Speaking with mediapersons after the CCI's meeting, PWD Minister Anil Deshmukh said: "The CCI has decided to give the responsibility of raising the funds for the project to the Mumbai Metropolitan Regional Development Authority (MMRDA) and executing it to Maharashtra State Road Development Corporation (MSRDC)."
"If everything works according to plan, by April or May next year, we will be in position to give work orders for Engineering Procurement and Construction (EPC) contract," he added.
The CCI also accepted the proposal by the MMRDA on how to recover the cost incurred on the project.
Under the plan, besides levying of toll on vehicles, impact fee will be levied on the real estate transactions in areas which will see escalation in the prices because of the construction of the MTHL and commercial exploitation of areas near MTHL will be also allowed to MMRDA.
It may be recalled that after the state government decided to do the project on its own by scrapping process of tenders called to execute the project on built operate and transfer, MMRDA wrote a letter to showing willingness to finance the project.
The MMRDA, which has cash reserves of around Rs. 10,000 crore, will contribute Rs 2,400 crore for the project and also take the responsibility of paying back the debt which will be raised to fund the project.
