Mumbaikars, did you know Metro 3 will soon become the first network in India to provide private pedestrian subway access linked to stations? Yes, you heard it right! This particular project has piqued the interest of eight private entities. They will be acting as developers – each of the six stations has three developers interested across its 32-km-long underground corridor. Sounds interesting, we say! Here are more details about it, read on.
Mumbai Metro Rail Corporation (MMRC) Came Out With This Concept After Visiting South Korea
As far as access to the subway is concerned, private entities will have exclusive rights that will allow their employees/clients to use the subway connected to the stations. Mumbai Metro Rail Corporation (MMRC) is executing this corridor and also has plans to open Phase I (Aarey to BKC) by December 2023. However, the entire network up to Cuffe Parade will take some time and is said to be ready by July 2024.
TOI states an MMRC official saying, “We came up with this concept after a visit to South Korea where similar access in the form of a subway is provided to connect Metro stations to private entities.”
The official further added that the private access corridor will be built by MMRC but the cost will have to be borne by all the private entities. He said, “In case multiple developers are sharing a common subway the operations and maintenance (O&M) cost will be borne by the developers proportionately.”
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MMRC To Come Up With A Solid Plan To Ensure Zero Financial Burden
MMRC is all set to come up with a solid plan to ensure zero financial burdens. According to the official, the developer shall furnish an irrevocable bank guarantee equivalent to four quarters of projected O&M costs. He said, “In the event that the developer fails to make the said payment, MMRCL shall enforce the bank guarantee to recover monies due towards O&M costs.”
Meanwhile, MMRCL will also charge a one-time access fee of Rs 2 crore as a premium for granting direct access to its metro stations. MMRCL will utilise these funds to bridge the financing gap for the overall Line 3 public infrastructure project.
Way to go Mumbai Metro, must say! What are your thoughts on this new project? Do let us know in the comment section below!
All image courtesy – Unsplash