from the State Urban Development Department urging financial contributions to Metro rail projects. According to the department's guidelines, urban local bodies like the BMC are expected to cover 25% of project costs. However, only INR 1,000 crore was disbursed due to budget constraints, with the remaining INR 3,959 crore slated for the next fiscal year.
This contribution aligns with a broader funding policy established in 2016, mandating that municipal corporations cover 25% of project costs, while the state government and implementing bodies like MMRDA cover 25% each, with the remaining 50% sourced through loans.
The allocation of funds is underpinned by a comprehensive policy framework established by the Centre in 2016, aimed at facilitating the funding of infrastructure projects undertaken by planning bodies like MMRDA. This policy indicates the importance of shared responsibility among stakeholders in financing critical infrastructure projects. The realisation of this policy has paved the way for coordinated efforts in advancing infrastructure development, ensuring sustainable urban growth.
Furthermore, the inflow of funding demonstrates an active dedication to meeting Mumbai's expanding urban infrastructure needs. The expansion of Metro rail networks is expected to speed up economic growth and improve urban living standards, benefiting both people and stakeholders. The link between infrastructure development and real estate appreciation emphasises the larger impact of such measures on the city's economy.
MMRDA's ambitious undertaking of 337 km of Metro rail lines highlights its commitment to fostering sustainable urban development. The operationalisation of existing Metro lines and the construction of new corridors show the agency's dedication to enhancing urban mobility and connectivity.
In conclusion, the allocation of funds from BMC to MMRDA for Metro rail projects underscores a collaborative effort to enhance urban infrastructure in Mumbai. This investment aligns with broader policy objectives aimed at fostering sustainable urban development and economic growth. As Mumbai continues to evolve as a global metropolis, concerted efforts towards infrastructure development are essential to meet the city's growing needs and aspirations.
Propscience is India’s dedicated property news portal. We cover the latest events, news, trends, deals, new launches and more.
All our services and tools are completely free of cost and available 24X7!
We use cookies to give you the best possible service while using our website, please click accept and carry on browsing if you're happy with this. For more information see our Privacy Policy.
Okay, Got it!This disclaimer ("Disclaimer") is applicable to the entire Site. Upon entering the Site it is recommended that you immediately read the Terms and Conditions and Privacy Policy listed therein. Your continued usage of this Site will indicate your unconditional acceptance of the said Terms and Conditions and Privacy Policy. You hereby agree that Propscience reserves the right to modify at any time, the Terms and Conditions and Privacy Policy governing this Site without prior notification. Your usage of the Site implies that you will be bound by any such modification. You agree and acknowledge that it is your responsibility to periodically visit the Site and stay updated with the Terms and Conditions and Privacy Policy of the Website.
The information contained in this Site has been provided by Propscience for information purposes only. This information does not constitute legal, professional or commercial advice. Communication, content and material within the Site may include photographs and conceptual representations of projects under development. All computer-generated images shown on the Site are only indicative of actual designs and are sourced from third party sites.
The information on this Site may contain certain technical inaccuracies and typographical errors. Any errors or omissions brought to the attention of Propscience will be corrected as soon as possible. The content of this Site is being constantly modified to meet the terms, stipulations and recommendations of the Real Estate Regulation Act, 2016 ("RERA") and rules made thereunder and may vary from the content available as of date. All content may be updated from time to time and may at times be out of date. Propscience accepts no responsibility for keeping the information in this website up to date or any liability whatsoever for any failure to do so.
While every care has been taken to ensure that the content is useful, reliable and accurate, all content and information on the Site is provided on an "as is" and "as available" basis. Propscience does not accept any responsibility or liability with regard to the content, accuracy, legality and reliability of the information provided herein, or, for any loss or damage caused arising directly or indirectly in connection with reliance on the use of such information. No information given under this Site creates a warranty or expands the scope of any warranty that cannot be disclaimed under applicable law.
This Site provides links to other websites owned by third parties. Any reference or mention to third party websites, projects or services is for purely informational purposes only. This information does not constitute either an endorsement or a recommendation. Propscience accepts no responsibility for the content, reliability and information provided on these third-party websites. Propscience will not be held liable for any personal information of data collected by these third parties or for any virus or destructive properties that may be present on these third-party sites.
Your use of the Site is solely at your own risk. You agree and acknowledge that you are solely responsible for any action you take based upon this content and that Propscience is not liable for the same. All details regarding a project/property provided on this Site are updated on the basis of information available from the respective developers/owners/promoters. All such information will not be construed as an advertisement. To find out more about a project / development, please register/contact us to visit the site you are interested in. All decisions taken by you in this regard will be taken independently and Propscience will not be liable for any such loss in connection with the same. This Site is for guidance only. Your use of this Site - including any suggestions set out in the Site and or any use of the resources available on this Site, do not create any professional - client relationship between you and Propscience. Propscience cannot accept you as a client until certain formalities and requirements are met.
We use cookies to give you the best possible service while using our website, please accept it and continue browsing if you're happy with this. For more information see our Privacy Policy