MMRDA will develop,sell plot to raise funds

MMRDA is also hoping the state government approves a proposal it mooted last year to levy a betterment charge to get a share of property appreciation around the Metro corridor. It is expecting to raise about Rs 1,000 crore this way.

“The state government has some land parcels near SEEPZ. We are looking to acquire land for free,develop it at a higher FSI of 3-4 and sell in the open market,” said UPS Madan,metropolitan commissioner at MMRDA.

“The urban development department is studying the proposal and will come up with the best possible way to charge a betterment fee,” Madan said.

A senior MMRDA official said the state government was yet to respond to its proposal despite sending several reminders.

Japan International Cooperation Agency has agreed in principle to loan 56 per cent of the Metro cost. The central and state governments are likely to contribute 15 per cent each,while the remaining would be subordinate debt. MMRDA has also secured funding from Mumbai International Airport Limited (MIAL) as stakeholder contribution as the line will improve connectivity to the airport. As per an agreement,MIAL will provide for construction of three stations – domestic airport,Sahar Road and international airport – and will bear a cost of Rs 777 crore.

Besides,MMRDA has sought funds under a central government scheme meant to bolster exports,saying the line will provide connectivity to the exports promotion zone of SEEPZ.

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