BMC allocates Rs 1,000 crore to MMRDA as part of Metro costs

Amid the civic body struggling to shore up its own funds, the BMC has made an allocation of Rs 1,000 crore to the Mumbai Metropolitan Region Development Authority (MMRDA) from its fixed deposit funds. According to officials, the funds have been raised as the civic body has been told to pay 25 per cent of the total costs of the metro, with the BMC set to pay a total of Rs 5,000 crore in different phases.

In a bid to execute works on the ongoing Metro project, the MMRDA had demanded for an allocation to the tune of nearly Rs 5,000 crore from the civic body. Responding to the request, the civic body has now made an allocation of Rs 1,000 crore by breaking their fixed deposits by Rs 950 crore. The BMC is slated to make further allocation of Rs 3,900 crore. Prashant Gaikwad, Deputy Municipal Commissioner (Finance) said, “BMC is being told to pay 25% of the overall Metro cost. For the first phase, we have been asked to pay Rs 1,000 crore, of which Rs 950 crore have been disbursed by us.”