The Mumbai Metropolitan Region Development Authority on Monday sought funds and permission to enhance revenues from the State Finance Commission in a bid to ensure liquidity to streamline its projects.
After a presentation by the MMRDA,explaining the need to have additional sources of revenue,J.P. Dange,the chairman of the state finance commission,directed the state government agency to submit a memorandum detailing fund requirement as far as the projects that have been and will be undertaken,so as to enable the commission to make its recommendations to the state government.
MMRDA spokesman Dilip Kawathkar said the memorandum would be ready and sent to the commission in two months. It also looked to generate revenue streams other than its present land bank at Bandra Kurla Complex and Wadala.
The MMRDA will thrive on the land bank it possesses for now. However,the authority,in my opinion,cannot solely depend on a single source of revenue and must look for recurring revenue generation through either a development fund or an infrastructure fund, Metropolitan Commissioner Rahul Asthana said. The development body said it does not collect tax or toll in areas even where it is the special planning authority and hence imperative to look for revenue generation beyond the current land bank in possession.