Mumbai Metro Phase III to chug along soon

Q: Hi,
Good News to the Mumbai residents. It seems that the work on the Mumbai Metro Phase III is going to start soon. Yahoooo!!!!

Praveen Modi, Mumbai

14th March 2014

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Replies (6)

Hello Ramesk,
Its really great, thank you for sharing with us. It will be really smooth an comfortable to travel from Colaba to seepz.

Dimpi, Mumbai

18th March 2014

Comment

Hey Suresh,
Once this stretch is completed can one expect hassle free ride from Colaba in south Mumbai to Seepz in North-Central Mumbai?

Sunil Joshi, Mumbai

14th March 2014

Comment

Dear Sunil,
Once this project is completed the Mumbaikars can expect a smooth, comfortable and relatively stress free travel from Colaba to Seepz. What it takes about 1-1.5 hrs will now get reduced to max 35-40 minutes. Hence it saves a lot of time in traveling. Not only that it also brings down the high level of pollution and traffic chaos since many locals will prefer taking the metro train rather than using their own mode of transport to reach their destinations. Heard that work on the Phase 3 will commence only from 2015. Until then keeping my fingers crossed XXX.

Ramesk Polekar, Mumbai

14th March 2014

Mr Vinay,
With the metro link coming up along this stretch, will it have any impact on the real estate market? What will be the property rates will head for?????????

Kishore Pathak, Mumbai

14th March 2014

Comment

Hi Kishore,
Oh yes this will have a huge impact on the property market. The localities through which the metro rail is planned will get a robust boom in the property rates. Prices are surely going to go up along this stretch from Colaba to Seepz once the project gets completed.

Suresh Khanna, Mumbai

14th March 2014

Dear Friend,
May I know from where the metro services for Phase III is going to commence from and where is going to be its final stage or last terminus???

Arup rajan, Mumbai

14th March 2014

Comment

Hi Arup,
The Metro service is to run along the 33.5-km long Colaba-Bandra-Seepz route, and estimated to cost Rs 23,136 crore.The underground Metro service was earlier meant to be built under PPP but the plan was deemed financially unviable and scrapped. Under the new model, about 57 per cent of the project cost will be raised through a loan from Japanese Investment Corporation Agency. The state and the Centre will too contribute Rs 2,403 crore each in equity. Another 1,650 crore will be raised through subordinate debt and taxes.

Vinay Dixit, Mumbai

14th March 2014

Dear Abhijit,
To raise funds for the metro project, the Govt. is also going to impose a betterment charges from construction projects which are located within 500 mts of the transport corridor.

Abhishke Karule, Mumbai

14th March 2014

Comment

Hello,
Because of this hike the construction of the projects including the ones which are meant for redevelopment will be doubly hit with the Govt citing the same reason for proposing hike in development charges from such projects.

Shrikant Kejriwal, Mumbai

14th March 2014

Hey Praveen,
It seems that after much delay the Govt of Maharashtra has finally given its green signal for the start of Metro Phase III which is considered to be one of the costliest infrastructure projects in Mumbai.

Ashish Bhoite, Mumbai

14th March 2014

Comment

Hello Ashish,
Yes even I too heard about the same. Also came to know that they are going to hike the stamp duty on property transactions to make up for the cost of the metro project. It seems that they are going to increase the stamp duty to 6% and upto 7% in other MMR areas.

Abhijit Thanki, Mumbai

14th March 2014