Mumbai's Metro Line-3 Funding Now Complete: A Major Milestone Achieved
The Indian government has signed the final loan agreement with JICA, marking the completion of funding for Mumbai Metro Line-3 project.
Mumbai MetroMetro Line 3JicaIndian GovernmentInfrastructure DevelopmentReal Estate MumbaiJul 05, 2024
The agreement was signed between Manisha Sinha, Additional Secretary, Department of Economic Affairs (DEA), and Hiroshi Suzuki, Japan's Ambassador to India. MMRC officials also attended the signing ceremony, which was held at the Department of Economic Affairs (DEA) office.
The total project cost of Mumbai Metro Line-3 is approximately Rs 37,276 Crore, with JICA providing a loan amounting to Rs 21,280 Crore, which is 57.09% of the total project cost. The JICA loan agreement for Tranche V is worth 84 billion Japanese Yen (Rs 4657 Crore), completing the funding for the Metro Line-3 project. The first tranche was signed on September 17, 2013.
The signing of the final tranche of JICA loan agreement is a testament to JICA's unwavering commitment to metro projects in India, particularly in Mumbai. Since the project's inception, JICA has been an invaluable partner, continuously aiding its progression towards operations shortly. This was stated by R Ramanna, Director (Planning & Real Estate Dev./ NFBR), MMRC.
The Mumbai Metro Line-3 project is a crucial infrastructure development project aimed at improving the city's transportation network. The project involves the construction of a 33.5 km long metro line, which will connect the city's northern and southern suburbs.
The Japanese International Cooperation Agency (JICA) is a bilateral aid agency that provides technical and financial assistance to developing countries, including India. JICA has been an active partner in India's infrastructure development, particularly in the metro sector.
The Mumbai Metro Rail Corporation Limited (MMRC) is a joint venture between the Government of India and the Government of Maharashtra, responsible for the implementation of the Mumbai Metro project.
Frequently Asked Questions
What is the total project cost of Mumbai Metro Line-3?
The total project cost of Mumbai Metro Line-3 is approximately Rs 37,276 Crore.
What is the loan amount provided by JICA for the project?
JICA has provided a loan amounting to Rs 21,280 Crore, which is 57.09% of the total project cost.
When was the first tranche of the JICA loan agreement signed?
The first tranche was signed on September 17, 2013.
What is the length of the metro line to be constructed under the project?
The project involves the construction of a 33.5 km long metro line.
Who is the implementing agency for the Mumbai Metro project?
The Mumbai Metro Rail Corporation Limited (MMRC) is the implementing agency for the Mumbai Metro project.
Related News Articles
State Regulators Resolve 125,000 Real Estate Complaints, Boosting Market Confidence
The resolution of these complaints demonstrates the authorities' commitment to creating a fair and equitable market for all participants, ultimately fostering a more robust real estate industry.
Arkade Developers IPO Sees Unprecedented Response, Subscribed 29.42 Times
Arkade Developers, a fast-growing real estate development company, has received an overwhelming response to its IPO, with subscription rates soaring to 29.42 times on day three. The company has a significant presence in Mumbai and is known for its housing
Nitin Gadkari Warns of Potential Delay in Subsidy Payments due to Maharashtra's Ladki Bahna Scheme
Maharashtra's financial situation is precarious, warns Nitin Gadkari. The state's Ladki Bahna scheme may impact subsidy payments. Real estate investments in Dubai are on the rise among wealthy Indians.
Thane Municipal Corporation Installs Over 105,000 Smart Water Meters
The Thane Municipal Corporation has successfully installed more than 105,000 smart water meters across the city. This initiative aims to enhance water management and reduce wastage, moving away from the previous flat-rate billing system which did not accu
Star Cement Promoters Deny Stake Sale Talks with Adani Group
Star Cement, a leading cement manufacturer in the northeastern region, has denied reports of stake sale talks with the Adani Group. The company currently operates an integrated cement plant in Meghalaya and two grinding units in Guwahati and Siliguri, wit
Zerodha's Nithin Kamath Proposes Tying Real Estate Prices to AQI Levels
Zerodha's co-founder, Nithin Kamath, suggests a novel idea of linking real estate prices to Air Quality Index (AQI) levels. This innovative approach aims to reflect the environmental impact on property values and enhance transparency for buyers.