Mumbai requires $50 bn for transport project

An investment of around $50 billion (nearly Rs 2 lakh crore) will be required in various transit systems in Mumbai Metropolitan Region (MMR) over next 20 years as the population of MMR is likely to touch 34 million by 2031, says a study conducted by Mumbai Metropolitan Regional Development Authority (MMRDA).

This was revealed by P R K Murthy, chief of MMRDA's Transport and Communication division at an interactive session between delegates of several US government agencies working in the field of public transit system and their Indian counterparts.

The US delegation was led by Sherry Little, deputy administrator of the Federal Transit Administration. Little assured complete co-operation from the US government for making financial and technological assistance available for various transport projects in the MMR.

To meet the challenge of future transport requirements in the MMR, 450 km of Metro rail network, 104 km of new suburban lines and 1513 km of new roads need to be built, the study says.

The study also recommends public-private partnership model to execute these projects and suggests funding pattern of 40 per cent from private sector, 28 per cent from users, 10 per cent contribution from State Government (collected as development charge from builders) and 12 per cent borrowings.