Mumbai Metro 3 Phase 1 Set to Open by September End, Says CM Eknath Shinde
Chief Minister Eknath Shinde announces the anticipated September launch of Metro 3, connecting Bandra Kurla Complex with Aarey, and shares plans to unveil major infrastructure projects before the assembly elections.
Mumbai MetroEknath ShindeAffordable HousingSlum RehabilitationInfrastructure DevelopmentReal Estate MumbaiSep 19, 2024
He also committed to reducing Mumbai's slum population by building three million affordable homes, with MMRDA, CIDCO, and MHADA spearheading the effort alongside private developers. Shinde highlighted the role of increased housing supply in potentially lowering real estate prices and shared plans to unveil major infrastructure projects before the assembly elections, which are projected to occur in two phases in November.
The Chief Minister revealed that the state government has enlisted agencies such as the Mumbai Metropolitan Region Development Authority (MMRDA), the City and Industrial Development Corporation (CIDCO), and the Maharashtra Housing and Area Development Authority (MHADA) to address long-standing slum rehabilitation projects. These agencies are expected to collaborate with private developers for the construction work.
Referencing the NITI Aayog's goal of building three million affordable houses in the Mumbai Metropolitan Region, Chief Minister Shinde expressed his commitment to making Mumbai slum-free. He recalled that Shiv Sena founder Balasaheb Thackeray had envisioned constructing four million houses to eliminate slums in Mumbai, and stated that efforts are underway to fulfill this vision.
In the initial phase, Shinde reported that two lakh affordable houses are being constructed, with private builders receiving incentives such as a reduction in the premium from 15% to 5%. He also mentioned that the state government plans to inaugurate several infrastructure projects before the upcoming assembly elections.
In conclusion, Chief Minister Eknath Shinde's announcements reflect a broad and determined agenda aimed at transforming Mumbai's infrastructure and housing landscape. With the Metro 3 project set to enhance connectivity and extensive plans for affordable housing, Shinde's initiatives signal a proactive approach to urban development and slum abolition.
Frequently Asked Questions
When is the first phase of Metro 3 expected to open?
The first phase of Metro 3 is expected to open by the end of September.
What is the goal of the state government's slum rehabilitation project?
The goal is to build three million affordable houses in the Mumbai Metropolitan Region and make Mumbai slum-free.
Which agencies are involved in the slum rehabilitation project?
The Mumbai Metropolitan Region Development Authority (MMRDA), the City and Industrial Development Corporation (CIDCO), and the Maharashtra Housing and Area Development Authority (MHADA) are involved in the project.
What incentives are being offered to private builders for affordable housing projects?
Private builders are receiving incentives such as a reduction in the premium from 15% to 5%.
When are the assembly elections expected to take place?
The assembly elections are projected to occur in two phases in November.
Related News Articles
Mumbai Real Estate Developer and CEO Embroiled in ₹13.65 Crore Fraud Case
A Mumbai-based real estate developer and CEO have been booked for allegedly forging documents and duping a partner of ₹13.65 crore in a Bhandup land deal.
Mumbai Property Registration Revenue Surges 52% YoY to Rs 1,081 Crore This Diwali
According to data from the Inspector General of Registration (IGR), Maharashtra, property registrations in Mumbai witnessed a remarkable 22% year-over-year increase, with 11,861 homes registered in October 2024, compared to 9,736 in November 2023.
AI Bubble Deflating: Zoho's Sridhar Vembu Stresses Importance of Real Engineering Work
Zoho CEO Sridhar Vembu discusses the potential deflation of the AI bubble and emphasizes the enduring importance of real engineering work in the tech industry.
ED Seizes ₹19.61 Crore from Karrm Developers Linked to Vivek Oberoi in Real Estate Scandal
The Enforcement Directorate (ED) in Mumbai has taken action against Karrm Developers, a real estate firm associated with actor Vivek Oberoi, by seizing assets worth ₹19.61 crore. The action is part of an ongoing investigation into financial misconduct in the affordable housing sector.
Mumbai Sees Record-Breaking Property Registration in March 2025
Mumbai witnessed a surge in property registration in March 2025, driven by the impending hike in reckoner rates set to take effect from April 2025. This surge highlights the robust demand in the city's real estate market.
Private Equity Investments Fuel 133% Surge in Real Estate Deal Volumes in Q1 2025
Real estate deal volumes soared by 133% in the first quarter of 2025, driven predominantly by private equity (PE) investments, which accounted for 88% of the total transactions.